The Phase I drill program consisted of 26 drill holes averaging 336 feet (112 meters) deep for a total of 9,530 feet (2,904 meters). Radiometric equivalent U308 grade (% e U3O8) values closely match historical data from nearby holes completed by
Table 1. Cebolleta Phase 1 Drilling Program Highlights (GT>1) | ||||||
Twin Hole | Top Depth | Thick | Grade | GT | ||
ft | m | ft | m | (% eU3O8) | (grade x thick) | |
RLB-83 Twin | 231.0 | 70.4 | 18.8 | 5.7 | 0.16 | 3.0 |
LJ-5 Twin | 242.5 | 73.9 | 9.8 | 3.0 | 0.36 | 3.5 |
LJ-25 Twin | 234.1 | 71.5 | 14.4 | 4.3 | 0.20 | 2.9 |
RLB-20 Twin B | 339.4 | 103.5 | 6.7 | 2.0 | 0.27 | 1.8 |
RLB-23 Twin | 338.9 | 103.3 | 13.6 | 4.1 | 0.26 | 3.5 |
RLB-18 Twin A | 334.9 | 102.1 | 10.6 | 3.2 | 0.16 | 1.7 |
RLB-18 Twin B | 339.2 | 103.4 | 9.6 | 2.9 | 0.15 | 1.4 |
A-3 Twin B | 331.6 | 101.1 | 22.8 | 6.9 | 0.17 | 3.9 |
A-12 Twin | 315.3 | 96.1 | 10.4 | 3.2 | 0.22 | 2.3 |
A-8 Twin A | 325.2 | 99.1 | 12.3 | 3.7 | 0.16 | 1.9 |
343.3 | 104.6 | 3.2 | 1.0 | 0.50 | 1.6 | |
A-8 Twin B | 325.4 | 99.2 | 13.9 | 4.2 | 0.11 | 1.5 |
LJ-126 Twin | 361.0 | 110.0 | 2.8 | 0.9 | 0.47 | 1.3 |
LJ-121 Twin | 305.3 | 93.1 | 9.7 | 3.0 | 0.11 | 1.0 |
Figure 1 – Historical Drilling and Confirmation Drilling Locations
Technical Discussion:
The Company completed 26 drill holes averaging 366 feet (112 meters) deep for a total of 9,530 feet (2,904 meters). Century Wireline Services performed downhole geophysical surveys in each hole including natural gamma to determine radiometric equivalent U308 grades (% eU3O8) followed by Self Potential and Resistivity to determine changes in lithology. Core samples through mineralized zones were collected from select holes for further analysis by the Company.
Key elements to compare geophysical results with historical logs are lithology, along with depth and amplitude of uranium mineralization. Consistent with recent news releases, results from the 26-hole program show remarkably good correlation compared to the Company’s historical database (Table 2).
As part of the confirmation program, the Company is also evaluating the radiometric equilibrium of uranium mineralization using chemical assays of core samples to compare with radiometric results. Sohio completed extensive equilibrium studies at the Project and determined there was a consistent trend of chemical assays exceeding radiometric assays1.
