Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, June 27, 2011 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the
"Company" or "ESO") and its 50% Joint Venture partner Fission Energy
Ltd (TSX-V: FIS) announce that recent field work on their Patterson
Lake South Property, located along the south-west margin of
Saskatchewan's Athabasca Basin, has resulted in the discovery of a
significant 4 km long uranium boulder train.
Of the fifty-four uranium boulders and hotspots in soils identified to
date, twenty-nine or 54% gave "off-scale" (> 9,999 counts per second
[cps]) radioactive readings, as measured by hand held Exploranium
GR-110G total count gamma-ray scintillometers. Samples from these
sites will be sent for assay this week.
The ongoing field program, which includes a radon survey, soil sampling,
and boulder prospecting, will prioritize locating and tracing the
source and extent of the boulders. Investigation of uranium boulder
trains has led to the discovery of several major uranium deposits in
the Athabasca Basin, including some of those of the nearby former
producing Cluff Lake Mine (>60 million lbs produced).
Observations noted by the Joint Venture team in the field include:
Radioactive boulders were located on the first day of the current field
program, a program that was directed by results of an airborne
radiometric survey carried out by Special Projects Inc in October 2009
(see news release dated April 12, 2010).
The highly mineralized boulders are soft, friable and easily broken down
to cover small fragments and are associated, predominantly, with
basement metasedimentary boulders and suggest a significant bed rock
source in an area of pre-Athabasca basement rocks, having the potential
to host high grade mineralization. While there is no certainty that
any in situ uranium deposits will be discovered on the property,
boulder mineralization appears to be analogous to the Cluff Lake and
Typically the mineralized boulders are soft, friable and easily broken
down to small fragments that are associated, predominantly, with
basement metasedimentary boulders.
This, and the large number of boulders identified, indicate a
potentially nearby bed rock source in an area of pre-Athabasca basement
rocks. The source has the potential to be high grade mineralization,
analogous to the deposits mined at Cluff Lake, and located at the
Roughrider and the Millennium deposits.
The boulder train is located only 1.5 km west of the all weather
Provincial Highway 955, which runs north to the former producing Cluff
Further exploration for the very shallow targets expected, with
reasonable road access suggest relatively low costs of exploration
Garrett Ainsworth, ESO's Project Manager on site, on behalf of the
Patterson Lake Joint Venture, commented: "The convergence of the airborne survey and the exciting field discovery
we have made here has mapped the value of an exploration program based
on good science and flexible thinking when considering models and
targets. Based on all data gathered to date we strongly feel that there
is high potential for a relatively shallow, high grade uranium target."
Ross McElroy, Fission's President & COO, on behalf of the Patterson Lake
South Joint Venture, commented, "The team is excited by the discovery of this significant boulder train
so early in our field program. The number and size of anomalous
samples and the pattern of dispersion, together, lead us to believe we
may be close to the source, well within our claim block."
Patterson Lake South Property
The Patterson Lake South property is a 50%/50% Joint Venture held with
Fission Energy (TSX-V : FIS). The project covers 13,233 ha (more than
30,000 acres) in 8 mineral claims on the southwest margin of the
Athabasca Basin in the Broach Lake - Patterson Lake area. The
Patterson Lake South Property is accessible by road with primary access
from all weather Highway 955, which runs north to the former Cluff Lake
mine, and passes through the nearby UEX-Areva Shea Creek discoveries
(approximately 100,000,000 lbs uranium in a combined indicated and
inferred resource estimate from 2010) located 50km to the north,
currently under continuing active exploration and development. The
Patterson Lake South JV project is jointly operated by Fission and ESO.
A map highlighting the summer 2011 exploration program at Patterson Lake
South can be found on the Company's website at www.ESOUranium.com.
B. Ainsworth, PEng 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. 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 the Donna Gold 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