Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Nov. 1, 2011 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO") and its 50% Joint Venture (JV)
partner Fission Energy (TSX-V: FIS), are pleased to announce that the
first phase of work resulted in the completion of 18 trenches. Line
cutting is now underway for the second phase of work. Ground
geophysical surveys including Max Min EM and Induced Polarization are
expected to start this week. This trenching has started the detailed
search for the bedrock source of the large uranium boulder field
discovered by the Joint Venture in June 2011 (see news release dated
July 27, 2011).
49 radioactive boulders located in and around the area of trenching
19 off-scale boulders & 8 trenches with significant radioactivity
Boulders increasing in size to the east, suggesting easterly source
Boulders still indicating that a window into Archean Basement is the
Property extends well beyond probable source area
The uranium boulders discovered in June were all associated with
basement rocks, schists, psammites and granulites, and not Athabasca
sandstones or conglomerates. These boulders were plucked from a
basement source by ice scouring the Archean basement rocks. In this new
work, the largest off-scale boulder collected consisted of massive
pitchblende with yellow secondary uranium minerals; it had dimensions
of 25x30x40 cms (10x12x 16 inches). These larger blocks suggest that
the bedrock source is close and well within the claims.
The boulder field discovery was built out of the work completed by
Canadian Occidental in the late 1970s. The Patterson Lake South Joint
Venture carried out the further work including specialized radiometric
and magnetic airborne surveys, followed by ground work including radon
and radiometric surveys, that enabled the discovery. "Boots on the
Ground" were a key element to the actual discovery of an area which had
been recognized in an assessment report of CanOxy. It was commented in
this report that a zone that had been located with elevated surface
radioactivity and several radon hot spots was probably due to "exotic"
boulders in the till.
The Joint Venture recognizes the nature of the boulder cluster and the
association with Archean rock types as being strong evidence to point
to a nearby source in rocks of the Archean Basement. Recent traverses on the northeast side
of the claim block have located no Archean boulders on the surface or
in till. This suggests that there is no northeasterly extension of the
erosional window into the older basement rocks.
Other companies currently active in the area include Titan Uranium Inc
(TSX.V:TUE) who hold a claim block that straddles the Patterson and the
Derkson Conductor Corridors and which occupies the area on the north
side of the ESO-Fission JV claims.
In the area of the ESO-FIS JV claims, the Patterson Conductor Corridor
runs along the boundary zone between the Clearwater and Western
Granulite Domains. According to assessment reports submitted by SMDC,
the Crown Corporation predecessor company of Cameco (TSX:CCO), this 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.
A map of the Patterson Lake South Property can be found 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 ADDEQUACY 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.
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