Aurora Makes New Uranium Discovery West of Jacques Lake Deposit
September 11 2007 - 9:43AM
Marketwired Canada
Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX:AXU) is pleased to
announce that five new zones of surface exposed mineralization have been tested
for the first time with 11 shallow drill holes. Located 15 kilometres west of
the Jacques Lake deposit ("Jacques Lake"), eight of these new drill holes have
intersected uranium mineralization within 50 metres of surface with grades as
high as 0.48% U3O8 (10.6 pounds U3O8 per tonne).
These new zones of bedrock mineralization, collectively referred to as "Aurora
West", are exposed intermittently over a strike length of 1.5 kilometres, and
are thought to be part of the same overall mineralized structure, herein
referred to as the Aurora Corridor. This is the same structure which hosts the
Jacques Lake deposit and other promising drill-ready targets, such as Gayle,
Kathi and Burnt Brook.
Highlights from drilling along Aurora West include:
- 0.48% U3O8 over 0.5 metres and 0.11% U3O8 over 2.0 metres in AR07-002
- 0.07% U3O8 over 7.0 metres including 0.14% U3O8 over 2.0 metres in AR07-011
- 0.08% U3O8 over 4.9 metres including 0.15% U3O8 over 0.87 metres in AR07-008
"These are the first holes ever drilled along the Aurora Corridor, and initial
drill results are comparable in width and grade to the first holes drilled at
Jacques Lake in 2005," said Mark O'Dea, President and CEO of Aurora. "These
exciting results demonstrate that this regional structure is prospective for
over 15 kilometres, with mineralization that extends from surface to depths of
at least 50 metres."
Exploration along the Aurora Corridor will continue moving east, testing
previously undrilled zones of surface mineralization including the Burnt Brook,
Gayle, and Kathi uranium occurrences. These new zones are located within seven
kilometres of Jacques Lake and have returned surface grades as high as 1.51%
U3O8.
The most promising zones of drill-indicated mineralization along the Aurora
Corridor will be followed up with a Phase II drill program.
Initial drilling results from Aurora West are as follows:
----------------------------------------------------
Hole ID From (m) To (m) Interval (m) %U3O8
----------------------------------------------------
AR07-001 30.07 30.82 0.75 0.08
----------------------------------------------------
AR07-002 37.00 39.00 2.00 0.11
----------------------------------------------------
incl. 37.00 38.00 1.00 0.15
----------------------------------------------------
and 49.00 50.50 1.50 0.19
----------------------------------------------------
incl. 50.00 50.50 0.50 0.48
----------------------------------------------------
AR07-003 34.80 35.30 0.50 0.03
----------------------------------------------------
AR07-004 nsv
----------------------------------------------------
AR07-005 44.80 45.15 0.35 0.1
----------------------------------------------------
AR07-006 nsv
----------------------------------------------------
AR07-007 nsv
----------------------------------------------------
AR07-008 35.66 40.53 4.87 0.08
----------------------------------------------------
incl. 39.66 40.53 0.87 0.15
----------------------------------------------------
AR07-009 49.95 52.45 2.50 0.1
----------------------------------------------------
AR07-010 17.05 21.55 4.50 0.06
----------------------------------------------------
incl. 20.05 21.55 1.50 0.11
----------------------------------------------------
AR07-011 23.05 30.05 7.00 0.07
----------------------------------------------------
incl. 23.05 24.55 1.50 0.16
----------------------------------------------------
incl. 28.05 30.05 2.00 0.14
----------------------------------------------------
Due to the early nature of the drilling true widths are unknown at this time.
For a view of the Aurora Corridor please use the following link:
http://www.aurora-energy.ca/files/AuroraCorridor07-17.jpg
Drilling along the Aurora Corridor is part of a much larger regional drill
program in the Central Mineral Belt. Aurora is planning to explore year-round,
with two fully winterized camps, at least five drill rigs and a staff of 40. 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 and a budget
of C$21 million.
LIQUIDITY
Aurora is not invested in any short-term commercial paper or asset-backed
securities. The company has approximately $38 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
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) and 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 current resource
estimates for the Michelin and Jacques Lake Uranium Deposits is Gary Giroux, P.
Eng. Of Giroux Consultants Ltd. and a Technical Report prepared to NI43-101
requirements is available for viewing on SEDAR at www.sedar.com.
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, potential significance of newly discovered mineralization,
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.
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