With the rapid completion of Phase 1, the Company is on schedule to efficiently complete its three-phase confirmation drilling program designed to test multiple generations of historical data in support of developing a current mineral resource estimate calculation at Cebolleta. In concert with the Company’s on-going drilling programs, the Company has engaged
Cebolleta is an advanced uranium exploration project with a historical uranium Inferred Mineral Resource of 5.6M tons (5.1M tonnes) at an average grade of 0.17% eU3O8 containing 18.98M lbs (8,600 tonnes) U3O8 according to a 2014 NI 43-101 Technical Report commissioned by the previous owner,
Table 2. Cebolleta Project Phase 1 Drilling Results, Aug- | |||||||||||
HISTORICAL RESULTS | PHASE 1 TWIN RESULTS | ||||||||||
Historical Hole | Top Depth | Thick | Grade | Twin Hole | Top Depth | Thick | Grade | ||||
ft | m | ft | m | (% eU3O8) | ft | m | ft | m | (% eU3O8) | ||
RLB-83 Historical | 230.5 | 70.3 | 15.5 | 4.7 | 0.15 | RLB-83 Twin | 231.4 | 70.5 | 16.7 | 5.1 | 0.17 |
251.5 | 76.7 | 10.0 | 3.0 | 0.06 | 253.1 | 77.1 | 7.4 | 2.3 | 0.10 | ||
LJ-5 Historical | 247.0 | 75.3 | 6.0 | 1.8 | 0.41 | LJ-5 Twin | 235.5 | 71.8 | 1.4 | 0.4 | 0.06 |
253.0 | 77.1 | 4.5 | 1.4 | 0.05 | 242.5 | 73.9 | 9.8 | 3.0 | 0.36 | ||
LJ-25 Historical | 231.0 | 70.4 | 1.0 | 0.3 | 0.13 | LJ-25 Twin | 227.5 | 69.3 | 0.9 | 0.3 | 0.06 |
235.5 | 71.8 | 13.0 | 4.0 | 0.19 | 230.3 | 70.2 | 1.2 | 0.4 | 0.10 | ||
234.1 | 71.5 | 14.4 | 4.3 | 0.20 | |||||||
253.0 | 77.3 | 2.1 | 0.5 | 0.07 | |||||||
RLB-20 Historical | 310.0 | 94.5 | 1.0 | 0.3 | 0.15 | RLB-20 Twin A | 351.0 | 107.0 | 2.0 | 0.6 | 0.10 |
343.0 | 104.5 | 6.5 | 2.0 | 0.34 | 354.8 | 108.1 | 2.7 | 0.8 | 0.10 | ||
363.0 | 110.6 | 5.5 | 1.7 | 0.11 | 360.1 | 109.8 | 4.6 | 1.4 | 0.09 | ||
RLB-20 Twin B | 305.5 | 93.1 | 0.8 | 0.2 | 0.05 | ||||||
339.4 | 103.5 | 6.7 | 2.0 | 0.27 | |||||||
358.5 | 109.3 | 2.6 | 0.8 | 0.16 | |||||||
RLB-23 Historical | 339.5 | 103.5 | 13.0 | 4.0 | 0.24 | RLB-23 Twin | 338.9 | 103.3 | 13.6 | 4.1 | 0.26 |
RLB-18 Historical | 334.0 | 101.8 | 13.0 | 4.0 | 0.19 | RLB-18 Twin A | 334.9 | 102.1 | 10.6 | 3.2 | 0.16 |
RLB-18 Twin B | 339.2 | 103.4 | 9.6 | 2.9 | 0.15 | ||||||
RLB-4 Historical | 332.0 | 101.2 | 2.5 | 0.8 | 0.09 | RLB-4 Twin | 332.0 | 101.2 | 1.8 | 0.5 | 0.09 |
346.5 | 105.6 | 1.5 | 0.5 | 0.10 | 347.9 | 106.0 | 1.8 | 0.5 | 0.09 | ||
RLB-1 Historical | 343.0 | 104.5 | 3.5 | 1.1 | 0.30 | RLB-1 Twin A | 334.2 | 101.9 | 2.1 | 0.6 | 0.08 |
