News
08-06-2009 12:41 Canada
Canadian mining company finds uranium in Guyana
GEORGETOWN (NNN-CNN) -- A Canadian uranium exploration company, in its ongoing exploration programme in Guyana, has said that it found a significant deposit of uranium in the Roraima basin similar to that in Canada's Athabasca Basin.
The company in a release on Friday said the uranium has been found in archived core from several bore holes that were drilled in the Roraima Basin.
President and Chief Executive Officer of U3O8 Dr Richard Spencer, said the company has identified alteration zoning in the Roraima Basin that is characteristic of unconformity-style uranium deposits in the Athabasca Basin.
"This is the first time that these key alteration minerals have been detected in the Roraima and underscore the potential of the basin for uranium. These alteration results augment a diverse data set that we are using to rank our targets so that the most compelling areas can be drill-tested when financial markets improve." Spencer said.
The archived core in which the alteration has been found was drilled by a company exploring for gold in the area in the mid-1990s, and provides a cost-effective means of defining the most prospective parts of U3O8 Corp's wider target areas.
U3O8 Corp. was granted access to over 10,000 metres of this core from 41 bore holes that were archived by the Guyana Geology and Mines Commission.
Some targets lie within a few kilometers of prior drilling from which archived core is available for study. Alteration zoning identified in this core is being used to evaluate these targets. Targets that are not in close proximity to prior drilling are being assessed with field-based ground radiometric surveys and rock-chip sampling to detect alteration and zoning in chemical pathfinder elements.
U3O8 Corp. is a Canadian uranium exploration company based in Toronto, Canada. Currently focused on uranium exploration in the Roraima Basin in Guyana, South America, U3O8 Corp's primary business objective is to explore, develop and acquire uranium projects. The company is well funded with over $7.5 million held solely in cash and Canadian chartered bank-backed Guaranteed Investment Certificates.
U308 Corp. has exclusive uranium exploration rights in an area covering approximately 1.3 million hectares that straddles the edge of the Roraima Basin in Guyana. The company is advancing a two-pronged exploration strategy.
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