Anomalous U3O8 in Last 4 Drill Holes of Winter Program, Patterson Lake South JV, Saskatchewan

Trading Symbol TSX-V - ESO
Frankfurt - E2G

VANCOUVER, July 24, 2012 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO") has received encouraging results from the analytical data submitted by its 50% Joint Venture (JV) partner Fission Energy (TSX-V: FIS) from the winter drilling program at Patterson Lake.

  • Strongly anomalous uranium (30-873 ppm U) along 823 m of graphitic EM conductor.
  • Located approximately 3.5 km up ice from high grade uranium boulder field.
  • Geochemical data show the anomalous pathfinder elements boron, cobalt, nickel, molybdenum, vanadium and lead associated with the higher uranium values.
  • Clay, chlorite and haematite alteration associated with anomalous uranium zones.

This combination of the "pathfinder elements", those elements typically found associated in and around the high grade Athabasca uranium deposits, together with the alteration suggests a large mineralized system has been active in the area. The location of a mineralized system up-ice from the boulder field also suggests proximity to a source area for the boulders.

Table 1.  Results from mineralized drill holes PLS 12-013, -014, -015, -016.

Hole
Number
From
(meters)
To
(meters)
Width
(meters)
U*
(Total)
(ppm)
B
(Boron)
(ppm)
PLS12-013 94.00 118.35 24.35 115 32
PLS12-014 127.60 131.42 3.82 39 96
144.00 158.50 14.50 30 44
PLS12-015 99.67 119.00 19.33 56 65
PLS12-016 135.37 138.68 3.31 208 53
including
including
136.07
136.07
137.26
136.67
1.19
0.60
470
674
64
79
 including
including
including
including
151.11
151.61
152.61
154.11
157.65
158.70
155.43
153.11
154.61
158.05
7.59
3.82
0.50
0.50
0.40
224
339
499
873
493
94
129
97
142
61

 * Conversion for U ppm to U3O8%: divide U ppm by 10000 for U%, then multiply U% by 1.1792 to get U3O8%.

Complete geochemical and assay results showing the broad zones of anomalous values reflecting the mineralizing system have been posted to the ESO website. The geochemical results include partial (two acid sample digestion) analyses and total (three acid sample digestion) analyses. All of the analytical work has been executed by SRC Geoanalytical Laboratories (an ISO 1705: 2005 Accredited Facility) of Saskatoon.

The EM conductor being investigated  with the last 4 drill holes of the winter program (PLS 2012 - 13,14,15,16), designated PL-3B, had a thin cover of Devonian and/or Cretaceous sedimentary rock overlying the Basement rocks with no Athabasca age sediments lying on the Basement. Excavation through this thin cover by the ice sheet, as it pushed south westwards, could have delivered the high grade boulders, located in June 2011, from a Basement source related to the anomalous uranium values returned by the latest drilling.

The target area for the source of the uranium boulder discovery is a window through to Basement rocks beneath the Cretaceous, Devonian or Athabasca sedimentary cover.

Exploration of the Patterson Lake South JV is planned to continue with further ground geophysical surveys in July. Following the ground surveys, core drilling will test conductive and low resistivity basement targets. High priority will be given to PL-3B and the several flexures of that conductor which indicate intersecting cross structures. Shallower reverse circulation (RC) drilling is planned for locating the possible train of radioactive till from the high grade boulder field back to the source area. A gamma spectrometer downhole survey is planned for the probing of the larger diameter RC holes. This will distinguish between potassium, thorium and uranium sources of gamma radiation in the till. The narrower diameter of the drill rods used for core drilling allows only the use of a total counts scintillometer at this time. Total counts measurements do not identify which of the radioactive elements are the sources of the gamma radiation but is a useful flag of possible mineralization that may be confirmed with a handheld scintillometer and drill core inspection.

Late in 2011, the JV acquired a contiguous block of ground to the south and southeast of the original JV property by staking. The 8170 hectare (20,200 acre) area staked covers the SW extensions of the Derkson Conductor Corridor which has some similarity to the geology of the SW extension of the Patterson Conductor Corridor. Helicopter VTEM coverage of the claims was completed in February 2012 prior to the start of 2012 drilling.

The main tool for the direct evaluation of the new ground will be a detailed airborne survey which is expected to start in late July or early August. The survey will be using a new version of the combined advanced magnetometry and gamma spectrometer tools that were used in 2011 to identify targets that lead to the discovery of the high grade uranium boulders. Ground follow up will be carried out upon completion of the interpretation of the survey data.

B. Ainsworth P.Eng. SK/BC is the Qualified Person responsible for the technical disclosure contained in this news release.

On behalf of the Board of Directors of ESO Uranium Corp.

"Ben Ainsworth"  
Vice President, Exploration

THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements".  These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding these Properties. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially.  For these reasons shareholders should not place undue reliance on such forward-looking information.

United States residents are cautioned that some of the information that may be published by ESO Uranium Corp. may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.

SOURCE: ESO Uranium Corp.

For further information:

For corporate communications please contact:

Robert Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email:   info@esouranium.com

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ESO Uranium Corp.

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