Azarga Uranium Identifies Additional Uranium Mineralization At Dewey BurdockFebruary 8, 2018 9:00 am
AZARGA URANIUM CORP. (TSX:AZZ) (“Azarga Uranium” or the “Company”) is pleased to announce that the Company has identified additional uranium mineralization at its initial development priority, the Dewey Burdock in-situ recovery (“ISR”) uranium project in South Dakota (the “Dewey Burdock Project”). The Company has identified this mineralization through its continued analysis of historical data owned by the Company (the “Data Set”) and the evaluation of revised ISR cutoff criteria, consistent with other producing ISR projects in nearby Wyoming.
Highlights of the additional uranium mineralization at the Dewey Burdock Project includes:
- 107 mineralized drill holes with 111 intercepts equal to or exceeding a 0.2 grade-thickness (GT) cutoff using a .02% grade cutoff with an average eU308 grade of 0.105% and an average thickness of 5.5 feet
- 26% of the mineralized drill holes exceed a 0.5 GT cutoff
- Falls within the existing Nuclear Regulatory Commission (“NRC”) License boundary for the Dewey Burdock Project
- Contiguous with ISR amenable resources already identified at the Dewey Burdock Project
- Provides further indication that the resource trends head west towards the Company’s Dewey Terrace Project
- Indicates the potential expansion of the Dewey Burdock Project resource to the north and the south within the NRC License boundary
“We are very excited that our analysis of the Data Set and the evaluation of revised ISR cutoff criteria has identified additional uranium mineralization at the Dewey Burdock Project. The newly identified uranium mineralization indicates the potential to increase uranium resources at the Dewey Burdock Project. Further, to this point, the analysis of the Data Set and the revised ISR cutoff criteria has only focused on the Dewey area of the project, which represents approximately 40% of the current resource estimate. As we continue our review of the Data Set, we expect that further uranium mineralization will be identified at the Burdock area of the project. Additionally, the Burdock area of the project contains substantially more historical drilling than the Dewey area,” said John Mays, Chief Operating Officer.
The following table provides a detailed summary of the results for the 107 mineralized drill holes with 111 intercepts that equal or exceed a 0.2 GT cutoff using a .02% grade cutoff:
|Hole ID||Zone||Depth (ft)||Thickness (ft)||GT||Avg. Grade (%)|
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and was reviewed by John Mays, P.E., Chief Operating Officer for the Company and a Qualified Person under NI 43-101.
The Data Set includes historical drilling information that has been reviewed by the Company’s geological team, as well as 91 exploratory drill holes completed by the Company in a previous exploration campaign. The Company’s review of the records and information within the Data Set reasonably substantiate the validity of this information; however, the Company cannot directly verify the accuracy of the historical data, including the procedures used for sample collection and analysis. Therefore, the Company encourages investors not to place undue weight on these results.
The Company’s current resource estimate and preliminary economic assessment dated April 21, 2015, with an effective date of January 29, 2015, for the Dewey Burdock Project use a cutoff grade of 0.05% and GT of 0.5; whereas, the intercepts identified above utilize a cutoff grade of 0.02% eU3O8 and GT of 0.2, which is consistent with other producing ISR projects in nearby Wyoming.
About Azarga Uranium Corp.
Azarga Uranium is an integrated uranium exploration and development company that controls six uranium projects, deposits and prospects in the United States of America (South Dakota, Wyoming and Colorado) and the Kyrgyz Republic. The Dewey Burdock Project, which is the Company’s initial development priority, has received its NRC License and draft Class III and Class V Underground Injection Control (“UIC”) permits from the Environmental Protection Agency (“EPA”) and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.
For more information please visit www.azargauranium.com.
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For further information, please contact:
John Mays, COO
+1 303 790-7528
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to the Company’s continued efforts to obtain all major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, the potential expansion of the Dewey Burdock Project resource to the north and the south within the NRC License boundary, the potential to increase uranium resources at the Dewey Burdock Project and the Company’s expectation that further uranium mineralization will be identified at the Burdock area of the project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: (1) the risk that the Company does not obtain all major regulatory permit approvals necessary for construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, (2) the risk that the Dewey Burdock Project resource is not expanded to the north and the south within the NRC License boundary, (3) the risk that uranium resources at the Dewey Burdock Project are not increased, (4) the risk that further uranium mineralization is not identified at the Burdock area of the project, (5) the risk that such statements may prove to be inaccurate and (6) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the “Risks and Uncertainties” section in the Company’s most recent MD&A filed with Canadian security regulators.
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