356.5 | 108.7 | 2.0 | 0.6 | 0.19 | 344.8 | 105.1 | 3.5 | 1.1 | 0.21 | ||
375.5 | 114.5 | 1.5 | 0.5 | 0.09 | 350.4 | 106.8 | 7.5 | 2.3 | 0.09 | ||
RLB-1 Twin B | 344.4 | 105.0 | 2.5 | 0.8 | 0.14 | ||||||
349.3 | 106.5 | 1.4 | 0.4 | 0.07 | |||||||
357.3 | 108.9 | 1.8 | 0.5 | 0.10 | |||||||
A-3 Historical | 330.0 | 100.6 | 2.5 | 0.8 | 0.06 | A-3 Twin A | 332.6 | 101.4 | 3.8 | 1.2 | 0.15 |
332.5 | 101.3 | 16.0 | 4.9 | 0.24 | 338.0 | 103.0 | 2.2 | 0.7 | 0.05 | ||
353.0 | 107.6 | 4.0 | 1.2 | 0.06 | 351.8 | 107.2 | 5.3 | 1.6 | 0.17 | ||
A-3 Twin B | 332.1 | 101.2 | 10.0 | 3.0 | 0.26 | ||||||
344.1 | 104.9 | 9.7 | 3.0 | 0.12 | |||||||
A-12 Historical | 314.0 | 95.7 | 9.0 | 2.7 | 0.29 | A-12 Twin | 315.3 | 96.1 | 10.4 | 3.2 | 0.22 |
331.0 | 100.9 | 1.5 | 0.5 | 0.13 | 330.4 | 100.7 | 4.4 | 1.3 | 0.20 | ||
341.0 | 103.9 | 4.0 | 1.2 | 0.16 | 342.2 | 104.3 | 4.1 | 1.2 | 0.10 | ||
369.0 | 112.5 | 1.5 | 0.5 | 0.11 | 350.8 | 106.9 | 0.6 | 0.2 | 0.05 | ||
353.6 | 107.8 | 1.8 | 0.5 | 0.08 | |||||||
371.4 | 113.2 | 1.3 | 0.4 | 0.07 | |||||||
A-7 Historical | 323.0 | 98.5 | 1.5 | 0.5 | 0.14 | A-7 Twin | 322.9 | 98.4 | 1.8 | 0.5 | 0.08 |
324.5 | 98.9 | 4.0 | 1.2 | 0.05 | 330.3 | 100.7 | 3.6 | 1.1 | 0.07 | ||
329.0 | 100.3 | 3.5 | 1.1 | 0.14 | 340.7 | 103.8 | 4.4 | 1.3 | 0.14 | ||
336.5 | 102.6 | 3.0 | 0.9 | 0.07 | 346.1 | 105.5 | 2.0 | 0.6 | 0.08 | ||
339.5 | 103.5 | 4.0 | 1.2 | 0.18 | 379.1 | 115.6 | 1.5 | 0.5 | 0.07 | ||
378.0 | 115.2 | 1.5 | 0.5 | 0.10 | |||||||
A-8 Historical | 324.0 | 98.8 | 14.5 | 4.4 | 0.15 | A-8 Twin A | 322.9 | 98.4 | 1.5 | 0.5 | 0.08 |
345.5 | 105.3 | 1.5 | 0.5 | 0.94 | 325.2 | 99.1 | 12.3 | 3.7 | 0.16 | ||
364.5 | 111.1 | 2.0 | 0.6 | 0.10 | 343.3 | 104.6 | 3.2 | 1.0 | 0.50 | ||
363.2 | 110.7 | 1.9 | 0.6 | 0.09 | |||||||
A-8 Twin B | 325.4 | 99.2 | 13.9 | 4.2 | 0.11 | ||||||
351.1 | 107.0 | 1.9 | 0.6 | 0.07 | |||||||
A-27 Historical | 295.5 | 90.1 | 3.0 | 0.9 | 0.06 | A-27 Twin | 298.1 | 90.9 | 8.0 | 2.4 | 0.11 |
298.5 | 91.0 | 5.5 | 1.7 | 0.14 | |||||||
321.0 | 97.8 | 4.5 | 1.4 | 0.05 | |||||||
LJ-126 Historical | 329.5 | 100.4 | 2.0 | 0.6 | 0.06 | LJ-126 Twin | 304.2 | 92.7 | 1.1 | 0.3 | 0.07 |
352.5 | 107.4 | 4.5 | 1.4 | 0.08 | 346.8 | 105.7 | 1.4 | 0.4 | 0.07 | ||
360.0 | 109.7 | 2.0 | 0.6 | 0.64 | 352.3 | 107.4 | 3.2 | 1.0 | 0.07 | ||
361.0 | 110.0 | 2.8 | 0.9 | 0.47 | |||||||
LJ-121 Historical | 311.5 | 94.9 | 2.0 | 0.6 | 0.09 | LJ-121 Twin | 300.9 | 91.7 | 1.6 | 0.5 | 0.06 |
305.3 | 93.1 | 9.7 | 3.0 | 0.11 | |||||||
