Red Rock Discovers Second New Zone at Uranium City
08 November 2008 - 5:59AM
Marketwired Canada
Red Rock Energy Inc. (TSX VENTURE:RRK) announced today that results received
from the first four holes drilled to test a new area approximately 1 km south of
Red Rock's recently discovered Fusion Zone and just south of the Crackingstone
River indicate the discovery of a new uranium-bearing zone. Called the River
Zone, Red Rock's drilling on the River Zone fault yielded results consistent
with grades and widths of historic production, including 1.073% (21.46 lbs /ton)
over 2.0 m of core length in hole 08RB2-31 and 0.911% (18.2 lbs/ton) over 1.5 m
of core length in hole 08RB2-29. The newly discovered Fusion Zone and River Zone
both are in close proximity to the bulk of historic resources on Red Rock's
property. These results are the product of a deliberate development plan which
attempts to expand new zones of radioactivity on the periphery of existing
historic resources in order to create better economics in a future production
scenario.
From August 20 to October 12, 2008 Red Rock Energy completed 2,121.2 m in nine
holes (08RB2-28 to 08RB2-36) drilled proximally to the River Zone fault a
productive host for historic mining operations. Core samples from holes 08RB2-28
to 08RB2-36 have been sent to Loring Laboratories Ltd. in Calgary, Alberta for
analysis. Complete results are reported in Table 1 for holes 08RB2-28 to
08RB2-31 and results for the other five holes are expected during the latter
part of November.
Red Rock management continues to be encouraged by the results obtained to date
from 2008 drilling, with positive uranium drill intercepts being present at both
the Fusion Zone, where Red Rock Energy is working on a resource definition
program and now at the River Zone. The intersections found to date on the River
Zone represent possible extensions of former production faults mined as late as
1979.
On October 13 the drill was moved from the River Zone back to the Fusion Zone
which is just east of the former Cinch Lake mine underground workings. Red Rock
plans to continue drilling at the Lake Cinch area until at least early to
mid-December 2008. Red Rock geological staff currently is compiling subsurface
geology and grade data using Gemcom Surpac 3D software as well as other
supplemental data that will be needed to prepare a NI43-101 compliant report
documenting the estimated Inferred Resources at the Fusion Zone. A site visit by
the independent consulting group that will prepare the 43-101 report is being
planned for late November, 2008.
Reg A. Olson, Ph.D., P. Geol., a Qualified Person under NI 43-101 and supervisor
of the 2008 field exploration and drill programs, has reviewed and is in
agreement with the contents of this release.
READER ADVISORY
Statements in this press release may contain forward-looking information
including expectations of future production, operating costs, commodity prices,
administrative costs, commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income taxes,
regulatory changes, and other components of cash flow and earnings. The reader
is cautioned that assumptions used in the preparation of such information may
prove to be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the control of
the company. These risks include, but are not limited to, the risks associated
with the mining industry, commodity prices and exchange rate changes. Industry
related risks could include, but are not limited to, operational risks in
exploration, development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates, health and safety risks and
the uncertainty of estimates and projections of production, costs and expenses.
The reader is cautioned not to place undue reliance on this forward-looking
information.
The reader is further cautioned that the preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make certain judgements and estimates that affect the reported amounts of
assets, liabilities, revenues and expenses. Estimating reserves is also critical
to several accounting estimates and requires judgments and decisions based upon
available geological, geophysical, engineering and economic data. These
estimates may change, having either a negative or positive effect on net
earnings as further information becomes available, and as the economic
environment changes.
