Sixth Wave Innovations Inc (SIXWF)

[junkHustler]

Athabasca Uranium Reports Encouraging Results From Keefe Lake Uranium Project; Shares Flat

Athabasca Uranium Inc. (UAX.V) has provided an update on the Keefe Lake uranium project in the Athabasca Basin of Saskatchewan. While the company sounded upbeat about recent exploration results, investors appear to be taking a wait and see approach, with shares currently unchanged at 0.135.

The company has received the results of the lithogeochemical and PIMA/clay alteration samples and has conducted further analysis on Hole KEF-12-08, which was drilled to a depth of 553 metres, as first reported on April 30, 2012. Basement alteration was found to continue beyond the expected regolith alteration to the bottom of Hole KEF-12-08, which was drilled to test the extent of alteration encountered at the bottom of Hole AU4-01, which was drilled to a depth of 402 metres in 2011.

Drill Hole KEF-12-08 confirmed the base metal enrichment (Lead, Cobalt, Arsenic and Nickel) in the sandstone, which was encountered in Hole AU4-01. In addition to confirming the elevated uranium enrichment (112ppm U* over 2 metres) at approximately 400 metres depth which was encountered in Hole AU4-01, two other zones of anomalous uranium mineralization were encountered at a greater depth. These additional intervals are associated with hematite alteration and fracturing of altered quartzofeldspathic gneiss.

UAX President Gil Schneider commented: "The Company is extremely pleased with results to date: uranium grades encountered and the size and scale of the alteration zone at Keefe is remarkable, and are typical of those found in the outer envelopes of major Basin deposits. Athabasca's exploration team will further examine all results with an eye to making a world class discovery."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Read more: http://community.nasdaq.com/News/2012-06/athabasca-uranium-reports-encouraging-results-from-keefe-lake-uranium-project-shares-flat.aspx?storyid=151240#ixzz1yv7N4GzS