Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Feb. 15, 2012 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO") and its 50% Patterson Lake South (PLS) Joint Venture (JV) partner Fission Energy (TSX-V: FIS), are pleased to report the completion of staking, recording and registration of 6 new claims which now become part of the JV Property. The new claims cover approximately 8170 hectares (20,200 acres) along the south boundary of the Property. The staking was carried out after the partial reopening of Crown Reserve CR 846 on December 1st 2011. The total area of the Patterson Lake South JV has been increased to approximately 31,039 hectares (76,700 acres) with 17 claims.
The new ESO-FISSION JV claims cover possible southern extensions of the large uranium boulder field, with dimensions of approximately 5 kms N-S and almost 1 km E-W, that was located by the Joint Venture in June 2011 (see news release dated July 27th 2011). The westerly extensions of several historical conductors were also covered by the staking including the Derkson Conductor Corridor.
Exploration in the 1970's in the central and northern part of the Derkson corridor included drill holes that had intersections of uranium mineralization (eg: Drill hole DER-4 with 0.24% U3O8 over 2.5 meters in basement rocks, located 14 kms NE of the JV property Boundary) and alteration that is typically associated with the hydrothermal systems that may host uranium mineralization (SMDC (Cameco - TSX-CCO) Hook Lake drilling). The location of these holes may be seen on the Atlas of Saskatchewan or in relevant assessment reports.
The geological setting of these conductor extensions has similarity to that of the potential source area of the uranium boulder field and will also be explored for shallow, basement hosted uranium deposits.
Geotech Ltd is currently executing a 1,711 line kilometre helicopter VTEM survey for the JV. The survey will cover the whole JV property and is expected to re-establish the detailed location of linear conductors indicated in the historical databases. The results will be examined for flexures in the conductors which represent probable intersection of cross structures or fold structures which will be important targets for evaluation with further drilling.
In April-May of 2012, the Joint Venture is planning to complete coverage of the JV property with the advanced technology airborne radiometric survey used in the 2009 airborne survey. This system has been demonstrated to have the unique ability to identify singular radioactive events presented by uranium boulders as was well proven by the 2011 discovery. It will allow a rapid and detailed coverage of the new claims.
The Joint Venture is planning to restart the shallow (± 100 meters depth) drill programme in February. This program is designed to test geophysical anomalies and to locate the source area by drilling for radioactive till sheets in the overburden lying up ice (northeast) of the discovery uranium boulder field. This programme was paused for the Christmas break, having identified radioactive overburden in gamma logs in two drill holes at depths consistent with a till sheet dipping towards the northeast, the direction from which the ice sheet appears to have pushed the boulders. A second drill is being considered to support this initial work.
The Patterson Lake South JV is a 50%/50% joint interest held with Fission Energy Corp (FIS). The property is located on the all weather road to the former Cluff Lake mine which produced more than 60 million lbs U3O8 and which also passes the Shea Creek deposits of UEX-Areva 50 km north of the PLS property. The Shea Creek deposits are located along a 3 km long system and represent a significant sized resource with mineralization extending from the overlying Athabasca sediments to depths of several hundred meters into the basement rocks beneath them. The target mineralization on the PLS property is a shallow, basement hosted body (or bodies) of uranium, being the source of the high grade uranium boulders located in 2011.
In accordance with the terms of the Joint Venture Agreement between ESO Uranium and Fission Energy, the management of the programme passed to Fission as of January 1st 2012.
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]