Table 1: Highlights from Red Rock Energy Inc. 2008 Drill Campaign for holes
08RB2-28 to 08RB2-31 - Cenex Locale
----------------------------------------------------------------------------
Hole UTM UTM Collar Elevation From
Easting(1) Northing(1) Azimuth, (m asl)(2), (m)
Inclination, EOH (m)
----------------------------------------------------------------------------
08RB2-28 631510 6602639 360 262, 218.00
degrees, 283.80
-60 degrees
----------------------------------------------------------------------------
08RB2-29 631510 6602639 360 262, 261.00
degrees, 314.70
-75 degrees
----------------------------------------------------------------------------
08RB2-29 296.50
----------------------------------------------------------------------------
Including 300.50
08RB2-29
----------------------------------------------------------------------------
08RB2-30 631460 6602650 360 266, 21.50
degrees, 133.30
-50 degrees
----------------------------------------------------------------------------
08RB2-30 42.50
----------------------------------------------------------------------------
08RB2-30 71.00
----------------------------------------------------------------------------
08RB2-30 127.50
----------------------------------------------------------------------------
Including 128.50
08RB2-30
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole To Core Average Intersection Type
(m) Length Grade U3O8
(m) (Pounds
U3O8 / Ton)(3)
----------------------------------------------------------------------------
08RB2-28 219.50 1.50 0.048% Possible extension
(0.96 lbs) of one of River Ore
Zones(4)
----------------------------------------------------------------------------
08RB2-29 262.50 1.50 0.911% Possible extension of
(18.2 lbs) one of River Ore Zones
----------------------------------------------------------------------------
08RB2-29 301.50 5.00 0.067% Possible extension of
(1.34 lbs) one of River Ore Zones
----------------------------------------------------------------------------
Including 301.50 1.00 0.277% Possible extension of
08RB2-29 (5.54 lbs) one of River Ore Zones
----------------------------------------------------------------------------
08RB2-30 22.50 1.00 0.266% Possible uraniferous
(5.32 lbs) cross fracture above
River Ore Zones(5)
----------------------------------------------------------------------------
08RB2-30 44.50 2.00 0.052% Possible uraniferous
(1.04 lbs) cross fracture above
River Ore Zones
----------------------------------------------------------------------------
08RB2-30 71.50 0.50 0.298% Possible uraniferous
5.96 lbs) cross fracture above
River Ore Zones
----------------------------------------------------------------------------
08RB2-30 131.00 3.50 0.051% Possible extension of
(1.02 lbs) one of River Ore Zones
----------------------------------------------------------------------------
Including 130.00 1.50 0.085% Possible extension of
08RB2-30 (1.7 lbs) one of River Ore Zones
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole UTM UTM Collar Elevation From
Easting Northing Azimuth, (m asl), (m)
Inclination, EOH (m)
----------------------------------------------------------------------------
08RB2-31 631460 6602650 360 266, 42.00
degrees, 305.00
-70 degrees
----------------------------------------------------------------------------
08RB2-31 150.50
----------------------------------------------------------------------------
Including 152.00
08RB2-31
----------------------------------------------------------------------------
08RB2-31 200.50
----------------------------------------------------------------------------
Including 200.50
08RB2-31
----------------------------------------------------------------------------
08RB2-31 241.50
----------------------------------------------------------------------------
Including 242.00
08RB2-31
----------------------------------------------------------------------------
08RB2-31 259.50
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole To Core Average Intersection Type
(m) Length Grade U3O8
(m) (Pounds
U3O8 / Ton)
----------------------------------------------------------------------------
08RB2-31 42.50 0.50 0.228% Possible uraniferous
(4.56 lbs) cross fracture above
River Ore Zones
----------------------------------------------------------------------------
08RB2-31 153.00 2.50 0.047% Possible uraniferous
(0.94 lbs) cross fracture above
River Ore Zones
----------------------------------------------------------------------------
Including 153.00 1.00 0.077% Possible uraniferous
08RB2-31 (1.44 lbs) cross fracture above
River Ore Zones
----------------------------------------------------------------------------
08RB2-31 203.00 2.50 0.054% Possible uraniferous
(1.08 lbs) cross fracture above
River Ore Zones
----------------------------------------------------------------------------
Including 201.50 1.00 0.076% Possible uraniferous
08RB2-31 (1.52 lbs) cross fracture above
River Ore Zones
----------------------------------------------------------------------------
08RB2-31 243.50 2.00 1.073% Possible extension of
(21.46 lbs) one of River Ore Zones
----------------------------------------------------------------------------
Including 243.00 1.00 2.131% Possible extension of
08RB2-31 (42.62 lbs) one of River Ore Zones
----------------------------------------------------------------------------
08RB2-31 260.50 1.00 0.081% Possible extension of
(1.62 lbs) one of River Ore Zones
----------------------------------------------------------------------------
(1) Note: UTM Eastings and Northings are given for a datum of NAD83, Zone
12N
(2) Note: Elevation in m asl refers to approximate metres above sea level
(3) Note: Pounds and ton are imperial weight measures, hence 1 short ton
equals 2,000 imperial pounds. In contrast 1 metric tonne equals 2,204
lbs.
(4) Note: Cenex River Ore Zones refers to several subparallel uranium ore
zones that were mined underground at the former Cenex mine
(5) Note: Cross-fracture refers to uranium-bearing structures that exist
in the hangingwall or footwall of the Cenex River Zone Fault and ore
zones structure
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