Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Feb. 29, 2012 /CNW/ - ESO Uranium Corp. (TSX.V: ESO), (the
"Company" or "ESO") is pleased to present a brief update of its
Athabasca Basin Uranium Properties in Saskatchewan. While the Company
is clearly focussed on the high grade uranium targets of the Patterson
Lake South Joint Venture, 50% ESO with 50% Fission Energy (TSX.V: FIS),
three other areas are under active review or with work planned for this
Mathison Lake - Outer Ring Properties - Uravan Option
The property is comprised of two claims located SW of the La Roque
uranium deposit in the north eastern sector of the Athabasca Basin. In
2011, Uravan (TSX.V:UVN) executed a "state of the art" multi-sample
media, multi-element geochemical survey supported by some of the first
systematic isotope studies carried out as a direct tool to identify
potential high grade uranium sources in subsurface rocks. Uravan
completed its second payment of 250,000 common shares to ESO in order
to maintain its option in good standing. Work this year is reported to
be mainly a program of drill testing targets based on ZTEM airborne
geophysical and geochemical targets that have been developed by Uravan.
Cluff Lake Properties
Gorilla Lake (80% ESO 20% Logan Resources - TSXV:LGR)
In 2006, ESO drilled the one of the longest and highest grade uranium
intersections in the Athabasca Basin compared to all other exploration
drill results returned that year. This was a mineralized intersection
on the Gorilla Lake claims that was 7.0 meters of 0.17% U3O8, including
1.0 meter of 0.82% U3O8. The 2008 commodity price collapse required
prioritization of the Athabasca properties which put the Gorilla Lake
project success into a holding situation so that other projects could
be advanced while the potential asset of the Gorilla Lake was well
secured by the assessment costs completed by ESO. Those results are now
being reviewed again in light of the growing demand for uranium due to
new reactor building either under construction or planned in China,
India, USA and Great Britain that reportedly do not have assured
sources of supply.
Cluff Lake Extension (80% ESO 20% - Acme Resources - TSXV:ARI)
ESO has defined three significant targets related to uranium boulder
clusters located by Amok and earlier workers on the adjacent mining
lease ground. The former mine produced more than 60 million pounds of
uranium with significant byproduct gold production in the last years of
production from 7 orebodies. The ESO targets are up-ice from the
boulder clusters. They were drilled on a wide spacing in the earlier
work, leaving open the possibility of shallow uranium sources that
could have limited areal extent but contain significant uranium
resources. These resources would be in close proximity to a brown
fields site, the former Cluff Lake mine site, which is accessible by an
all weather highway. A state of the art airborne geophysical survey,
similar to that used for the Patterson Lake uranium boulder field
discovery in 2011, is planned for April - May, to be followed up with a
ground check of identified anomalies.
Hathor Joint Venture Property (50% ESO - 50% Hathor [Rio Tinto] )
This property is located along the north boundary of the Cluff Lake Mine
lease. Shallow drilling in 2007 was carried out by ESO while earning
its 50% position in the Joint Venture. The drilling in the Bridal Lake
area showed some potential for uranium mineralization and is being
reviewed again by ESO as a possible renewed exploration target.
South Central Athabasca
Hook Lake Claims - 100% ESO Uranium
The claims cover the northern end of the Derkson Conductor Corridor in
close proximity to an area which had been previously drilled by
Saskatchewan Mining and Development Corp (SMDC - predecessor of Cameco
- TSX:CCO). That drilling reported several holes with the elements of
alteration and geochemistry that indicate proximity to the sort of
hydrothermal alteration that is often associated with the deposition of
high grade uranium mineralization in the Athabasca Basin. A review of
the historical work by SMDC also indicated that some of these drill
sites were located near the up-ice head of a long train of boulders
with a geochemical signature that included high boron values. These
boron values further support the possible presence of a large
hydrothermal system in the Athabasca sediments.
ESO carried out full coverage of the claims of the Hook Lake block in
2006 with the Fugro Megatem airborne survey system. A more detailed
helicopter based Aerotem survey was carried out in 2007. The airborne
surveys were used to select areas on which ground surveys were carried
out in order to define the location of drill targets.
A drill program carried out by ESO in the winter of 2007 confirmed
similar alteration to that identified by the earlier SMDC work. With
the availability of the current isotope technology, a re-assessment of
the drill core is being considered to identify possible targets related
to uranium sources at depth for further drilling.
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. THE TSX-VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
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:
ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-8368