Cash Minerals Announces Commencement of Drilling on Two Uranium Properties in the Yukon
June 16, 2006 Filed Under: Diamond Mining, Mining Services, Uranium Mining
Cash Minerals Ltd. (TSX VENUTRE: CHX) today announced the commencement of diamond drilling on the Jack Flash uranium showing, which is located on the Lumina property in the Wernecke Mountain region of north-east Yukon. Drilling at Lumina will measure approximately 3,500 metres. The Jack Flash showing exhibits characteristics of unconformity related, high-grade, vein-and-fracture-controlled uranium mineralization (Athabasca-Basin style). An extensive field of uranium-rich boulders was discovered in 2005 through surface exploration and hand samples, which yielded an average of 29.8 lb/ton U3O8 and ranged up to 153.4 lb/ton U3O8 over a distance of 1.4 kms. (See press release dated October 12, 2005).
“As a result of surface hand sampling at Jack Flash, the source of the high grade boulders has been isolated and is open at surface measuring approximately 50 metres long by 20 metres wide. This high-grade showing at surface is presenting a very attractive drill target and we have focused our 2006 exploration program in this area,” stated Mr. Basil Both, President and Chief Executive Officer of Cash Minerals Ltd.
Mobilization to the Igor uranium property, which is also located in the Wernecke Mountain region, is scheduled to commence on June 16 and will measure approximately 5,500 metres. Highlights from the 2005 Igor exploration program included a 74.44 metre drill hole intersection, which averaged 1.88% copper (Cu) and 1.4 lb/ton U3O8 from an iron-oxide-copper-gold (IOCG) breccia (includes 14.5 metres of 4.79% Cu and 4.3 lb/ton U3O8, and 12.43 metres of 4.79% Cu and 3.84 lb/ton U3O8).
In addition to the drilling in the Wernecke Mountain region, drilling has commenced on the Pedler uranium property in western Yukon and will measure approximately 1,000 metres. The geological setting of Pedlar closely resembles that of the former Midnite Mine in Washington State. Mineralization at the Midnite Mine is categorized as unconformity related. Unconformity-related deposits are known to be some of the world’s richest and largest storehouse of high-grade uranium resources.
Under an agreement with joint venture partner Twenty-Seven Capital Corp., Cash Minerals has the option to earn a 75% interest in one or more of the eight uranium prospects in the Yukon. These prospects include four IOCG prospects and an attractive unconformity-related uranium target all located in the Wernecke Mountain region of north-east Yukon.
About Cash Minerals Ltd.
Cash Minerals (www.cashminerals.com) is an emerging publicly listed resource company. The company is engaged in exploring and developing uranium and coal properties in Canada’s Yukon Territory, and is involved in the development of a coal-to-liquids (CTL) project, which uses the Fischer-Tropsch process to convert coal into clean-burning diesel fuel. Cash Minerals’ uranium exploration projects include eight quality projects. Four of these properties are iron-ore copper-gold prospects, three are cretaceous intrusive hosted prospects and one is a structurally controlled high grade uranium deposit. Cash Minerals’ coal exploration has focused primarily on the Division Mountain project, which comprises of five coal leases and 30 territorial coal exploration licenses in the Yukon Territory. The Company’s CTL project, located in China, is currently in the development stage.
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Contacts: Cash Minerals Ltd. Basil Botha President & CEO (604) 633-9942 (604) 633-9972 (FAX)
Cash Minerals Ltd. Peter Arendt Vice President (604) 633-9942 (604) 633-9972 (FAX)