Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX: AXU)
is pleased to announce its 2008 exploration program at its recently
acquired Baker Lake Basin property in Nunavut, Canada.
"We believe the Baker Lake Basin property hosts prospects that
have potential for rapid growth and resource definition," said Mr.
Bruce Dumville, Aurora's President and CEO. "We are impressed with
the 2007 drill results and this year we will focus on delineating
mineralization at the Lucky 7 zone."
The 2008 program is planned to include:
- An initial 1,000 metre drill program designed to test the
Lucky 7 zone and to have the drill equipment on site for an early
start in 2009.
- An airborne magnetic, radiometric and broadband
electromagnetic survey designed to cover the property and aid in
the design of the 2009 exploration program.
- Geological mapping and a ground magnetic survey about known
prospects.
- Introduction to the host community of Baker Lake and
consultations with local community groups.
The geological mapping, ground and airborne geophysical survey,
and drilling are expected to take place in October 2008 and will
provide additional information on known mineralization and valuable
data in identifying other potential drill targets.
The Baker Lake Basin is geologically similar in age and
character to the Athabasca Basin and the proximal Thelon Basin,
which hosts Areva's Kiggavik-Sissons project (148 million pounds
U3O8 at 0.24%(i)). Like the Athabasca and the Thelon basins, the
Baker Lake Basin has unconformity associated mineralization and a
60-kilometre length of the southern boundary of the Baker Lake
sedimentary basin, a favorable setting for high-grade uranium
occurrences. The Baker Lake Basin also contains sediment-hosted and
intrusion-associated, near-surface mineralization. There has been
little work done on most of the showings, but most recently Pacific
Ridge Exploration Ltd. drilled the Lucky 7 Zone and KZ Zone
returning 17.3 metres of 0.30% U3O8 and 11.5 metres of 0.31% U3O8,
respectively. A complete listing of Pacific Ridge's drill results
for 2006 and 2007 can be viewed at:
http://www.aurora-energy.ca/files/PR_06-07_DrillResults.JPG.
The Baker Lake Basin property covers 96,000 hectares (370 sq.
miles) and boasts attractive near-surface uranium mineralization.
Maps of the Baker Lake Basin property and Aurora's exploration
targets can be viewed at:
http://www.aurora-energy.ca/files/AXU_BakerBasinProperty_Oct08.JPG
and
http://www.aurora-energy.ca/files/AXU_BakerBasinExplorationTargets_Oct08.JPG.
"As in Labrador, we are committed to community consultation,"
added Mr. Dumville. "Building good relations with local
stakeholders has always been one of Aurora's core values. As our
exploration activities in Nunavut continue, we look forward to
working with the people of the Baker Lake area to develop a strong,
mutually respectful and beneficial relationship with the
community."
Aurora can earn an initial 51% interest in the Baker Lake Basin
property by spending C$15 million over three years. Another 14%
interest can be earned by completing a pre-feasibility study by the
end of 2013. The terms of the agreement are such that Aurora has
the flexibility to cease exploration activity at any time prior to
spending the minimum threshold amount of C$15 million, without
penalty or further legal or financial obligation. The terms of the
agreement can be found in the Company's September 23, 2008 News
Release, "Aurora Expands Uranium Pipeline to Baker Basin,
Nunavut".
Potential quantity and grade at the Baker Lake Basin property
are conceptual in nature. There has been insufficient exploration
to define a mineral resource and it is uncertain if further
exploration will result in the target being delineated as a mineral
resource.
ABOUT AURORA
Aurora is a uranium exploration and development company active
in the Central Mineral Belt of coastal Labrador - one of the
world's most promising uranium districts - and in Nunavut, Canada,
where it has acquired an interest in the Baker Lake Basin property
through a deal with Pacific Ridge Exploration Ltd.
Aurora recently completed its 2008 summer drill program in
Labrador, which included an infill drill campaign of 13,233 metres
at the Jacques Lake and Michelin deposits. Aurora also completed a
3,171 metre geotechnical, environmental and metallurgical drill
program in August. Engineering studies, environmental baseline
studies and a tailings management options study are continuing.
Aurora has no debt and approximately C$105 million in cash that
is fully liquid and held with a large Canadian commercial bank.
Aurora is committed to responsible development, which includes
community consultation, lasting local benefits and the highest
standards of safety, health, and environmental protection.
(i) Areva's Kiggavik resource estimate has not been
independently verified by Aurora and is based on Areva's December
3, 2007 news release, "Kiggavik Uranium Feasibility Study in
Nunavut to Proceed".
Aurora's strategy, plans or future financial or operating
performance and other statements that express management's
expectations or estimates of future performance are
"forward-looking" statements. The words "believe", "expect",
"will", "anticipate", "contemplate", "budget", "target",
"continue", "may", "intend" and similar expressions identify
forward looking-statements. All statements contained herein, other
than statements of historical fact contained herein, constitute
"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,
future operations, project costs and production, potential for
expansion of resources and potential size of future exploration
programs, grades and widths 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 mineralization and 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 most recent 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.
Contacts: Aurora Energy Resources Inc. Andrea Marshall Manager,
Government and Media Relations (709) 726-2223 Aurora Energy
Resources Inc. Don Falconer VP, Corporate Development (416)
362-5556 Website: www.aurora-energy.ca
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