Cash Minerals Ltd. (TSX VENTURE: CHX) and joint-venture partner Mega Uranium Ltd. (TSX: MGA) today announced additional drill results from Igor, an iron-oxide copper-gold-uranium (IOCG-U) property located in the Wernecke Uranium District, Yukon. New results include 0.993% U3O8, 2.70% copper, 0.07 g/t gold and 5.7 g/t silver over 4.5 metres (Table 1(i)(ii)). On-ground exploration in the 2007 season has also identified that numerous new properties, staked in the 2006 season, exhibit highly anomalous uranium and polymetallic mineralization (Table 2). The most prospective new properties will be tested by diamond drilling in 2008.
Highlights from 2007 initial drill results at Igor and Lumina also include 22.25 metres at 0.055% U3O8, 2.82% Cu, 5.2 g/t silver (Ag) and 0.03 g/t gold (Au); and 1.5 metres of 0.14% U3O8, 0.035% molybdenum (Mo) and 0.08 g/t Au, respectively. These intervals are augmented by the newly presented results (Table 1(i)).
"The findings from the 2007 program reaffirm management's belief that the Igor and Lumina properties, both located in the highly prospective Wernecke Uranium District, have the potential to host Olympic Dam and polymetallic (copper, gold and uranium) style deposits," commented Basil Botha, President and Chief Executive Officer of Cash Minerals.
The 2007 drill program strategy was to employ an integrated and systematic approach to reaching the company's objective of defining a resource at one or more Wernecke properties. This strategy aims to expand recently discovered mineralized zones by determining continuity and orientation of IOCG-U and polymetallic mineralization, as well as exploring the remaining, untested mineralized and altered zones within the Igor and Lumina properties. Recent drill results released (refer to press release dated September 19, 2007) demonstrate the success this approach has yielded.
Igor and Lumina
Three drill rigs were allocated to the Igor property during the 2007 exploration program. Approximately 8,000 metres of drilling has been completed at Igor to date. Initial results from Igor show appreciable uranium and copper mineralization close to surface and extend the area of known mineralization. The last phase of the program at Igor will test the buried gravimetric anomaly identified in 2006, as well as attempt to extend the extent of known mineralization to the north; mineralization is open to the north and south, as well as to depth. These data will provide a greater insight into the distribution and continuity of uranium-copper mineralization at Igor, which will enable more productive exploration on the property and elsewhere in the Werneckes.
Drilling on the Lumina property has concluded for 2007, with more than 4,000 metres drilled this year. Drill results, released earlier this year from the 2007 exploration program, prove the continuity of uranium mineralization and extend the known subsurface distribution of uranium confirming that mineralization continues to the south of the Jack Flash showing. Additionally, on-ground fieldwork shows that uranium mineralization also crops out along the same structure to the north of the Jack Flash showing (Figure 6, which can be viewed via http://www.cashminerals.com/main/?LuminaMaps). Moreover, the geological understanding of the Lumina property has evolved due to drilling and on-ground exploration conducted this year, which indicates that uranium is manifest as polymetallic U-Mo-Au mineralization.
Hole From To Interval U3O8 Cu Au Ag Name (m) (m) (m) (%) (%) g/t g/t IGOR IG-06 96.30 101.80 4.50 0.993 2.70 0.07 5.7 IG-10 137.30 138.30 1.00 0.053 - 0.01 0.7 192.20 199.70 7.50 0.027 0.17 0.31 1.0 includes 192.20 194.20 2.00 0.050 0.61 0.33 2.7 IG-11 80.90 84.90 4.00 - 0.46 0.05 3.0 117.60 125.00 7.40 - 0.85 0.04 2.2 130.00 133.00 3.00 - 3.00 0.07 2.6
Table 1. Summary drill hole results from preliminary analysis from the Igor property. (i) Previously released data (Press release dated September 19, 2007) from IG-06 includes 22.25 m at 0.055% U3O8, 2.82% Cu, 5.2 g/t Ag and 0.03 g/t Au from 138.75 m. (ii) Note that true width intervals are as yet unconstrained.
Significant new areas of uranium and IOCG-U mineralization have been delineated on the Lumina, Vic and NAD properties, with samples containing up 6.86% U3O8 (Table 2). On the Lumina property, additional showings of outcropping uranium mineralization were discovered in many locations (cf. Figure 6), which include the Flash Gordon (Table 2) and Eagle Eye localities (Figure 6). The Vic property, an IOCG-U target, contains numerous outcropping localities with highly anomalous mineralization where samples contain up to 6.86% U3O8, 6.13% copper, 0.398% molybdenum, and 4.46 g/t gold (Table 2), which appears to be structurally-controlled and exhibits all the hallmarks of IOCG-U mineralization similar to that of the Igor property.
The drilling campaign is intimately associated with significant on-ground exploration in the Werneckes, which is focused on defining new regions with IOCG-U and polymetallic mineralization potential. This campaign forms a vital component in nurturing Cash Minerals' growing portfolio of prospective properties in the Wernecke Uranium District, and integrates geological, geochemical and geophysical tools to define new areas with mineralization potential. Significant new areas of uranium and IOCG-U mineralization have been identified this year.
