Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Feb. 27, 2012 /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
following completion of a VTEM survey, covering the whole property area
with 1,711 line kms, a 14 hole, 2,100m drill program has commenced at
the Patterson Lake South (PLS) Property.
The Property is located on the southwest edge of the Athabasca Basin in
northern Saskatchewan. The drill program is a continuation of work to
locate the bedrock source area of the large, high grade uranium boulder
field discovery of June 2011, further exposed in a trenching program
conducted in October 2011 (see news releases for July 27th and December 14th, 2011). The source is expected to occur in a shallow window of bedrock
exposed where the overlying Athabasca sedimentary rocks have been
scoured off the older metamorphic basement rocks by the erosion due to
the advance of ice sheets over the area. The search area is ENE of the
5 km long uranium boulder field.
Drilling will test a number of geophysical targets related to well
defined conductors of the Patterson Lake Conductor Corridor shown by
the recent high precision VTEM survey and supported by on-going ground
surveys with Time Domain Electromagnetic (TDEM) and a DC-Resistivity
systems. Hardrock Diamond Drilling Ltd of Penticton, BC, has been
contracted for the core drill program.
PLS is accessible by road, with primary access from all weather Highway
955 which runs north to the former Cluff Lake mine, (>60M lbs of U3O8
produced), and passes through the UEX-Areva Shea Creek discoveries that
lie along a 3 km structure (with reported "all categories" of resources
of almost 100 million lbs U3O8) located 50 km to the north, currently
under active exploration and development.
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.
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.
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