Cash, Mega Uranium drill 0.042% U3O8 over 140 m at Igor
2008-01-23 06:41 MT - News Release
Also News Release (C-MGA) Mega Uranium Ltd
Mr. Basil Botha of Cash Minerals reports
CASH MINERALS INTERSECTS 140 METRES OF 0.042% U3O8 AND 0.76% COPPER AT SURFACE IN IGOR URANIUM PROPERTY
Cash Minerals Ltd. and joint venture partner Mega Uranium Ltd. have released additional drill results from the 2007 exploration program at the Igor iron-oxide copper-gold-uranium (IOCG-U) property, located in the Wernecke uranium district, Yukon. The 2007 drill program produced the most significant intersections on the Igor property to date, including the following highlights:
* Hole IG07-22 -- 140 metres of 0.042 per cent U3O8, 0.76 per cent Cu and 0.05 gram per tonne gold (Au), including seven metres of 0.417 per cent U3O8, 7.37 per cent Cu and 0.33 g/t Au;
* Hole IG07-06 -- 64.7 metres of 0.090 per cent U3O8, 1.18 per cent Cu and 2.25 g/t silver (Ag)(i);
* Hole IG07-12 -- 50 metres of 0.026 per cent U3O8 and 0.54 per cent Cu, including 6.9 metres of 0.152 per cent U3O8, 2.31 per cent Cu, 0.05 g/t Au.
(i) Intersection includes previously released results in Stockwatch Sept. 19, 2007, and Oct. 24, 2007.
Positive 2007 drilling results have confirmed the following:
* Mineralization at surface;
* Mineralization open to the north and at depth;
* Potential for an economic resource (resource estimate expected in second quarter 2008);
* Olympic-Dam style IOCG-U mineralization.
"We are very pleased with the continued success achieved during the 2007 exploration season evidenced by the results released today on Igor," stated Basil Botha, president and chief executive officer of Cash Minerals. "These data now provide us with a solid foundation to move toward the resource-definition stage in the coming months."
Igor property: drilling delineates 600-metre-long mineralized zone open to the North
A total of 9,042 metres, 31 holes, was completed at Igor in 2007. Copper-gold-uranium mineralization at Igor is similar in style to the iron oxide copper-gold-uranium mineralization at the Olympic Dam (Gawler Craton) and Ernest Henry (Mt. Isa Inlier) deposits in Australia.
Results of the 2007 drill program at Igor have confirmed that mineralization extends over a 600-metre strike length, spatially coincident with a gravity anomaly. Mineralization is open toward the north, with additional occurrences outcropping 300 metres to the southwest.
Drill testing the extension of the 600 m zone to the north and southwest will be the focus for drilling in 2008.
SIGNIFICANT IGOR RESULTS FOR 2007 SEASON TO DATE
(excluding results already released)
Hole ID From (m) To (m) Metres Cu (%) Ag (ppm) U3O8 (%) Au (g/t)
IG-2007-22 10.00 150.00 140.00 0.76 - 0.042 0.05
including 10.00 17.00 7.00 7.37 6.65 0.417 0.33
139.00 150.00 11.00 1.79 2.17 0.234 0.09
and 156.5 163.5 7.00 0.17 - - -
IG-2007-06(1) 96.30 161.00 64.70 1.18 2.25 0.090 -
and 62.80 66.80 4.00 0.22 - - -
IG-2007-12 5.00 55.00 50.00 0.54 - 0.026 -
including 45.20 52.10 6.90 2.31 4.83 0.152 0.05
and 120.40 133.00 12.60 0.30 - - -
IG-2007-21 164.50 234.50 70.00 0.55 - 0.007 -
including 196.00 234.50 38.50 0.93 - 0.013 0.06
200.00 207.50 7.50 2.45 1.33 0.037 0.15
IG-2007-09 7.00 19.50 12.50 0.74 1.44 - 0.11
including 7.00 14.50 7.50 1.18 2.03 - 0.16
and 76.00 81.00 5.00 0.39 - 0.009 -
and 114.00 118.00 4.00 0.21 - - -
IG-2007-15 6.50 29.00 22.50 0.85 - 0.016 -
including 6.50 8.50 2.00 7.05 4.53 0.148 0.23
and 46.50 52.00 5.50 0.56 1.39 0.011 -
IG-2007-05 6.00 24.50 18.50 0.90 5.74 0.011 0.15
including 6.00 9.50 3.50 4.01 4.75 0.050 0.50
and 34.00 40.00 6.00 0.20 - - -
and 93.00 97.00 4.00 0.32 - - -
and 114.10 117.50 3.40 0.52 1.04 - -
IG-2007-20(a) 22.00 76.00 54.00 0.14 1.96 0.020 -
including(b) 27.50 33.50 6.00 0.13 3.01 0.088 0.05
including(c) 46.00 56.50 10.50 0.05 1.15 0.023 -
including(d) 61.50 74.00 12.50 0.41 3.32 0.015 0.06
IG-2007-17(e) 29.50 34.00 4.50 0.14 2.95 0.076 0.06
and 53.00 58.00 5.00 0.03 1.68 0.053 -
IG-2007-04 72.50 77.00 4.50 0.40 1.12 - -
and 187.00 208.00 21.00 0.18 - - -
including 188.50 191.50 3.00 0.50 - - -
and 201.50 208.00 6.50 0.22 - - -
and 274.00 283.50 9.50 0.17 1.52 - 0.05
IG-2007-07 201.00 205.00 4.00 0.01 - 0.012 -
and 226.00 237.00 11.00 0.35 - - -
IG-2007-10 192.20 199.70 7.50 0.17 - 0.027 0.31
including 192.20 194.20 2.00 0.61 2.71 0.050 0.33
IG-2007-11 80.90 84.90 4.00 0.46 - - 0.05
and 117.60 125.00 7.40 0.85 2.18 0.006 -
and 130.00 133.00 3.00 3.00 2.57 - 0.07
and 236.90 253.00 16.10 0.12 - - -
IG-2007-16 124.50 140.00 15.50 0.21 - - -
and 182.50 203.00 20.50 0.18 - - -
(1) Includes results released in Stockwatch Oct. 24 and Sept. 19, 2007.
