Crosshair cutting uranium oxide in Labrador

Vancouver — Labrador’s Central Mineral Belt (CMB) continues to prove its uranium potential: the latest drill results from Crosshair Exploration & Mining’s (CXX-V, CXZ-X) large CMB project show long U3O8 intercepts.

Crosshair’s main CMB focus is the C Zone, which is divided into two distinct mineralized systems. The Upper C Zone hosts a polymetallic, structurally controlled deposit at depths appropriate for open-pit mining. One of the major goals of Crosshair’s current 40,000-metre, 3-rig drill program is to increase the uranium resource at Upper C, which hosts a National Instrument 43-101-compliant resource of 3.75 million tonnes grading 0.039% U3O8 and 0.077% V2O5 in the indicated category, as well as 4.29 million tonnes of 0.027% U3O8 and 0.063% V2O5 inferred.

The first assay back from the drill program intersected the thickest and highest-grade zones drilled to date on the property while also extending the mineralized zone northeast. Hole 87 returned 0.1% U3O8 over 45.7 metres from 82 metres depth, including 1.54% over 2.3 metres near the bottom of the intercept.

Hole 90, collared 100 metres west in the centre of the deposit, cut 67.5 metres of 0.06% U3O8 starting only 39 metres down-hole and including 8.3 metres of 0.44% U3O8. And hole 96, set up 200 metres southwest along strike, returned 40.6 metres grading 0.05% U3O8 and 0.08% V2O5.

The Upper C deposit has been traced for 700 metres along strike and 400 metres downdip, and remains open in all directions. Crosshair geologists believe the Upper C mineralization extends to the southwest into a target zone 1.5 km away, called Area 1. Area 1 has seen 15 drill holes intersect mineralization, including 3 metres of 0.32% U3O8 within 11.5 metres grading 0.11% U3O8.

Crosshair is also drilling at Lower C, a second zone of mineralization sub-parallel to Upper C. Lower C mineralization has been traced over 800 metres strike and 675 metres downdip, also open in all directions. Lower C hosts an inferred resource of 2.03 million tonnes grading 0.046% U3O8 and 0.042% V2O5.