WestCan Uranium Corp.: Key Lake Drilling Hits Graphite Conductor and Uranium Mineralization
29 February 2008 - 10:00PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (OTCBB: WCURF)(FRANKFURT: IAR)
("WestCan"; "the Company"), and CanAlaska Uranium Ltd, (TSX
VENTURE: CVV) ("CanAlaska") are pleased to release the preliminary
results for the first drillhole completed on the Key Lake drill
program in 2008, (see NR January 18, 2008). Diamond drill hole Key
005 intercepted a sequence of well foliated to sheared granite
gneisses, pelites, graphitic pelites and brecciated granitoid
rocks, with hematite alteration in the granites and metasediments.
The uranium mineralization intercepted in the hole has been
verified by hand scintillometer and down hole probe measurements.
Radioactivity is associated with pelites, granitoid, and the
contact zone between pelites and hematised brecciated granitoid.
Assay samples have been sent for laboratory analysis, but may not
be available for some time.
Mr. Chris England, President of WestCan Uranium Corp., stated
that "We are extremely pleased with this brand new discovery of
uranium in such a highly prospective area. We intend, in concert
with CanAlaska, to pursue this target aggressively."
The Key Lake Project is located in the southeast of the
Athabasca Basin, Canada. The project is under option to WestCan
Uranium Corp., which is funding $2,000,000 in uranium exploration
to earn a 50% ownership interest.
To view the Location Map please click on the following link:
http://media3.marketwire.com/docs/WCUMAP1.pdf.
In January 2007 the Company drilled three holes in the Key Lake
area, and intercepted strong alteration in core, but only low
uranium assay values. In 2008, drilling commenced on January 23rd.
The drill site is close to the road and the facilities at the Key
Lake mill.
The 2008 drill target was a VTEM conductive anomaly which had
been interpreted to lie at a depth of 250 metres within a
metasedimentary inlier in an Archean Dome immediately south of the
Key Lake Mine, which produced approximately 200,000,000 pounds of
U3O8 between 1981 and 1999. The first attempt to drill the target
was abandoned when the drill rods became stuck. This drillhole
intersected radioactivity from 120 to 123 metres depth down hole,
and again at the point that the hole was lost. Ludlum 1210 model
hand scintillometer readings of 300-350 cps were recorded at 123
metrres and at 176 metres depth. The second drill hole from the
same site, was drilled at a shallower angle, over the first aborted
hole, and successfully drilled into the target zone. Ludlim 1210
model hand scintillometer readings of 1500 cps and 800 cps were
recorded at 339 and 344 metres. Standard procedure is to use a
downhole gamma probe to obtain a radiometric drill log. The zones
of radioactivity noted in the first hole were noted in the second
drillhole, using a Geovista Natural Gamma Scintillometer probe,
(see attached drill section and gamma log).
Drill hole Key 005 intercepted a graphitic conductor with four
mineralized sections down hole, and at the target depth, with
associated uranium mineralization. Drill hole radiometric surveying
has confirmed the observations of uranium mineralization in the
core. The upper zones of radioactivity in the successful drillhole
match zones intercepted in the first aborted hole (Key 004).
To view the 2008 Drill Section map please click on the following
link: http://media3.marketwire.com/docs/WCUMAP2.pdf.
Samples of the drill core have been collected and submitted to
Acme Analytical Laboratories Ltd. in Vancouver. Acme has
implemented a quality system compliant with the International
Standards Organization (ISO) 9001:2000 Model for Quality Assurance
and ISO 17025 - General Requirements for the Competence of Testing
and Calibration Laboratories. The samples were collected by
CanAlaska field geologists under the supervision of Dr Karl
Schimann, and were shipped in secure containment to the
laboratory.
Drill information and radiometric grade estimate. Key Lake holes 004 and
005, January 2008
% eU3O8
Drill Hole Depth Depth Width in from Geovista
Number from to metres probe Zone
Key 004(i) 123 na na 1
175 na na 2
Key 005 124.30 124.50 0.20 0.07% 1
195.70 196.10 0.40 0.12% 2
339.00 340.20 1.20 0.21% 3
including 338.95 339.45 0.50 0.35%
344.05 344.45 0.40 0.11% 4
Chemical results will be released when received, however
preliminary uranium content can be inferred from the radiometric
assay logs. These values are presented in the attached results
table. This table shows calculated equivalent uranium grade for the
four mineralized intersections in Key 005. These uranium values are
only indicative, as the assumption is that all the radioactivity is
due to uranium and that there is no dis-equilibrium. Furthermore,
some of the correction factors (water and steel) remain approximate
for the probe used. The K factor used to interpret the uranium
content was derived from calibration runs of the probe in the SRC
test pits located in Saskatoon, SK., in January 2008, prior to the
commencement of the drill program.
The conductive target is within a magnetic low in the centre of
a reported Archean dome structure. This conductor strikes NE-SW, a
similar direction to the Key Lake mine structure. Historical
records show that five short vertical holes were drilled in this
vicinity in the past. These historical holes were much too short to
reach this target which was defined from the modern VTEM survey
carried out by the Company in 2006. The geophysical modeling of the
data from the 2006 VTEM survey puts the top of this conductor at
about 250 m depth with a shallow SE dip, suggesting a potential
thrust structure.
CanAlaska and WestCan are evaluating further drilling on this
target for later this winter season. In the meanwhile the drill has
been transferred to CanAlaska's nearby Cree property, where it is
currently operating.
Peter Dasler, M.Sc. P. Geo. is the qualified technical person
responsible for this news release.
About WestCan Uranium Corp.
WESTCAN URANIUM CORP (TSX VENTURE: WCU)(OTCBB: WCURF)(FRANKFURT:
IAR) has three properties in the Athabasca Basin region of Northern
Saskatchewan, the Key Lake, the Cree West and the Ryan Lake
projects. The Ryan Lake property is 100% owned by WestCan, with a
2% Yellowcake Royalty being granted to CanAlaska Uranium Ltd. for
arranging the staking on WestCan's behalf. The other two properties
are under an option agreement with CanAlaska, combining cash totals
of $300,000; share issuances of 900,000 common shares of WestCan,
and a work commitment of 5.6 Million dollars over a three year
period.
On behalf of the Board of Directors
Chris England, President and CEO, WestCan Uranium Corp.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and
are subject to change at any time, the Company's actual results may
differ materially from the expected results.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: WestCan Uranium Corp. Chris England President and CEO
(604) 984-0888 Email: info@westcanuranium.com Website:
www.westcanuranium.com
World Copper (TSXV:WCU)
Historical Stock Chart
From Feb 2025 to Mar 2025
World Copper (TSXV:WCU)
Historical Stock Chart
From Mar 2024 to Mar 2025