Aurora Intersects Additional High-Grade Uranium at Michelin
January 08 2008 - 8:30AM
Marketwired Canada
Aurora Energy Resources Inc. ("Aurora") (TSX:AXU) is pleased to announce that
further drilling on its Michelin Uranium Deposit in Labrador ("Michelin")
continues to intersect multiple zones of high grade mineralization, expanding
the size of this significant resource.
Some of the most compelling new results are in the Michelin Main Zone, where
M07-083 intersected two zones of high grade mineralization starting at a
vertical depth of 750 metres, approximately 60 metres down-plunge from the
current resource area and located below M06-044. Hole M07-083 features:
- 0.17% U3O8 over 11.0 metres including 0.26% U3O8 over 4.00 metres in an upper
zone, and 0.40% U3O8 over 5.56 metres including 0.95% U3O8 over 1.14 metres in a
lower zone.
This represents another breakthrough for Michelin as it demonstrates that high
uranium grades over mineable widths persist at even greater depths, and the
deposit remains open for further expansion.
Of similar importance, shallow drilling on the Main Zone continues to enhance
the strength of the mineralization at depths capable of being mined by open pit
methods. New shallow drilling highlights include:
- 0.13% U3O8 over 35.82 metres with multiple narrow zones exceeding 0.20% U3O8
in drill hole M07-082.
- 0.12% U3O8 over 28.82 metres including 0.23% U3O8 over 10.00 metres in drill
hole M07-084.
- 0.09% U3O8 over 46.77 metres including 0.12% U3O8 over 27.15 metres in drill
hole M07-087.
"We are extremely pleased with the results from the 2007 drill program at
Michelin, particularly the strong mineralization intersected at depth - some of
the highest grades encountered to date at Michelin," said Ian Cunningham-Dunlop,
Vice President Exploration.
Ongoing drilling from the Eastern Shoot, located 250 metres east of the Main
Zone within the same mineralized horizon, also continued to intersect
encouraging uranium mineralization including:
- 0.12% U3O8 (over 4.0) metres in drill hole M07-081.
A completed long section will be posted on Aurora's website once all assay
results are returned.
Detailed drill results for all but one of the final 2007 Michelin drill results
can be found in the following table.
Summary of Recent Michelin Drill Hole Results
------------------------------------------------------------------------
Hole ID Target From (m) To (m) Length % U3O8
------------------------------------------------------------------------
M07-075A Main Shoot - Deep NSV
------------------------------------------------------------------------
M07-076 Eastern Shoot 293.70 294.70 1.00 0.06
------------------------------------------------------------------------
and 316.13 318.13 2.00 0.04
------------------------------------------------------------------------
and 486.63 488.00 1.37 0.04
------------------------------------------------------------------------
and 491.90 492.90 1.00 0.04
------------------------------------------------------------------------
M07-077 Eastern Shoot 337.00 337.60 0.60 0.17
------------------------------------------------------------------------
and 621.75 622.75 1.00 0.04
------------------------------------------------------------------------
M07-078 Eastern Shoot 245.86 247.06 1.20 0.06
------------------------------------------------------------------------
and 261.37 261.87 0.50 0.04
------------------------------------------------------------------------
and 267.05 268.05 1.00 0.16
------------------------------------------------------------------------
and 455.65 457.21 1.56 0.04
------------------------------------------------------------------------
and 495.70 496.77 1.07 0.03
------------------------------------------------------------------------
M07-079 Main Shoot - Deep 670.08 670.50 0.42 0.03
------------------------------------------------------------------------
M07-080 Main Shoot - Deep NSV
------------------------------------------------------------------------
M07-081 Eastern Shoot 424.00 425.00 1.00 0.04
------------------------------------------------------------------------
and 433.00 434.00 1.00 0.05
------------------------------------------------------------------------
and 469.31 470.31 1.00 0.03
------------------------------------------------------------------------
and 605.10 609.10 4.00 0.12
------------------------------------------------------------------------
incl 607.10 609.10 2.00 0.17
------------------------------------------------------------------------
and 612.60 613.60 1.00 0.03
------------------------------------------------------------------------
M07-082 Main Shoot -
Shallow 94.00 95.00 1.00 0.03
------------------------------------------------------------------------
and 118.47 120.71 2.24 0.05
------------------------------------------------------------------------
and 125.29 126.29 1.00 0.04
------------------------------------------------------------------------
and 130.19 131.79 1.60 0.11
