International Enexco Limited Receives Drill Results on Its Mann Lake Uranium Project, Saskatchewanadmin
Arnold Armstrong, President and CEO of International Enexco Ltd. reported that the Company has received from Cameco Corp. the remaining assay results from the 2009 winter drill program at Mann Lake. Incomplete assays from the winter program were published in an August 10, 2009 International Enexco news release. A total of 4,155 metres were drilled in six holes ranging in depth from 648m to 732m.
Strong alteration system indicators including high concentrations of boron (B) and low grade eU308 over long intersections were discovered in the sandstone formation (above the unconformity) during the 2009 winter drill program at Mann Lake. These indicators are often associated with unconformity (basement hosted) style uranium mineralization in the southeastern portion of the Athabasca Basin. Basement hosted uranium discoveries in the Athabasca Basin are often considered to be more desirable in terms of ease of mining and avoidance of possible water problems that sandstone can sometimes present. High grade, basement hosted eU308 averaging 7.12% over 0.25 m and 5.53% over 0.4 m was discovered within 12 m of the unconformity during Cameco’s 2006 Mann Lake drill program at depths of just over 500 m (see Enexco news release June 20, 2006). Combined assay results from all prior Mann Lake drill programs are particularly encouraging and further drill programs are anticipated.
The Mann Lake Project is located in northern Saskatchewan’s Athabasca Basin, the world’s richest and highest grade uranium district. The project is located approximately 20 km from Cameco’s McArthur River Mine (332 million lbs eU308), 65 km from the historic Key Lake Mine (166 million lbs eU308) and 15 km from Cameco’s Millennium deposit (46.8 million lbs eU308). Cameco Corp is project operator and the property is partnered as follows: International Enexco 30%, Cameco Corp. 52.5% and AREVA 17.5% with all partners financing exploration as per their percentage.