Cue Resources Ltd. Increases Grade and Resource at Yuty Uranium Project
July 13 2011 - 9:00AM
Marketwired
Cue Resources Ltd. (TSX VENTURE: CUE) -
Highlights:
-- 23% grade increase for Indicated and Measured Resource
-- 7% increase in metal content for Indicated and Measured Resource
-- Inferred Resource increased 86%
Cue Resources Ltd. ("Cue" or the "Company") is pleased to
announce a significant increase to the Mineral Resources at the
Company's Yuty Project (San Antonio Zone) located near Yuty,
Paraguay. Compared to the previous estimate, the grade of the
Measured and Indicated Resource has increased by 23%, and the metal
content in these categories has increase by 7%. As well, the metal
content of the Inferred Resource has almost doubled.
The classification of the Mineral Resource is based on the
spread in confidence around the 90% confidence limit. The current
Mineral Resource estimate includes resources in the categories of
Measured, Indicated and Inferred, as follows:
----------------------------------------------------------------------------
Mineral Percent Percent
Resource Tonnes Grade eU3O8 Increase Increase
11 July 2011 Category (million) eU3O8(%) (million lbs) Grade lbs
---------------------------------------------------------------
Measured 2.054 0.062 2.801
Indicated 5.783 0.048 6.113
Measured +
Indicated 7.837 0.052 8.914 23% 7%
Inferred 2.139 0.047 2.226 -4% 86%
----------------------------------------------------------------------------
Notes
1. Tonnes and element lbs's have been rounded-off to the appropriate level
of accuracy.
2. Resource estimate completed at a 0.02% eU3O8 data and aerial boundary
cut-off.
"We are very pleased to show significant growth in our uranium
resource and average grade at Yuty," commented Robert Tyson,
President and CEO for Cue: "Of equal significance is the discovery
of multiple vertical horizons and other lithographic information
that will help us surgically target our ongoing drilling at San
Antonio. This information, combined with the positive results from
our pump test (April 2011) and grades comparable to some IRS
producers, give us great confidence to continue to advance the San
Antonio zone toward our goal of commercial viability."
The new mineral resource estimate was based on the development
of a three dimensional geological and Resource model. The
geological model was based on a uranium radiometric drill hole
value cut-off of 0.02% (eU3O8) at a minimum thickness of 0.1m. This
facilitated the creation of the mineralized zone aerial extent.
Resource estimation was completed utilizing standard geostatistical
methods applied to a 3-dimensional block model in Datamine™ mining
and exploration modeling software.
The previous estimate (see release dated April 16, 2009) was
completed as a two dimensional estimate utilizing the GT Contour
Method resulting in an estimated Indicated Resource totalling 9.0 M
tonnes at an average grade of 0.042% eU3O8 for a total of 8.3M lbs
contained eU3O8 and an additional Inferred Resource totalling 1.1 M
tonnes at an average grade of 0.050% eU3O8 for a total of 1.2M lbs
contained eU3O8.
The Yuty Uranium Project comprises multiple stacked uranium
mineralized zones. There are 3 main mineralized zones, an upper, an
intermediate and a lower. There are however up to three thinner
intermediate zones that also occur within the main mineralized
zone. The upper mineralized zone occurs throughout the deposit
whereas, the intermediate and lower mineralized zones occur
sporadically throughout the area. The entire mineralized zone with
its intermediate waste reaches a mean thickness of 7.1m. The upper
and lower portions are the thickest mineralized zones. These zones
vary from 0.1m - 15m in thickness with mean thickness values of
2.3m and 1.0m respectively.
The mineralized zones were ordinary kriged in layers
individually by placing the drill hole composites at a common datum
for each respective mineralized zone. The variography is based on
average layered variograms interpreted for each of the 3 geological
domains identified from the ore body morphology.
Reconciliation of the estimate versus actual borehole composites
was completed by means of visual inspection, swath trend analysis
and linear regression of the values. These regressions produced
coefficients of determination (R2) of between 0.94-0.99.
The reported resource conforms to the Standards of Disclosure
for Mineral Properties as stated in National Instrument 43-101. The
estimate was completed by BRS Inc., of Riverton Wyoming in
association with ExplorMine Consultants, South Africa. Doug Beahm
P.E, P.G., president of BRS, is the independent qualified person
responsible for this estimate, and will be the lead author of a
technical report which will be filed on SEDAR within 45 days of the
date of this release.
As with the previously reported Mineral Resource, a minimum
cut-off grade of 0.02% eU3O8, however no minimum thickness was
applied. Studies to date indicate that the deposit may be amenable
to extraction by in situ recovery (ISR) methods.
Cue also announces the resignation of Dorian (Dusty) Nicol from
the Company's Board of Directors effective July 12, 2011. The Board
and management of Cue thank Dusty for his valuable input while
serving the Company.
About Cue Resources
Cue Resources Ltd. is focused on developing the Yuty Uranium
District in south-eastern Paraguay. For detailed information,
please see the Cue web site at http://www.cue-resources.com.
On behalf of the Board of Directors
Robert S. Tyson, President and Chief Executive Officer
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This News Release includes certain "forward-looking
statements". All statements other than statements of historical
fact, included in this release, including, without limitation,
statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Cue, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Cue's expectations are exploration risks detailed
herein and from time to time in the filings made by Cue with
securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Nicola Street Capital Inc. Mike Rodger Partner
604-569-0056 mrodger@nicolastreetcapital.com
www.cue-resources.com
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