------------------------------------------------------------------------
incl 130.19 130.99 0.80 0.16
------------------------------------------------------------------------
and 140.21 176.03 35.82 0.13
------------------------------------------------------------------------
incl 140.21 142.21 2.00 0.24
------------------------------------------------------------------------
incl 147.21 149.21 2.00 0.24
------------------------------------------------------------------------
incl 150.21 152.21 2.00 0.26
------------------------------------------------------------------------
incl 155.42 157.62 2.20 0.37
------------------------------------------------------------------------
M07-083 Main Shoot - Deep 719.00 730.00 11.00 0.17
------------------------------------------------------------------------
incl 724.00 728.00 4.00 0.26
------------------------------------------------------------------------
and 741.74 742.94 1.20 0.05
------------------------------------------------------------------------
and 745.55 746.63 1.08 0.10
------------------------------------------------------------------------
and 759.88 765.44 5.56 0.40
------------------------------------------------------------------------
incl 761.88 762.80 0.92 0.61
------------------------------------------------------------------------
incl 764.30 765.44 1.14 0.95
------------------------------------------------------------------------
M07-084 Main Shoot -
Shallow 143.02 144.20 1.18 0.04
------------------------------------------------------------------------
and 154.40 183.22 28.82 0.12
------------------------------------------------------------------------
incl 155.40 165.40 10.00 0.23
------------------------------------------------------------------------
and incl 160.40 163.40 3.00 0.39
------------------------------------------------------------------------
incl 168.35 169.15 0.80 0.20
------------------------------------------------------------------------
M07-085 Western Shoot 306.19 306.77 0.58 0.08
------------------------------------------------------------------------
M07-086 Main Shoot -
Shallow Pending
------------------------------------------------------------------------
M07-087 Main Shoot -
Shallow 119.91 121.29 1.38 0.13
------------------------------------------------------------------------
and 126.30 173.07 46.77 0.09
------------------------------------------------------------------------
incl 126.30 152.45 27.15 0.12
------------------------------------------------------------------------
incl 126.30 127.07 0.77 0.17
------------------------------------------------------------------------
incl 135.00 142.09 7.09 0.19
------------------------------------------------------------------------
incl 142.82 146.74 3.92 0.26
------------------------------------------------------------------------
incl 148.45 151.45 3.00 0.18
------------------------------------------------------------------------
and incl 171.04 173.07 2.03 0.23
------------------------------------------------------------------------
Composites calculated using 0.03% U3O8 Cut - Off Grade. The orientation of the
mineralized zones at Michelin is interpreted to be steeply south dipping and
true widths are approximately 80-90% of stated widths.
COMPANY ACTIVITIES
Further results of drill core submitted to Activation Laboratories for analysis
in 2007 are anticipated shortly and an updated resource estimate will be
forthcoming later in the first quarter of 2008.
Currently, Aurora is mobilizing field crews and seven drill rigs to commence a
two-month winter program of infill and geotechnical drilling on both the
Michelin and Jacques Lake deposits.
The Company also plans to submit its Project Description to federal and
provincial authorities in the second quarter of 2008 to initiate the
environmental assessment process for the Michelin Project (which includes the
Michelin and Jacques Lake deposits).
LIQUIDITY
Aurora is not invested in any short term commercial paper or asset-backed
securities. The Company has approximately C$131 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)(i). Aurora is undertaking pre-feasibility studies to move the project
towards development.
Aurora is committed to responsible development with lasting local benefits and
the highest standards of safety, health, and environmental protection.
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.
(i) 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. Further details as to how these resources are
calculated can be obtained by reading The Exploration Activities of Aurora
Energy Resources Inc. on the CMB Uranium Property, Labrador, Canada, During the
Period January 2006 to January 2007 prepared to NI 43-101 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 and potential timing of receipt of permits and
classification of future mineral resources, and potential for future benefits,
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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