LJ-124 Historical | 287.5 | 87.6 | 1.0 | 0.3 | 0.18 | LJ-124 Twin | 287.4 | 87.6 | 0.7 | 0.2 | 0.06 |
300.0 | 91.4 | 1.0 | 0.3 | 0.12 | 299.9 | 91.4 | 1.1 | 0.3 | 0.07 | ||
311.5 | 94.9 | 4.5 | 1.4 | 0.08 | 307.1 | 93.6 | 2.6 | 0.8 | 0.07 | ||
330.5 | 100.7 | 6.5 | 2.0 | 0.12 | 312.9 | 95.4 | 6.1 | 1.9 | 0.13 | ||
337.0 | 102.7 | 4.0 | 1.2 | 0.05 | 334.3 | 101.9 | 3.6 | 1.1 | 0.07 | ||
LJ-118 Historical | 270.0 | 82.3 | 2.0 | 0.6 | 0.06 | LJ-118 Twin | 268.9 | 82.0 | 0.9 | 0.3 | 0.06 |
305.5 | 93.1 | 3.0 | 0.9 | 0.16 | 304.9 | 92.9 | 3.6 | 1.1 | 0.19 | ||
332.0 | 101.2 | 2.9 | 0.9 | 0.23 | |||||||
LJ-68 Historical | 270.0 | 82.3 | 2.0 | 0.6 | 0.32 | LJ-68 Twin | 257.4 | 78.5 | 1.4 | 0.4 | 0.06 |
299.5 | 91.3 | 5.5 | 1.7 | 0.07 | 265.2 | 80.8 | 1.4 | 0.4 | 0.07 | ||
334.5 | 102.0 | 1.5 | 0.5 | 0.09 | 269.6 | 82.2 | 0.9 | 0.3 | 0.06 | ||
302.0 | 92.1 | 0.8 | 0.2 | 0.06 | |||||||
324.3 | 98.8 | 1.3 | 0.4 | 0.08 | |||||||
332.9 | 101.5 | 0.8 | 0.2 | 0.06 | |||||||
LJ-111 Historical | 248.0 | 75.6 | 5.0 | 1.5 | 0.10 | LJ-111 Twin | 243.0 | 74.1 | 8.1 | 2.5 | 0.11 |
256.5 | 78.2 | 9.5 | 2.9 | 0.05 | 277.6 | 84.6 | 2.0 | 0.6 | 0.08 | ||
281.5 | 85.8 | 4.5 | 1.4 | 0.13 | 282.3 | 86.0 | 2.0 | 0.6 | 0.06 | ||
301.0 | 91.7 | 1.0 | 0.3 | 0.13 | 309.9 | 94.5 | 1.5 | 0.5 | 0.10 | ||
311.0 | 94.8 | 1.0 | 0.3 | 0.29 | |||||||
LJ-29 Historical | 242.5 | 73.9 | 4.5 | 1.4 | 0.09 | LJ-29 Twin | 236.3 | 72.0 | 1.1 | 0.3 | 0.07 |
276.0 | 84.1 | 7.0 | 2.1 | 0.12 | 245.9 | 75.0 | 2.7 | 0.8 | 0.17 | ||
283.0 | 86.3 | 7.0 | 2.1 | 0.06 | 275.2 | 83.9 | 5.5 | 1.7 | 0.08 | ||
304.5 | 92.8 | 1.0 | 0.3 | 0.14 | 286.8 | 87.4 | 1.7 | 0.5 | 0.07 | ||
LJ-31 Historical | 246.5 | 75.1 | 2.0 | 0.6 | 0.08 | LJ-31 Twin | 264.4 | 80.6 | 0.7 | 0.2 | 0.02 |
263.5 | 80.3 | 2.5 | 0.8 | 0.35 | 270.9 | 82.6 | 19.8 | 6.0 | 0.02 |
QUALIFIED PERSON
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by
ABOUT
On behalf of the Board of Directors,
For further information, contact:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive regulatory and other approvals. 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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
1 NI 43-101 Technical Report on Resources Cebolleta Uranium Project
2 NI 43-101 Technical Report on Resources Cebolleta Uranium Project
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af1ab03e-f8cb-420b-b568-9ce6816909b0
Figure 1
Historical Drilling and Confirmation Drilling Locations
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