Highlights:
- South extension drill hole LE20-76 intersected 7.5m of uranium mineralization that averages 38.8% U3O8, including 3.5m of off-scale radioactivity that averages 74.0% U3O8 (Figure 1)
- The most southerly drill hole on section 4460E, LE20-77, intersected 8.0m of uranium mineralization that averages 2.6% U3O8
- The three westernmost sections are open to the south
- Company is well funded with
$11.8M in the treasury
Note: Off-scale radioactivity is >65,536 total gamma counts per second (CPS) from drill core measured with an RS-125 hand-held spectrometer (RS-125).
Summer Drilling Summary
The expanded 24 drill hole summer program was focused on extending the high-grade area on the western side of the Hurricane zone. It was successful, with many of the best intersections at the zone to date being reported. These include:
- 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
LE20-76 Assays (Section 4435E)
Completed to infill a 17m gap in the Southern extension area on section 4435E between drill holes LE20-64 and LE20-62, drill hole LE20-76 intersected two long intervals of uranium mineralization. The first is a 6.5m long interval of weak sandstone hosted uranium mineralization from 312.5 to 319.0m that averages 0.1% U3O8. Beneath this horizon is a 7.5m thick interval of intense uranium mineralization that straddles the sub-
Figure 1 – LE20-76 Core Photo of High-Grade Uranium Mineralization
LE20-77 Assays (Section 4460E)
Drill hole LE20-77 (Figures 2 and 4) was designed to evaluate the potential to extend mineralization south on section 4460E. It intersected 8.0m of uranium mineralization at the sub-
Next Steps
All analytical results from the summer drilling program have now been released. Budgets and plans for 2021 activities at Larocque East are being finalized and will be announced in due course. A winter drilling program is anticipated that will begin after freeze-up in January.
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 | ||
LE20-653 | No significant mineralization | 000/-90 | Sect 4610E | |||||
LE20-663 | 323.0 | 324.0 | 1.0 | >500 | 0.2 | 0.0 | 000/-90 | Sect 4785E |
LE20-673 | 327.5 | 329.5 | 2.0 | >500 | 0.2 | 0.5 | 000/-90 | Sect 4435E |
LE20-683 | 323.0 | 334.0 | 11.0 | >500 | 6.9 | 0.6 | 180/-80 | Sect 4485E |
incl. | 332.0 | 333.5 | 1.5 | >50,000 | 49.3 | 3.1 | ||
LE20-693 | 322.5 | 329.0 | 6.5 | >500 | 0.9 | 0.3 | 000/-90 | Sect 4435E |
incl. | 325.0 | 326.0 | 1.0 | >5,000 | 2.4 | 0.2 | ||
LE20-703 | No significant mineralization | 000/-90 | Sect 4560E | |||||
LE20-713 | 324.0 | 325.0 | 1.0 | >500 | 0.2 | 0.1 | 000/-90 | Sect 4485E |
and | 327.5 | 329.5 | 2.0 | >500 | 2.4 | 2.8 | ||
incl. | 329.0 | 329.5 | 0.5 | >20,000 | 7.8 | 5.3 | ||
LE20-723 | 320.5 | 326.5 | 6.0 | >500 | 6.2 | 0.7 | 000/-90 | Sect 4460E |
incl. | 323.0 | 323.5 | 0.5 | >20,000 | 7.9 | 0.7 | ||
and incl. | 324.5 | 326.0 | 1.5 | >40,000 | 20.7 | 0.7 | ||
LE20-734 | 326.5 | 332.0 | 5.5 | >500 | 0.2 | 1.0 | 000/-90 | Sect 4510E |
LE20-744 | 320.5 | 325.5 | 5.0 | >500 | 0.7 | 0.7 | 000/-90 | Sect 4460E |
incl. | 322.0 | 323.5 | 1.5 | >5,000 | 2.0 | 1.9 | ||
LE20-75A4 | No significant mineralization | 000/-90 | Sect 4510E | |||||
LE20-764 | 312.5 | 319.0 | 6.5 | >500 | 0.1 | 0.1 | 000/-90 | Sect 4435E |
and | 322.5 | 330.0 | 7.5 | >500 | 38.8 | 0.4 | ||
incl. | 324.0 | 327.5 | 3.5 | Off-scale5 | 74.0 | 0.6 | ||
LE20-774 | 322.5 | 330.5 | 8.0 | >500 | 2.6 | 1.4 | 000/-90 | Sect 4460E |
incl. | 324.0 | 326.5 | 2.5 | >5,000 | 2.5 | 0.9 | ||
and incl. | 329.0 | 330.0 | 1.0 | >10,000 | 9.7 | 1.6 | ||
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 |
Figure 2 – Hurricane Zone Drill Hole Location Map
Figure 3 – Vertical Cross-Section 4435E (Drill Hole LE20-76)
Figure 4 – Vertical Cross-Section 4460E (Drill Hole LE20-77)
Figure 5 – Larocque East Property Map
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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