Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Sept. 28, 2011 /CNW/ - ESO Uranium Corp. (TSXV: ESO), (the "Company" or "ESO") and its 50% Joint Venture (JV)
partner Fission Energy (TSX-V: FIS), announce further results from its
June 2011 uranium boulder prospecting and radon soil gas survey
Of the 74 samples of boulders and mineralized soil samples submitted for
fire assay, 9 samples returned anomalous gold values ranging from 0.101
g/t gold to 2.43 g/t gold.
The grades of the gold samples have a loose correlation with the uranium
grades in the boulders.
This reflects a general association of gold and uranium which is also
reported in the largest South West Athabasca Basin deposits. The Shea
Creek Deposits of Areva-UEX (with approximately 90 million pounds) and
the former producing mines of Amok (Areva) at Cluff Lake (approximately
60 million pounds produced) are examples. This suggests that elevated
gold values may be characteristic for deposits in the South West area.
The focus of much of the exploration activity in the Athabasca Basin has
been attracted by the large high grade deposits in the East Athabasca
Basin. But the reality is that the South West Athabasca Basin has
rewarded exploration with two areas of significantly large and high
grade deposits, one of which became a stand-alone mining operation in a
Drill targets have been selected from a broad review of technical data including
geophysical surveys and parameters suggested by data from diamond drill
hole information in assessment reports presented by Canadian Occidental
in the late '70s. The geophysical data indicate several strong ground
EM conductors on the southwest end of the Patterson Conductor Corridor
which appear to have been disrupted by large cross cutting structures.
These are associated with a low magnetic area that could be interpreted
as an alteration feature.
Permitting is well advanced for a 15 hole drill programme to test these
targets, supported by geophysical surveys to confirm geological
structures and conductors and trenching to confirm local ice
directions. Local ground conditions should allow work to continue
through freeze up.
The source of the uranium boulders is expected to be a basement hosted
system located in an area where the Athabasca and Cretaceous
sedimentary rocks have both been excavated away by ice action. This
constraint of a restricted erosional window reduces size of the search
area, which also is expected to lie within the path along which the ice
sheet pushed out the boulders found in the moraine.
The substantial size of many of the well mineralized boulders, which
could be quickly crushed to sand and gravel sized material by the
action of the ice transportation, suggests that the travel distance
from source also may be constrained. Assessment reports from Amok Ltee
(Areva) describe the exploration work which lead to the discovery of
the Cluff Lake Mines by drilling up-ice, generally NE, from uranium
boulder clusters, to locate sources in several discrete deposits. A
fairly regular separation of 2 to 3 kms is indicated between boulder
clusters and the bedrock sources (mines) that were located.
The SW end of the Patterson Conductor Corridor lies roughly NE, about 3
kms from the centre of the boulder field where some of the larger
boulders were located. The drill hole data available include
geological logs and down-hole radiometric surveys which in one hole,
250 meters from the target area, showed two short intervals of sharply
anomalous radioactivity in the basement rocks intersected. This
suggests possible proximity to mineralization.
The Patterson Conductive Corridor runs along the boundary zone between
the Clearwater and Western Granulite Domains, which according
assessment reports submitted by the predecessor company of Cameco
(TSX:CCO), is interpreted to have had a favourable geological history
analogous to the highly productive Wollaston Domain along its boundary
with the Mudjatik Domain in the East Athabasca Basin.
The JV Partners, ESO Uranium and Fission Energy, carried out state of
the art magnetic and airborne radiometric surveys in 2009 which, with
detailed ground follow up in 2011, led to the discovery of a boulder
field with an unusually high percentage of high grade uranium boulders.
The boulder field was spread over a north-south distance of
approximately 5 kms and has a maximum east-west width at present of
more than 900 meters.
The samples were analysed by SRC Geoanalytical Laboratories (an SCC
ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis,
which included a 63 element ICP-OES, uranium by fluorimetry (partial
digestion). The partial analysis is carried out to determine if the
uranium is available for extraction by normal metallurgical processes.
The multi element analysis was supplemented by fire assay determination
of the gold values.
A map highlighting the distribution of High Grade Uranium Boulders at
Patterson Lake South can be found below or on the Company's website at www.esouranium.com
Benjamin Ainsworth, P.Eng. 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.
Vice President, Exploration
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. NEITHER TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADDEQUACT 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 the Patterson Lake Property. 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.
Image with caption: "Distribution of High Grade Uranium Boulders at Patterson Lake South. (CNW Group/ESO Uranium Corp.)". Image available at: http://photos.newswire.ca/images/download/20110928_C7054_PHOTO_EN_3914.jpg
SOURCE ESO Uranium Corp.
For further information:
For corporate communications please contact:
Robert (Bob) Meister
ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-8368