Highlights:
- South Extension drill hole LE20-76 intersected 7.5m of uranium mineralization (>500 CPS), including 3.5m of continuous off-scale mineralization (>65,000 CPS) – see Figure 2
- Most southerly drilled hole LE20-77 intersected 8.0m of uranium mineralization (>500 CPS), including 1.0m of mineralization (>10,000 CPS)
- Assays pending for 11 mineralized drill holes, which are anticipated to be released over the next 4 weeks
- Planning is underway for a winter (Jan-Mar) 2021 drilling program
- Company is well funded with
$11.8M in the treasury
Note: Radioactivity is total gamma counts per second (CPS) from drill core measured with an RS-125 hand-held spectrometer (RS-125).
Summer Drilling Summary
The summer drilling program was expanded to 24 holes and focused on extending the high-grade western side of the zone and evaluated additional targets on the eastern side of the zone (Figure 3). Expansion of the high-grade footprint to the south was highly successful with the Company reporting some of the best intersections to date including:
- 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 and 3.9% Ni including 4.0m @ 27.1% U308 and 5.2% Ni
Assay results for 11 of the 24 drill holes have already been released and the remaining assays (11 mineralized drill holes) are expected to be released over the next 4 weeks. The Company anticipates that a winter drilling program will commence in early 2021.
LE20-76 (Section 4435E)
Designed to infill a 17m gap on section 4435E between drill holes LE20-64 and LE20-62, drill hole LE20-76 intersected an upper 6.5m long interval of weak sandstone hosted uranium mineralization (>500 CPS) from 312.5 to 319.0m. It then intersected a lower 7.5m interval of intense uranium mineralization that straddles the sub-
LE20-77 (Section 4460E)
Drill hole LE20-77 is
Other Drill Holes
Drill hole LE20-74 intersected a 5.0m interval of weak uranium mineralization (>500CPS) on section 4460E. The other two drill holes, LE20-73 and 75A, were completed on the south side of section 4510E. LE20-73A intersected 5.5m of weak uranium mineralization (>500CPS), while LE20-75A was not significantly mineralized.
Next Steps
The summer drilling program is now complete. All remaining samples have been shipped to the analytical laboratory in
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
Table 1 – Summer 2020 Drilling Program Results
Hole-ID | From (m) | To (m) | Length (m) | Radioactivity1,2 | Chemical Assays | Orientation | Location | |
(CPS) | U3O8 (%) | Ni (%) | (Azm/Dip) | |||||
LE20-543 | 329.5 | 338.5 | 9.0 | >500 | 12.8 | 3.9 | 180/-79 | Sect 4510E |
incl. | 333.0 | 337.0 | 4.0 | >30,000 | 27.1 | 5.2 | ||
incl. | 334.0 | 334.5 | 0.5 | Off-scale5 | 52.5 | 1.6 | ||
LE20-553 | No significant mineralization | 180/-70 | Sect 4785E | |||||
LE20-563 | 351.0 | 358.5 | 7.5 | >500 | 0.1 | 0.1 | 180/-70 | Sect 4660E |
LE20-573 | 343.8 | 353.8 | 10.0 | >500 | 11.7 | 0.3 | 217/-70 | Sect 4435E |
incl. | 347.3 | 349.8 | 2.5 | >40,000 | 46.0 | 1.0 | ||
incl. | 347.8 | 348.3 | 0.5 | Off-scale5 | 65.9 | 0.7 | ||
