Aurora Announces Results of 2008 Baker Lake Basin Exploration Program
March 02 2009 - 9:19AM
Marketwired
Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX: AXU)
is pleased to announce the results of its fall 2008 exploration
program at its Baker Lake Basin property in Nunavut, Canada.
"Our efforts in the 2008 exploration program were rewarded with
encouraging results," said Mr. Bruce Dumville, Aurora's President
and CEO. "We believe we have collected valuable information that
puts us on a promising road to a new discovery, with indications of
continuity of mineralization in existing mineralized zones."
The 2008 program included an initial 603 metre, two-hole drill
program designed to further test the Lucky 7 zone - an
intrusion-related mineralized zone initially discovered in 2006 by
Pacific Ridge Exploration Ltd. where the drill results included one
drill hole containing 17.3 metres of 0.30% U3O8. A complete listing
of drill results for 2006 and 2007 can be viewed at:
http://www.aurora-energy.ca/files/PR_06-07_DrillResults.JPG.
Results of Aurora's 2008 drill program are shown in the table below.
-------------------------------------------------------
Hole ID From (m) To (m) Length %U3O8
-------------------------------------------------------
L7-08-11 144.00 146.00 2.00 0.13
and 216.00 218.00 2.00 0.08
-------------------------------------------------------
L7-08-12 274.00 278.50 4.50 0.22
-------------------------------------------------------
In addition to the drilling, a 7001 kilometre, 150 metre spaced,
airborne magnetic, radiometric and broadband electromagnetic survey
was completed in October, designed to cover the property and aid in
the design of the 2009 exploration program. Similarly, a 435
kilometre ground magnetic survey, with 50 metre spacing, was
completed around the known Lucky 7, Niner and 7-1 zones. "The
interpretation of these results indicates that mineralized
structures are continuous over kilometres and there is significant
potential to host unconformity style mineralization," said Mr.
Dumville.
Geological mapping about mineralized zones and a comprehensive
geochemical sampling program of the areas about mineralization were
also completed in 2008 in an effort to better characterize the
alteration system associated with mineralization, aiding in
planning for the 2009 season.
"As part of Aurora's commitment to community consultation,
meetings were held with numerous government and local interest
groups in the Baker Lake area to explain our work plans and to
answer questions," added Mr. Dumville.
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% based on Areva's December 3, 2007 news release,
"Kiggavik Uranium Feasibility Study in Nunavut to Proceed"(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. A complete listing of 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.
Further information on the Baker Lake Basin property can be found
on Aurora's website.
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 the Baker Lake
Basin of Nunavut, Canada.
Aurora has no debt and approximately C$96 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.
Assay results have been prepared under the guidance of Cam
McLean, P.Geo., Exploration Manager 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.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements". Such forward-looking statements, include but are not
limited to, those with respect to the timing and amount of
estimated future resources and resource conversion rates, potential
for expansion of resources, estimates of potential mineralization
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, and estimates of mineralization,
uncertainty in the estimation of mineral resources, changes in
project parametres 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 http://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 Affairs (416) 362-5556
Website: www.aurora-energy.ca
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