Shea Creek drilling resumes (May 23, 2005)

Cogema Resources is returning to the Shea Creek uranium project in the western part of Saskatchewan’s Athabasca Basin with the intention of drilling off a resource.

Cogema, bankrolled by joint-venture partner UEX (UEX-T), will drill 12,500 metres on three targets on the property, namely Anne, Colette and 63-B. Two rigs capable of directional drilling will be used.

The work follows a 12-hole drill campaign between October and December 2004, when 63-B was found between the Anne and Colette prospects. The discovery hole intersected 2 metres grading 3.26% U3O8. Cogema intends to drill eight holes through the unconformity at the base of the Athabasca sandstone, the feature that hosts the mineralization.

The Anne deposit has a known 250-metre strike length but is open at depth and to the northwest and southeast along strike. At Colette, Cogema will be testing both the unconformity and the basement rocks below it.

Figures suggest the Anne discovery has around 700,000 tonnes grading 3% U3O8. There is no public estimate on the size of the Colette deposit, but seven drill holes intersected mineralization over core lengths of 1.5-16.9 metres, with grades in the range of 2-6% U3O8.

Cogema plans to calculate a resource once this season’s drilling is complete, some time in August.