Alberta Star starts MegaTEM survey at MacInnis Lake
2005-05-16 11:02 ET - News Release
Mr. Tim Coupland reports
ALBERTA STAR BEGINS ITS 'MEGATEM' AIRBORNE GEOPHYSICAL SURVEY ON THE MACINNIS LAKE URANIUM PROJECT IN CANADA'S NORTHWEST TERRITORIES
Alberta Star Development Corp. has started its Fugro deep-penetrating airborne electromagnetic geophysical (MegaTEM) survey on the company's MacInnis Lake uranium project. The airborne survey is being conducted by Fugro using a specially modified Dash-7 aircraft and will cover a total of 951 line kilometres, which are being flown along east-west-oriented lines spaced at 200-metre spacings. Jan Klein, MSc, PEng, PGeo, the company's consulting geophysicist, will review and compile all of the data generated from the geophysical survey. The large scale and high transmitter power of the proprietary system allows for deep-penetrating exploration in the search for unconformity-type uranium deposits associated with graphitic y conductors in the basement. Results from the geophysical survey combined with archived historical drill results will assist the company in its drill targeting and expanding known uranium showings on the project. Summer exploration activities will include follow-up ground geophysics and diamond drilling. Erik Ostensoe, PGeo, is the qualified person for the MacInnis Lake uranium project.
MacInnis Lake uranium project (unconformity or basement hosted uranium setting)
The MacInnis Lake uranium claim block located in the Nonacho basin 150 kilometres northeast of Fort Smith, NWT, and 275 kilometres southeast of the city of Yellowknife, consists of 26,184.64 acres. The MacInnis Lake uranium project is considered as an unconformity or basement-hosted deposit setting. Unconformity-related uranium deposits can be extremely high grade and can average 10 per cent plus, and this is the setting for the vast majority of deposits in the Athabasca basin in Northern Saskatchewan. The MacInnis Lake uranium claim block is known to have widespread surface uranium mineralization and contains 28 high-grade uranium showings that were drill discovered between 1954 and 1988. All uranium exploration and drilling datasets have been archived and recorded by the Geological Survey of Canada. Alberta Star's management believes the MacInnis Lake area has the potential to host a world-class, economic uranium deposit, similar to those at Saskatchewan's McArthur River and Cigar Lake. The MacInnis Lake uranium project currently has over 100 historical uranium drill hole results. These drill holes were successfully completed by Canadian Pipelines and Petroleum Ltd. and Scurry-Rainbow Oil Ltd., between 1954 and 1988. The highest uranium values intersected in drill core at the Dussault showing intersected 0.84 per cent U308 over two feet. This high-grade zone is more than 150 metres along strike and 60 metres at depth. Uranium mineralization rakes to the northeast at 40 degrees. This showing has been drill tested to a depth of 50 metres. The Ace uranium showing was drill tested with 57 drill holes totalling 6,096 metres. Uranium mineralization was drill tested to a depth of 150 metres. A narrow, high-grade uranium ore zone that was discovered is 50 metres in length and six metres wide, was outlined on the property. The world average grade from producing uranium mines is 0.15 per cent U308. All historically archived drill data are available from the Northwest Territories Geoscience office of Research and Information. The current spot price for uranium is $29.00 (U.S.) per pound. The company will be completing a National Instrument 43-101 compliant report on the property by a qualified person in late April. The historical data predate NI 43-101 standards and these estimates should not be relied upon.
MacInnis Lake uranium project -- option agreement Max Resource
Alberta Star has entered into an option agreement with Max Resource Corp., whereby Max Resource Corp. can earn a 50-per-cent interest in Alberta Star's MacInnis Lake uranium project in Canada's Northwest Territories. Max Resource Corp. can earn its interest by making total cash payments of $30,000 to Alberta Star, incurring exploration expenditures totalling $2-million over five years and issuing 200,000 common shares. Alberta Star will be the operator of the project.
