ESO Intersects Uranium in its Initial Drill Program at Cluff Lake Project, Athabasca Basin, Saskatchewan. Tuesday May 2, 3:34 pm ET
VANCOUVER, May 2 /CNW/ - ESO Uranium Corp. (ESO or "the Company") ESO:TSX-V is pleased to announce that uranium mineralization has been intersected in its initial drill program carried out on its Cluff Lake project located in the western Athabasca Basin in Saskatchewan. ESO holds an option to earn a 50% interest in the claims underlying the Gorilla Lake zone which comprise 18,661 acres pursuant to a letter agreement with Logan Resources Ltd. (TSX-V:LGR - News). SRC Geoanalytical Laboratories of Saskatoon, performed the sample preparation and uranium and multi-element analysis with the following results:
Hole CLU-07 intersected two zones of uranium mineralization. One zone intersected 0.17 per cent U3O8 over 7.0 metres from 153.0 to 160.0 metres, including 0.82 per cent U3O8 over 1.0 metre. The second zone contained 0.20 per cent U3O8 over 2.0 metres from 175.0 to 177.0 metres.
Hole CLU-01 intersected 0.46 per cent U3O8 over 1.5 metres from 174.0 to 175.5 metres.
The uranium mineralization discovered in drilling at Gorilla Lake is an encouraging development for these reasons:
1) Gorilla Lake is within a broad magnetic low with associated Megatem conductors representing prospective rocks favorable for uranium deposits extending from the former Cluff Lake mine eleven kilometers northerly to Gorilla Lake.
2) Both the Cluff Lake uranium deposits and Gorilla Lake uranium mineralized drill intersections are within a belt of prospective rocks at or near the Athabasca sandstone contact.
3) Graphitic meta-sediments, electromagnetic conductors and hematitic and clay alteration similar to that hosting and adjacent to other Athabasca basin uranium deposits exist at Gorilla Lake.
These new step out holes confirm the presence of uranium in the area of hole Car 425, drilled in 1981, which intersected about 0.85% U3O8 over 2.5 metres. The uranium mineralization in drill holes CLU-01 and CLU-07 is associated with a virtually untested structure extending over at least 700 metres. This structure represents a prime target for a continued drill program which ESO plans to commence as soon as possible after spring breakup.
ESO has interests in over 860,000 acres of mineral claims in the Athabasca Basin in Northern Saskatchewan, including the Cluff Lake project which is comprised of 170,000 acres adjacent to the former Cluff Lake mine. The Cluff Lake mine produced 65 million pounds of U3O8 at a grade of about 2.5 per cent U3O8 with the significant by-product gold.
In addition, the Cluff Lake property is situated 11 km north of the Shea Creek deposit which is currently being developed by a joint venture between UEX Ltd and Cogema Resources Inc.
As indicated by Megatem conductors within a north-westerly striking magnetic low, the prospective rock types hosting the Shea Creek deposit appears to extend through the western part of ESO's Cluff Lake property.
The Company is a junior resource issuer with uranium interests in the Athabasca Basin and gold interests at the Mikwam project in eastern Ontario.
The Athabasca Basin is host to major uranium deposits and mines and produced twenty nine per cent of world uranium production in 2004.
The Mikwam project, consisting of 21,380 acres, is within the Casa Berardi Deformation Zone which hosts the Casa Berardi gold deposit currently being explored by Arizon Mines Ltd, fifteen kilometers east of Mikwam.
ESO reported in a previous news release, dated 24th April 2006, an intersection of 4.1 grams per tonne gold over 19 metres. The Mikwam claims are held subject to certain over-riding royalties.
Rob Beckett, P.Geo. is a Qualified Person as defined by National Instrument 43-101 and is responsible for the technical content of this news release.
On behalf of the Board of Directors of ESO Uranium Corp.
The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. The historical information contained in this news release was obtained from reports prepared prior to the implementation of NI 43-101. Though the Company has no reason to doubt the accuracy of this information, readers should use caution when considering such information and should not place undue influence upon such.
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