Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Jan. 16, 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 the start of a $2.76M, 33 hole winter drill program at their PLS Property. The winter drill program, a follow-up to the November drill program (see news release dated November 9, 2011 and update below) will include Sonic and/or RC Drilling, Core Drilling, and Airborne and Ground Geophysics.
"We feel that the encouraging results to date at the PLS property have warranted an aggressive exploration program for this winter. We believe that this program presents an excellent opportunity to locate the bedrock source of the high grade uranium boulders discovered in June 2011." Commented Garrett Ainsworth, Project Manager. Further information on the winter program will be provided.
The following is an update to the drill program at the PLS Property, which began in November, 2011. This program tested 75 - 108 meters (m) of overburden through to the basement rocks on the "up-ice" side of the high grade uranium boulder field discovered in June 2011, in an effort to locate radioactive till sheets in the overburden and to determine the extent of Cretaceous on-lap over the basement rocks.
Seven vertical diamond drill holes (PDD11-01 to 07) totaling 838m using HWT and NW casing through the overburden were completed and surveyed with a Mount Sopris downhole 2PGA-1000 gamma probe (see Table 1). Background radioactivity in the overburden ranged from 0 to 20 cps. Drill holes PDD11-06 and 07 showed anomalous radioactivity in overburden intersections from 64.4m to 70.0m (maximum peak of 400 cps) and from 49.6m to 58.2m (maximum peak of 90 cps), respectively. PDD11-07 was located between PDD11-06 and the area of radioactive boulders trenched in October, 2011. The shallower depth of the anomalous radioactivity in PDD11-07 could be consistent with a semi-continuous till sheet dipping to the northeast towards a possible up-ice bedrock source for the uranium boulders. Further drilling will be required to determine if these initial results represent an intersection of the radioactive till sheet being sought. PDD11-03 intersected graphitic metapelitic basement rocks. Noteworthy, the unconformity was intersected between 10-20m deeper than nearby adjacent PDD11-02 and 04 and may reflect a basement fault off-set. Basement faulting and graphitic metapelites are often seen as key ingredients associated with structurally controlled uranium mineralization in this region.
|Drill Hole|| * Anomalous Radioactive
Overburden (>80 cps)
|Hole ID||Az||Dip|| Unconformity
| From -
|PDD11-05||0||-90||87.7|| 87.7 -
|PDD11-06||0||-90||108.0|| 108.0 -
|Gneiss|| 64.4 -
|PDD11-07||0||-90||107.9|| 107.9 -
|Gneiss|| 49.6 -
Core samples from basement rocks and clay alteration samples were collected and have been sent to SRC for multi-element analysis and Northwind Resources Ltd. for PIMA spectral analyses to determine select clays and associated minerals for comparison with typical alteration assemblages associated with uranium mineralization in this geological setting.
Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples have been submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which include a 63 element ICP-OES, uranium by fluorimetry (partial digestion). Assays will be reported when available.
PLS is a 50%/50% Joint Venture held with FISSION Energy (FIS). Patterson Lake South 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 nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.
An updated Patterson Lake South Property map, with drill locations, can be found on the Company's website at www.esouranium.com
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.
For further information:
For corporate communications please contact:
Robert (Bob) Meister
ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email: [email protected]