Aurora Energy Resources Inc.: New Drilling Significantly Expands Jacques Lake Uranium Deposit
August 29 2007 - 1:49PM
Marketwired Canada
Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX:AXU) is pleased to
announce that eight new drill holes have all intersected uranium mineralization,
expanding the size of the Company's 100%-owned Jacques Lake Deposit ("Jacques
Lake") by at least 100 metres to the southwest.
The new holes are part of an ongoing drilling program focused on Aurora's assets
in the Central Mineral Belt of Coastal Labrador. Jacques Lake is one of the very
few significant uranium discoveries made anywhere in the past 10 years --
highlighting the continuing growth and vast discovery potential of this
important uranium district.
Mineralization at Jacques Lake starts at surface and has been traced to a depth
of 235 metres. The deposit has a drilled strike length of over 600 metres and
remains open for further expansion to the southwest and at depth.
New drilling highlights include:
- 0.11% U3O8 over 25.00 metres in drill hole JL07-062
- 0.16% U3O8 over 15.02 metres in drill hole JL07-061
- 0.10% U3O8 over 12.22 metres in drill hole JL07-060
- 0.10% U3O8 over 7.00 metres in drill hole JL07-058A
"The results demonstrate that Jacques Lake is a rapidly expanding deposit, now
adding an important component to Aurora's development plans", said Dr. Mark
O'Dea, President and CEO of Aurora. "Jacques Lake and our nearby Michelin
Deposit already form one of the world's largest primary uranium resources.
Together, these growing deposits provide the opportunity for long-term local
economic benefits while addressing the world's increasing need for clean
energy."
The remainder of the 2007 drill program at Jacques Lake will focus on expanding
the deposit at depth and along strike. Detailed drilling results are as follows:
----------------------------------------------------------------------------
Hole ID From To %U3O8 Interval
----------------------------------------------------------------------------
JL07-052 295.96 296.96 0.08 1.00
----------------------------------------------------------------------------
and 409.50 413.50 0.07 4.00
----------------------------------------------------------------------------
JL07-053 306.50 312.50 0.06 6.00
----------------------------------------------------------------------------
incl. 309.43 310.00 0.14 0.57
----------------------------------------------------------------------------
and 444.47 445.50 0.06 1.03
----------------------------------------------------------------------------
and 448.50 448.95 0.06 0.45
----------------------------------------------------------------------------
JL07-054 NSV
----------------------------------------------------------------------------
JL07-055 NSV
----------------------------------------------------------------------------
JL07-057 895.50 896.50 0.09 1.00
----------------------------------------------------------------------------
JL07-058A 16.24 23.24 0.10 7.00
----------------------------------------------------------------------------
incl. 17.24 20.24 0.15 3.00
----------------------------------------------------------------------------
and 25.24 26.24 0.08 1.00
----------------------------------------------------------------------------
and 33.25 34.64 0.06 1.39
----------------------------------------------------------------------------
and 191.00 192.00 0.05 1.00
----------------------------------------------------------------------------
JL07-059 90.50 92.50 0.08 2.00
----------------------------------------------------------------------------
JL07-060 120.28 132.50 0.10 12.22
----------------------------------------------------------------------------
incl. 123.50 127.50 0.15 4.00
----------------------------------------------------------------------------
and 220.60 221.60 0.12 1.00
----------------------------------------------------------------------------
and 242.00 253.00 0.12 11.00
----------------------------------------------------------------------------
incl. 243.00 244.00 0.25 1.00
----------------------------------------------------------------------------
incl. 246.00 251.00 0.15 5.00
----------------------------------------------------------------------------
and 270.95 272.95 0.09 2.00
----------------------------------------------------------------------------
JL07-061 126.37 141.39 0.16 15.02
----------------------------------------------------------------------------
incl. 126.37 133.37 0.21 7.00
----------------------------------------------------------------------------
and 228.96 229.96 0.17 1.00
----------------------------------------------------------------------------
and 256.36 257.11 0.11 0.75
----------------------------------------------------------------------------
and 288.95 293.2 0.15 4.25
----------------------------------------------------------------------------
JL07-062 165.00 190.00 0.11 25.00
----------------------------------------------------------------------------
incl. 165.00 168.00 0.13 3.00
----------------------------------------------------------------------------
incl. 174.00 177.00 0.21 3.00
----------------------------------------------------------------------------
incl. 180.00 187.00 0.14 7.00
----------------------------------------------------------------------------
and 231.00 233.00 0.15 2.00
----------------------------------------------------------------------------
For a view of the long section at JL please use the following link:
http://www.aurora-energy.ca/files/JacquesLakeExpansion07-16.jpg
JACQUES LAKE RESOURCE
Based on 2006 drilling results, the Jacques Lake deposit contains 5.4 million
pounds U3O8 measured & indicated and 5.0 million pounds U3O8 inferred (see Feb.
