- Published: 29 October 2008
- Written by Editor
Western Uranium Announces Significant Gold Intercepts in Preliminary Results From the Regional Drill Program at Kings Valley, Nevada
Western Uranium Corporation (the "Company") (TSX VENTURE: WUC.V) is pleased to announce preliminary results from the 2008 drilling program at Kings Valley, Nevada. The drill program was focused on a number of uranium targets identified from previous geophysical and geochemical surveys in the Bull Basin and Old Man Springs areas. Preliminary results to date have outlined zones of anomalous radioactivity occurring near the contact between the overlying altered sediments and the underlying volcanic units similar to the style of uranium mineralization in the nearby Aurora deposit. Of particular interest is drill hole AB-04 at the northern end of the target area that intercepted 12 grams of gold over 1.5 metres from 103.7 m to 105.2 m. In addition the hole intercepted another interval 41 metres in width from 154.0 m to 195.1 m that averaged 0.66 grams. This interval included, 1.03 grams over 1.5 metres from 155.5 m to 157.0 m, and 1.94 grams over 7.62 metres from 170.7 m to 178.3 m.
There were also a number of thick low grade intervals of gold in the hole above 0.10 grams gold. While it is too early to determine the significance of this gold intercept there does appear to be some correlation between gold and uranium in the larger system. Gold mineralization was also encountered in the Moonlight Mine area where drill hole KV-19 yielded 10.7 meters @ 1.26 g/t gold and 13.7 meters @ 38.7 g/t silver (results previously announced in October 2006). Chevron also reported sporadic gold mineralization in some of the historical data. However, the amount of gold mineralization in this hole suggests the stronger gold bearing portion of the system may occur to the north. The gold occurs in a hydrothermal breccia unit with strong silicification and sulphide veining characteristic of high level epithermal systems.
Geologic work to date has identified a large area of approximately 11 kilometers in strike length and 3 kilometers in width covering three prospective areas, Bull Basin, Old Man Springs, and Albisu. 27 core holes for a total of approximately 6200 meters of drilling were completed. 800 meters were drilled at Albisu, ALB 01 - 04, 4300 meters were drilled in Bull Basin, BB 01 - 16 and 1100 meters at Old Man Springs OMS 01 - 07. Due to the large area and permitting constraints the program was undertaken with helicopter support to minimize surface disturbance. The drill program coupled with detailed geologic mapping in these areas provided additional geological information and helped define potential mineralizing controls. These data will assist in guiding the next phase of drilling.
It now appears that there is a dominant north-south corridor of mineralization and alteration that strikes 24 kilometres along the western rim of the McDermitt Caldera. The southern part of the trend is defined by the known zones of uranium mineralization reported by the company in previous press releases and the north end where ALB-04 is located appears to be a gold enriched portion of the system. Along this trend are scattered old prospect pits and drill holes that have elevated geochemical signatures of metals that tend to occur proximal to large mineral systems. Many of the holes are geochemically elevated significantly above background concentrations in arsenic, mercury, and silver along with scattered zones of elevated gold and molybdenum. In addition, lithium is highly concentrated in the drill holes on the eastern margin of Bull Basin on the peripheral edge of the North Lens lithium pod as defined by Chevron Resources. These intercepts of lithium lie outside the area as defined by Chevron and most probably will expand the previous zone. All of these elements when examined on a regional scale suggest that an extremely large, active, multi-element, metalliferrous system has been present in the caldera.
Turn around for analytical results for the uranium have been slow but are beginning to come in and will be reported when all the finalized results for the drilling have been received. Preliminary results indicate the down hole gamma probe results vary from the chemical assays. This suggests a disequilibrium problem where the daughter products from the decay chain of uranium are being picked up with the gamma probe and the uranium has been mobilized to a different locality. The assessment of our technical committee that has participation of Cameco's geologic staff is that uranium is mobile in the environment and we are picking up a residual pathfinder that can then be used to vector in a potential deposition site. This will be the primary target for the Phase II drill program. The gold assays for ALB-04 are listed below as the field team recognized alteration often seen in volcanogenic precious metal epithermal systems and the samples were expedited through the laboratory.
HOLE INTERCEPT THICKNESS GOLD (G/T) ALB-04 9.2- 27.4 18.2 0.19 103.7-105.2 1.5 12.46 105.2-114.3 9.1 0.17 140.2-144.8 4.6 0.43 154.0-195.1 41.1 0.66 includes: 155.5-157.0 1.5 1.03 170.7-178.4 7.7 1.94 201.2-207.3 6.1 0.23 208.5-218.3 9.8 0.23 220.7-227.1 6.4 0.26
WUC QA/QC Program
Quality Control and Assurance for all sampling projects at Kings Valley is under the direction of Mr. John Rice a Qualified Person as defined by National Instrument 43-101 standards. Core samples are collected daily from the drill site and transported back to the field office where WUC personnel photograph each box. WUC geologists then log the core noting rock types and alteration. The core is then split and packaged in sealed heavy weight polyethylene bags. Core samples are delivered by WUC employees to American Assay Laboratories located in Sparks, Nevada.
American Assay Laboratory's quality control system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the use of reagent blanks, reference samples, and sample duplicates. Additionally, WUC selects duplicate samples which are then submitted to a third party lab for separate confirmation analysis.
WUC contracted Minerals Exploration and Environmental Chemistry Laboratories, located in Washoe Valley, Nevada, to develop a set of analytical standards for uranium quality control. WUC standards were made at 0.01%, 0.05%, 0.10%, and 1.0% U3O8. Once prepared, the standards were submitted to six different accredited assay laboratories for round robin analysis and confirmation of grade before use. Control samples are submitted with each round of samples submitted to the laboratory.
About the Company
Western Uranium Corporation is a mineral exploration company with a focus on uranium. The Company has exploration properties in Nevada, New Mexico and in the Thelon Basin, Nunavut and the Northwest Territories. The Company has its head office in Vancouver, Canada; its executive management team is based in Reno, Nevada.
The contents of this press release were reviewed by Ms. Pamela Klessig for WUC. Ms. Klessig has sufficient experience to review this release and is a Qualified Person as defined by NI 43-101.
On behalf of the Board of Western Uranium Corporation
Pamela J. Klessig, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved of the contents of this press release.
Western Uranium Corporation
Chief Executive Officer