Sample U3O8 Cu Mo Au Ag Wt number % % g/t g/t g/t kg VIC PROPERTY 2571 6.716 0.13 0.002 0.01 4.2 0.56 2573 6.856 0.01 0.002 0.00 0.9 2.40 2574 2.878 0.05 0.002 0.03 12.4 1.40 2575 1.392 0.06 0.003 0.02 4.8 1.16 2576 0.125 0.03 0.002 0.02 0.5 1.43 2227 0.001 0.85 0.002 0.03 6.6 2.04 2228 0.113 0.44 0.151 1.43 8.9 0.84 2280 0.071 0.02 0.007 0.50 1.4 1.28 2311 0.303 0.02 0.398 4.46 9.6 1.44 2352 0.025 0.51 0.011 0.49 1.3 1.24 2353 0.117 0.21 0.018 0.03 3.0 1.48 2354 0.036 0.04 0.060 0.04 2.4 1.08 2276 0.002 6.13 0.001 0.72 4.6 1.10 2277 0.002 3.81 0.007 0.05 4.3 1.34 2355 0.026 0.10 0.007 0.01 1.5 2.54 2263 0.002 0.43 0.002 0.12 1.3 1.12 2270 0.004 0.98 0.001 0.01 1.3 0.82 2271 0.000 0.35 0.000 0.03 8.8 0.90 2278 0.000 0.67 0.006 0.26 2.0 0.94 2279 0.002 0.32 0.002 0.01 0.8 1.70 LUMINA PROPERTY, FLASH GORDON 1127 0.228 0.27 0.001 0.045 1.3 2.08 1128 0.107 0.37 0.000 0.026 0.5 1.42 1129 0.220 0.42 0.000 0.010 0.8 0.80 1130 0.010 0.04 0.000 0.003 0.1 1.90 1131 0.094 0.44 0.000 0.009 0.5 1.37 1132 0.046 0.02 0.000 0.006 0.1 1.50 1133 0.028 0.00 0.000 0.001 0.0 2.89 NAD PROPERTY 2324 0.150 0.00 0.001 0.036 0.8 1.10 2325 0.200 0.00 0.000 0.021 0.0 1.88 2327 0.064 0.00 0.001 0.038 0.4 2.75 Table 2. The geochemical composition of selected surface rock samples from the Vic, Lumina and NAD properties in the Wernecke Uranium District.
Additional drill assays from the 2007 program are expected to be released by the end of the year. These data along with released results will be employed to identify new targets for the 2008 exploration program. In addition to drilling in the Yukon, management intends to use ground and airborne geophysical data from the Aillik Property - located in the Central Mineral Belt, Labrador - to define targets for 2008 drilling.
Figure 6 denotes the location of Flash Gordon and Eagle Eye showings and scintillometer counts from outcrop localities overlain on pseudocolour uranium channel radiometric data on Lumina. Blue points represent waypoints in traverses where geological and/or structural data were collected. Counts per second readings represent point maxima and were measured using RS120 scintillometers utilizing BGO crystals.
Cash Minerals is continuing to test drill targets on the Igor and Odie properties in the Wernecke Uranium District, Yukon. Drilling is expected to continue until late November. To date, the company has completed over 18,000 metres of diamond drilling, making the 2007 exploration program one of the largest and most comprehensive projects testing iron-oxide copper-gold-uranium (IOCG-U) and hydrothermal uranium targets in Canada.
Suitable quality control and quality assurance protocols are used on the Wernecke exploration program, where in-house reference materials are inserted in each batch of assays. Drill core is logged in the field, and selected samples are prepared for geochemical and petrographic analysis. 2007 drill core is stored and logged at individual camp sites. Drill core and surface samples are prepared and analyzed by ALS Chemex, Vancouver. Samples are crushed, pulverized and digested in a four-acid solution and all elements, but gold were analyzed by ICP methods. Gold was analyzed by fire assay and an ICP-AES. Exploration in the Wernecke Uranium district is being conducted under the supervision of Mr. Christopher K. Hutchings, P.Geo., who is the qualified person as specified in National Instrument 43-101 for technical disclosure. Mr. Hutchings is President of Kiex Consulting Limited, a professional geoscience consulting company. He has reviewed the technical information in this release.
About Cash Minerals
Cash Minerals is an emerging publicly listed energy company focused on uranium, coal and alternative fuels (synfuels). Under an agreement with Mega Uranium Ltd., Cash Minerals has the option to earn a 75% interest in uranium prospects located in various parts of the Yukon. These highly prospective prospects include numerous iron-oxide copper-gold (IOCG), structurally-controlled hydrothermal uranium targets.
The Company is also engaged in exploring and developing coal properties in southwest Yukon Territory. The Company's Division Mountain project has a measured resource of 52.5 million tonnes of high Volatile "B" Bituminous coal (refer to NI 43-101 report dated December 21, 2005), which occupies less than five percent of Cash Minerals' total coal leases in the Yukon. The potential exists to provide this coal as feedstock for a mine-mouth power station.
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Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding exploration prospects, the identification of mineral resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, and title disputes or claims. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company (and the company resulting from the successful completion of the proposed transaction) to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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