Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Oct. 25, 2012 /CNW/ - ESO Uranium Corp. (TSXV: ESO), (the "Company" or "ESO") and its 50% Joint Venture (JV) partner Fission Energy (TSX-V: FIS), are pleased to announce that recent ground follow-up targets indicated by a high resolution airborne gamma spectrometer survey at their Patterson Lake South (PLS) Property, has significantly expanded the area of the high-grade uranium boulder field discovered in 2011 (see new release June 27, 2011).
The latest discoveries (made using a hand held Exploranium GR-110G total count gamma-ray scintillometer) extend the high grade boulder field a further 2.35km to the south-west as well as 0.8km to the west at its northern end (a map highlighting the Radiometric Prospecting Update can be found on the Company's website at www.esouranium.com )
A total of 40 anomalous surficial, glacially transported rocks, ranging in size from 1cm to 45cm, have been identified by recent prospecting around and away from the originally delineated boulder field, with 43% (17) measured as "off-scale" (>9999 counts per second). Fourteen highly anomalous samples, including 4 measuring "off-scale" have been found in the extension 2.35km to the southwest of the current southern delineated extent of the boulder field. Assays are pending for uranium and associated metals. The large size of some of the boulders suggests that this is not just a continuation of outwash sediments from the northern part of the uranium boulder field but may be due to an additional distribution in glacial till.
The new discoveries are located in part on the additional ground staked which covered 20,488 ha (11 mineral claims). This was acquired after the initial high-grade boulder field discovery in June 2011. (see news release dated February 15, 2012) and following the opening of Crown Reserve lands for mineral staking. Further prospecting will be carried out on other targets within the airborne survey area.
An ongoing field program is in progress. This includes 8-holes, 1600m of core drilling following up geophysics and geologic targets, including the prospective PL-3B conductor, as well as 12-holes, 1440m of dual rotary (DR) drilling evaluating overburden near the boulder field. (see FIS news release October 9, 2012). The drill programs are following up on results from the previous winter's field program which have provided evidence supporting the team's belief that a large uranium-rich alteration system may be present in this largely unexplored area.
Patterson Lake South Property
The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy Corp. and ESO Uranium Corp. (ESO). Fission is the Operator. 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 nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. An updated map highlighting the core and dual rotary drilling programs planned for PLS 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.
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
Email: [email protected]