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 year.
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 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 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.
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For corporate communications please contact:
ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email: [email protected]