Minimum values shown are: U3O8, 0.006 per cent; Ag, one part per million;
and Au, 0.05 g/t.
Note that true width intervals are as yet unconstrained.
(a)includes 0.058 per cent cobalt
(b)includes 0.091 per cent cobalt
(c)includes 0.04 per cent cobalt
(d)includes 0.091 per cent cobalt
(e)includes 0.12 per cent cobalt
"An integrated drilling program was employed during the 2007 exploration season, with the aim of expanding on previously identified mineralized zones and determining the continuity and orientation of IOCG-U mineralization," commented Dr. Michael Carew, chief geologist of Cash Minerals. "This approach utilized state-of-the-art 3-D geophysical modeling, combined with the IOCG-U expertise of our geological team, to delineate potential mineralized zones. The drill results released throughout the 2007 season demonstrate the success of this approach in achieving this goal."
Wernecke uranium district: additional exploration results in 2007
Cash Minerals began the 2007 drill exploration program in March with two drills at the Odie property, which is located approximately 25 kilometres northwest of Igor in the Wernecke uranium district, Yukon, and covers over 200 square km. Early results from Odie, an IOCG target, intersected visible copper (as native copper), in two intersections, and demonstrated the benefits of applying advanced modelling technology to geophysical data. In total, 3,049 metres (six holes) were drilled at Odie in 2007.
The Lumina property, a vein-controlled target located approximately 50 km southeast of Igor, continued to add value to the company's portfolio of uranium exploration projects. Drilling at Lumina in 2007 demonstrated the continuity of uranium mineralization discovered in 2006 and extended the known subsurface uranium mineralization approximately 130 m to the southwest. Data collected from drilling and geochemical sampling identified the presence of significant polymetallic (uranium-molybdenum-gold) mineralization, thereby enhancing the metal potential of the property. A total of 4,367 metres (25 holes) were drilled at the Lumina property in 2007.
2008 drill exploration program
Cash Minerals is currently in the process of finalizing planning for the 2008 drill exploration program, which is anticipated to focus on drill testing the extension of the 600 m mineralized zone to the north and southwest on the Igor property with the aim of developing a resource. Drilling will also be conducted at the Odie and Lumina properties, following up on positive results during the 2007 drill program.
"In addition to putting the final elements in place for the 2008 exploration program, management remains focused on delivering on its objective of defining a uranium resource at the Igor property," stated Mr. Botha. "We anticipate achieving this milestone in the second quarter of this year and then building on this number as we move ahead. The positive assay numbers, coupled with mineralized zones being encountered close to surface from 10 metres to 283 metres, bode very well with respect to the potential definition of an economic resource."
Samples were 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 ICP-AES.
Exploration in the Wernecke uranium district is being conducted under the supervision of Christopher K. Hutchings, PGeo, who is the qualified person as specified in National Instrument 43-101 for technical disclosure. Mr. Hutchings, president of Kiex Consulting Limited, a professional geoscience consulting company, has reviewed and approved the technical information contained in this news release.
Conference call details
Cash Minerals will hold a conference call and webcast to discuss Igor drill results. Representing Cash Minerals on the call will be Mr. Botha, Dr. Michael (Mick) Carew, chief geologist, and Peter Arendt, vice-president, engineering. The call will begin with brief remarks followed by a question-and-answer period with financial analysts. It will take place on Wednesday, Jan. 23, 2008, at 9 a.m. ET. The dial-in numbers are: 416-641-6112 (Toronto and international); and 866-226-1793 (Canada and the United States).
Cash Minerals will also host a live audio webcast. The webcast will be available via the Cash Minerals website.
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