13, 2007, Press Release 07-04).
An updated resource statement for Jacques Lake will be forthcoming later in the
year pending further drilling results.
The Jacques Lake drilling program is part of a larger overall program at
Aurora's numerous targets in Coastal Labrador. Aurora is planning to operate
year-round exploration with two fully winterized camps. The current exploration
program will continue until the end of the year, which will then be followed by
a winter campaign of extensive in-fill and delineation drilling. The current
drill program has a target of 75,000 metres, consisting of up to nine drill
rigs, with a C$21 million budget.
LIQUIDITY
Aurora is not invested in any short-term commercial paper or asset-backed
securities. The company has approximately $39-million in cash that is fully
liquid and held with a large commercial bank.
ABOUT AURORA
Aurora (TSX:AXU) is a uranium exploration and development company focused on the
Central Mineral Belt in coastal Labrador -- one of the world's most promising
new uranium districts. Aurora's uranium district has a defined resource of 58
million pounds of uranium (5 million measured and 53 million indicated) and 38
million pounds (inferred). The Company is undertaking pre-feasibility studies to
move the project towards development. Aurora is committed to responsible
development with lasting local benefits. Uranium provides clean, safe and
reliable energy -- the energy to change the world.
Assay results have been prepared under the guidance of Mr. Ian Cunningham-Dunlop
P.Eng, Exploration Vice-President for Aurora Energy Resources Inc., who is
designated as a Qualified Person with the ability and authority to verify the
authenticity of and validity of this data. Drill core was prepared and analyzed
in accordance with industry standards by Activation Laboratories Ltd, Ancaster,
Ontario. The Independent Qualified Person responsible for the above resource
estimates is Gary Giroux, P. Eng. Of Giroux Consultants Ltd. A Technical Report
prepared to NI43-101 requirements will be lodged within 30 days of this release.
In addition to the Michelin and Jacques Lake Uranium Deposits, the portfolio of
Aurora Energy Resources Inc. also contains four other occurrences known as Gear,
Nash, Inda and Rainbow. The historical estimates for these occurrences along
with the historic estimates for the neighboring Kitts Deposit within the Exempt
Mineral Land are documented in the Mineral Occurrence Data System (MODS), a
website sponsored by the Geological Survey of Newfoundland and Labrador, and are
stated to be based upon reports and references dated between 1967 and 1984 (none
of which are available to the Corporation). Accordingly, these estimates are
historical in nature and do not meet the definition of Mineral Resources as
contained in National Instrument 43-101 of the Canadian Securities
Administrators. Furthermore, neither the Corporation nor the Qualified Person
have reviewed any of the reports or exploration results underlying such
estimates and accordingly, such estimates (and any assumptions underlying such
estimates) have not been independently verified. As a result, there can be no
assurance that such historic estimates are reliable, or that such estimates are
indicative of any mineralization which would meet the criteria of Mineral
Resources as defined in accordance with National Instrument NI 43-101.
Consequently, no reliance should not be placed upon these historical estimates.
However, the Corporation believes that these historical estimates may be
indicative of the potential for mineralization on these properties.
Except for the statements of historical fact contained herein, certain
information presented constitutes "forward-looking statements". Such
forward-looking statements, including but not limited to, those with respect to
the timing and amount of estimated future resources and resource conversion
rates, potential for expansion of resources and potential size of future
exploration programs and potential timing of receipt of permits and
classification of future mineral resources, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievement of Aurora to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include, among others, risks related to the actual
results of current exploration activities, conclusions of economic evaluations,
uncertainty in the estimation of mineral resources, changes in project
parameters as plans continue to be refined, future prices of uranium,
environmental risks and hazards, increased infrastructure and/or operating
costs, labor and employment matters, and government regulation as well as those
factors discussed in the section entitled "Risk Factors" in Aurora's Annual
Information Form available on SEDAR at www.sedar.com . Although Aurora has
attempted to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements. Aurora disclaims
any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Accordingly,
readers should not place undue reliance on forward-looking statements.
Alexco Resource (TSX:AXU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Alexco Resource (TSX:AXU)
Historical Stock Chart
From Jul 2023 to Jul 2024
