Aurora's Final 2008 Infill Drill Results Advance Resource Conversion at Michelin
October 24 2008 - 4:22PM
Marketwired Canada
Aurora Energy Resources Inc. ("the Company" or "Aurora") (TSX:AXU) is pleased to
announce that it has received the final results from its 2008 summer infill
drill program, as well as results from two drill holes designed to obtain
geotechnical information from the Company's Michelin deposit ("Michelin") in
coastal Labrador.
"The final results from the infill campaign further confirm the continuity of
the Michelin deposit throughout the high-grade, underground-minable portion of
the deposit," said Mr. Bruce Dumville, President and CEO of Aurora. "These
results are vital for converting resources from the inferred to the indicated
and measured 43-101 category and will be used to advance the Michelin Project to
the pre-feasibility stage."
New highlights include:
- 0.17% U3O8 over 34.98 metres in hole M08-106A
- 0.13% U3O8 over 39.08 metres in hole M1
- 0.15% U3O8 over 26.33 metres in hole M08-121
- 0.14% U3O8 over 21.70 metres in hole M08-122A
- 0.13% U3O8 over 31.00 metres in hole M08-119
A total of 7,028.5 metres in seventeen holes has been completed as part of the
2008 Michelin Summer Infill Drill Program initiated in mid-May. The five
remaining drill results are listed in the table below. In addition, two holes
(M1 and M6) were assayed as part of the 2008 Geotechnical Drill Program,
designed to test geotechnical rock properties for use in mine design. Hole M1
supplemented the infill drill campaign and hole M6 added to the confirmation of
historical Brinex(i) drill hole assay data. Both of these drill results are
included in the table below. (Other 2008 Michelin Summer Infill Drill Program
results can be found in the August 5, 2008 news release, "Aurora's Michelin
Infill Drill Program Progresses Resource Conversion").
----------------------------------------------------------------
Hole ID From (m) To (m) Length (m) % U3O8
----------------------------------------------------------------
M08-106A 611.10 646.08 34.98 0.17
----------------------------------------------------------------
M08-117 819.65 820.65 1.00 0.11
----------------------------------------------------------------
834.00 835.00 1.00 0.13
----------------------------------------------------------------
840.00 841.00 1.00 0.06
----------------------------------------------------------------
M08-119 586.50 617.50 31.00 0.13
----------------------------------------------------------------
incl 586.50 600.00 13.50 0.19
----------------------------------------------------------------
M08-121 709.79 736.12 26.33 0.15
----------------------------------------------------------------
incl 715.72 721.60 5.88 0.34
----------------------------------------------------------------
M08-122A 620.00 641.70 21.70 0.14
----------------------------------------------------------------
incl 627.00 633.22 6.22 0.34
----------------------------------------------------------------
M1 361.50 400.58 39.08 0.13
----------------------------------------------------------------
M6 16.90 21.90 5.00 0.24
----------------------------------------------------------------
The orientation of the mineralized zones is interpreted to be
moderately to steeply southeast dipping and true widths are
approximately 80% of stated widths. Holes M08-116, M08-118 and
M08-120 were abandoned.
For an updated long section of the Michelin deposit, please use the following
link: http://www.aurora-energy.ca/files/MichelinLS_Oct08.jpg.
Planning for Aurora's 2009 work program for Labrador and Nunavut is currently
underway.
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 has 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 2,908 metre geotechnical, environmental and
metallurgical drill program in August. Engineering studies, environmental
baseline studies and a tailings management options study are continuing, along
with community consultations and the selection of members for the Michelin
Project Community Panel (see October 15, 2008 news release, "Aurora to Hold
Public Information Meetings in Labrador on the Mining Process and the Michelin
Project" and October 20, 2008 news release, "Aurora Introduces Michelin Project
Community Panel Members").
The Company also recently began an exploration program at Baker Lake Basin and
expects to conduct geological mapping, ground and airborne geophysical surveys,
and 1,000 metres of drilling in October 2008.
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) British Newfoundland Exploration Limited (Brinex) conducted exploration
activities at Michelin deposit in the 1960s and 1970s.
Assay results have been prepared under the guidance of Cameron McLean, P.Geo.,
Exploration Manager, CMB Project for Aurora Energy Resources Inc., who is
designated as a Qualified and has verified 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.
Further details of the geology, mineral occurrences and the nature of the
mineralization can be obtained by reading the NI 43-101 compliant technical
report entitled, The Exploration Activities of Aurora Energy Resources Inc. on
the CMB Uranium Property, Labrador, Canada, During the Period January 1, 2007 to
December 31, 2007 dated April 7, 2008 and amended August 28, 2008, which 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, future operations, project costs and production, 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 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.
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