Partners hit hot holes at Moore Lake (August 30, 2004)

The latest diamond drill results from partners International Uranium (IUC-T) and JNR Resources (JNN-V) at the Moore Lake uranium project in Saskatchewan include the best-ever intersection.

Hole 55, collared on the Maverick zone, returned 6.2 metres (from 263 metres below surface) grading 5.1% U3O8, including a 4.4-metre interval running 7% U3O8.

Some 17 metres to the east, hole 54 cut 5 metres (from 264.5 metres) grading 3.5% U3O8, including 2.5 metres of 6.5% U3O8. The 5-metre interval also contained 2.4 grams gold per tonne.

Uranium mineralization in both holes is associated with pitchblende occurring in a sandstone matrix, and as irregular veinlets throughout the host rock. The mineralization in hole 54 occurs at an unconformity, whereas that in hole 55 occurs in the sandstone immediately above the unconformity.

The holes were collared 92 metres and 72 metes west of the Maverick zone’s discovery hole, no. 25, which returned 9.1 metres of 0.6%, including a 4.8-metre interval of 1.2% U3O8 and 0.4 metre running 12%.

Meanwhile, hole 48 collared 17 metres west of hole 25, surrendered 4.7 metres (from 269 metres) of 4% U3O8, including 2.7 metres of 6.7%. Hole 49 yielded 4.5 metres (from 262 metres) averaging 2.4% U3O8, including 2.5 metres of 4.2%. The hole encountered classic unconformity-style uranium mineralization.

Hole 49, another 17 metres to the west, intersected 4.5 metres (from 262 metres) averaging 2.4% U3O8, including 2.5 metres of 4.2%. The mineralization is hosted entirely by sandstone.

The companies say the various styles of mineralization encountered in the holes is common to deposits in the Athabasca Basin, as is the basement-hosted mineralization.

Hole 47, about 40 metres east of hole 25, yielded 9 metres (from 269 metres) running a grade equivalent of 0.3% U3O8, including 2.8 metres of 0.6%. The results were determined from a calibrated down-hole probe. Geochemical results are unavailable, owing to poor recovery throughout the mineralized zone.

Follow-up drilling is planned, particularly to the south, and a second rig is en route to the property.

Results from several other holes are pending.

As a result of geophysical surveying earlier this summer, the high-grade Maverick zone has been extended to the northeast and west and can now be traced over a strike length of at least 3 km.

International Uranium can earn a 51% interest in Moore Lake by spending $2.2 million over two years; it can then boost its stake to 75% by spending $2.2 million over two more years.

Elsewhere in the basin, UEX (UEX-T) has begun a diamond drilling campaign on the Black Lake uranium project, near Stony Rapids.

Budgeted at around $500,000, the program will include at least seven diamond drill holes totalling 3,000 metres. Two other targets will be tested by 800 metres’ worth of drilling if ground conditions allow.

The holes are designed to follow up on previous drilling that encountered alteration, faulting and graphitic basement units. Last winter, hole BL-11 revealed pervasive dravite alteration in a sandstone column. Dravite is a common proximal alteration mineral to unconformity-type uranium deposits. The hole also cut weak uranium mineralization (452 parts per million uranium over 1.9 metres) in a radioactive basement unit.

Systematic drilling to test for an unconformity-type uranium deposit along an 18-km-long transient electromagnetic conductor is planned. The current drilling is slated to wrap up in late September.

UEX is the operator and 70% owner of Black Lake; Cogema Resources holds the remainder.

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