LE20-583 | Abandoned before target | 180/-69 | Sect 4785E | |||||
LE20-58C13,6 | 144.0 | 146.5 | 2.5 | >500 | 0.2 | 0.1 | 180/-71 | Sect 4785E |
LE20-594 | 342.0 | 347.0 | 5.0 | >500 | 0.2 | 0.2 | 112/-69 | Sect 4610E |
incl. | 345.0 | 345.5 | 0.5 | >5,000 | 0.9 | 0.2 | ||
LE20-603 | No significant mineralization | 000/-90 | Sect 4660E | |||||
LE20-613 | 313.0 | 322.0 | 9.0 | >500 | 0.3 | 0.0 | 000/-90 | Sect 4660E |
incl. | 321.5 | 322.0 | 0.5 | >10,000 | 1.4 | 0.2 | ||
LE20-623 | 314.0 | 316.5 | 2.5 | >500 | 0.2 | 0.0 | 000/-90 | Sect 4435E |
and | 321.0 | 325.5 | 4.5 | >500 | 6.2 | 0.5 | ||
incl. | 323.0 | 325.5 | 2.5 | >30,000 | 11.1 | 0.3 | ||
incl. | 324.5 | 325.0 | 0.5 | Off-scale5 | 29.0 | 0.3 | ||
LE20-63A3 | No significant mineralization | 180/-85 | Sect 4660E | |||||
LE20-643 | 316.5 | 320.0 | 3.5 | >500 | 0.3 | 0.1 | 000/-90 | Sect 4435E |
and | 324.0 | 329.0 | 5.0 | >500 | 48.8 | 1.1 | ||
incl. | 324.5 | 328.5 | 4.0 | >30,000 | 57.5 | 1.3 | ||
LE20-654 | No significant mineralization | 000/-90 | Sect 4610E | |||||
LE20-664 | 323.0 | 324.0 | 1.0 | >500 | Pending | 000/-90 | Sect 4785E | |
LE20-674 | 327.5 | 329.5 | 2.0 | >500 | Pending | 000/-90 | Sect 4435E | |
LE20-684 | 323.0 | 334.0 | 11.0 | >500 | Pending | 180/-80 | Sect 4485E | |
incl. | 332.0 | 333.5 | 1.5 | >50,000 | ||||
LE20-694 | 322.5 | 329.0 | 6.5 | >500 | Pending | 000/-90 | Sect 4435E | |
incl. | 325.0 | 326.0 | 1.0 | >5,000 | ||||
LE20-704 | 332.5 | 333.0 | 0.5 | >500 | Pending | 000/-90 | Sect 4560E | |
LE20-714 | 324.0 | 325.0 | 1.0 | >500 | Pending | 000/-90 | Sect 4485E | |
and | 327.5 | 329.5 | 2.0 | >500 | ||||
incl. | 329.0 | 329.5 | 0.5 | >20,000 | ||||
LE20-724 | 320.5 | 326.5 | 6.0 | >500 | Pending | 000/-90 | Sect 4460E | |
incl. | 323.0 | 323.5 | 0.5 | >20,000 | ||||
and incl. | 324.5 | 326.0 | 1.5 | >40,000 | ||||
LE20-73 | 326.5 | 332.0 | 5.5 | >500 | Pending | 000/-90 | Sect 4510E | |
LE20-74 | 320.5 | 325.5 | 5.0 | >500 | Pending | 000/-90 | Sect 4460E | |
incl. | 322.0 | 323.5 | 1.5 | >5,000 | ||||
LE20-75A | No significant mineralization | 000/-90 | Sect 4510E | |||||
LE20-76 | 312.5 | 319.0 | 6.5 | >500 | Pending | 000/-90 | Sect 4435E | |
and | 322.5 | 330.0 | 7.5 | >500 | ||||
incl. | 324.0 | 327.5 | 3.5 | Off-scale5 | ||||
LE20-77 | 322.5 | 330.5 | 8.0 | >500 | Pending | 000/-90 | Sect 4460E | |
incl. | 324.0 | 326.5 | 2.5 | >5,000 | ||||
and incl. | 329.0 | 330.0 | 1.0 | >10,000 | ||||
Notes: | 1. | Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer |
2. | Measurements of total gamma on drill core are an indication of uranium content, but may not correlate with chemical assays | |
3. | Radioactivity and chemical assays previously disclosed | |
4. | Radioactivity previously disclosed | |
5. | Off-scale radioactivity is defined as exceeding 65,536 cps, the maximum measurable by an RS-125 spectrometer | |
6. | LE20-58C1 is a wedged off-cut from LE20-58 at 200m |
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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