Uranium Mining and Exploration

[Tackler]

GLR Resources begins drilling at Goldfields

2004-08-03 10:25 ET - News Release


Mr. Robert Kasner reports

GLR RESOURCES INC (GLR) IS PLEASED TO PROVIDE AN UPDATE ON THE COMPANY'S GOLDFIELDS PROJECT LOCATED IN NORTHERN SASKATCHEWAN, CANADA.

Goldfields project drilling commences

GLR has arranged for a drilling program at the Goldfields property in Northern Saskatchewan, which is now under way. The drilling program is being completed as is required by AMEC of Saskatoon, Sask., which is revising the existing feasibility study to NI43-101 standards. The drilling will be used to confirm grades, which will subsequently be incorporated into a new resource estimate of the Box deposit. Goldfields project manager Rod Ogilvie and GLR staff geologist John Dixon are currently in Uranium City overseeing project logistics and implementation of drilling campaign.

Drilling performed at the Box mine will have samples taken over one-metre intervals. Gold assays performed will be done by pulp metallics due to the coarse nature of the gold present at the Box mine. Analyses are being performed by TSL Laboratories of Saskatoon, which is accredited to ISO17025; check analyses are being performed by another accredited third party laboratory. A quality assurance and quality control program (including blanks, standards and duplicates) is being designed and carried out by GLR staff.

Contact Lake uranium project

The Contact Lake project located within the Goldfields property exhibits many key geological features that are indicative of unconformity-type hosted uranium deposits. Uranium and gold-bearing veins with extensive hematization provided the rationale for drilling in 1981 by SMDC (now Cameco) which returned 0.68 ounce per ton gold over five feet in chlorite schist near the bottom of the hole. These grades were subsequently reconfirmed and verified by GLR by reassaying the drill core. The drill hole completed by SMDC stopped short of contact with the basement unconformity as the hole was, at that time, at the edge of a claim boundary. Compilations of geochemical and geophysical surveys have given several high-priority targets, which GLR is planning to drill to establish the untested mineral potential of Contact Lake. Projected estimates of drill hole depths are in the vicinity of 400 to 600 metres below surface. Recent work at Contact Lake by GLR returned values of 2.29 grams per tonne gold and 17,700 parts per million U (Nadeau, 2003) from quartz vein samples. Subsequent review by Issigonis (May, 2004) has solidified GLR's plans to re-enter the existing drill hole, wedge-off and extend several holes into the basement unconformity. Drilling at Contact Lake is expected to commence once drilling at the Box project is completed.

John Cook, PEng, is the qualified person responsible for reviewing the contents of this news release.