Highlights:
- A total of 10,000m of core drilling is planned in 24 holes during the January-March drilling season
- The drilling will have three objectives: Expansion, Infill and Exploration
- The three westernmost sections are open to the south
- Company is well funded with
$11.2M in the treasury
Summary of 2020 Drilling Results
Two drilling campaigns were completed during the year – one in the winter and one in the summer/fall. Both programs had an enormous impact on the Hurricane zone footprint, with the discovery of a large zone of intense mineralization on the western side of Hurricane. Figure 2 compares the western side of the Hurricane zone before and after the 2020 drilling. At the beginning of the year, only two drill holes were present in the 125m along-strike gap between the most western section drilled and the western property boundary. Drilling to fill the gap began with the January-
- LE20-53: 10.5m @ 11.7% U308, including 3.0m @ 40.4% U308
- LE20-52: 7.5m @ 22.7% U308, including 2.5m @ 67.2% U308
- LE20-51: 7.5m @ 14.5% U308, including 3.5m @ 30.9% U308
- LE20-40: 4.0m @ 20.5% U308, including 1.5m @ 53.8% U308
- LE20-34: 8.5m @ 33.9% U308, including 5.0m @ 57.1% U308
- LE20-32A: 8.5m @ 19.6% U308, including 2.5m @ 63.6% U308
At the close of the winter drilling campaign in
- LE20-76: 7.5m @ 38.8% U308, including 3.5m @ 74.0% U308
- LE20-72: 6.0m @ 6.2% U308, including 1.5m @ 20.7% U308
- LE20-68: 11.0m @ 6.9% U308, including 1.5m @ 49.3% U308
- LE20-64: 5.0m @ 48.8% U308 including 4.0m @ 57.5% U308
- LE20-62: 4.5m @ 6.2% U308 including 2.5m @ 11.1% U308
- LE20-57: 10.0m @ 11.7% U308 including 2.5m @ 46.0% U308
- LE20-54: 9.0m @ 12.8% U308 including 4.0m @ 27.1% U308
The three westernmost sections remain open for expansion after the summer/fall drilling program. Thick intersections of uranium mineralization are present in the most southerly holes on each of these sections, including drill hole LE20-77 on the 4460E section, which intersected 8.0m @ 2.6% U3O8.
2021 Winter Plans
A total of 10,000m of core drilling in 24 drill holes is planned for the upcoming winter drilling season in January to March, 2021. There are three main objectives to the program; Expansion, Infill and Exploration. A total of 10 drill holes will be devoted to expanding the footprint of the Hurricane zone (Figure 3). This will include drilling at both the western side of the zone and the eastern side. Five infill drill holes will provide valuable information on the continuity of the higher-grade portions of the zone. Also, a total of nine drill holes have been allocated to exploration of the Larocque conductor trend to the east of previous
The Larocque East Property and the
The 100% owned Larocque East property consists of 31 mineral claims totaling 15,878ha that are not encumbered by any royalties or other interests. Larocque East is immediately adjacent to the north end of
Along with other target areas, the Property covers a 15-kilometre-long northeast extension of the
Qualified Person Statement
The scientific and technical information contained in this news release was prepared by
About
Neither the
This news release shall not constitute an offer to sell or a solicitation of any offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referenced herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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