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NWT announces 20% increased uranium grades at Niger Uranium's In Gall property; Resource calculation to be completed in June 2008
TORONTO, May 22 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is pleased to provide an upd...
About this update from Captor Capital Corp
[{"type":"text","content":"\n\n\n\nTORONTO, May 22 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is\npleased to provide an update for its shareholders regarding the exploration\nactivities of Niger Uranium Limited, of which NWT is the largest shareholder\nwith a 30.5% ownership position.\n\n\nNiger Uranium reports that a resource calculation is underway for a\n16,400-foot by 2,950-foot (5,000-meter by 900-meter) area at the In Gall\nproperty, which contains a continuous near-surface layer with a mean borehole\ninterval grade of 146 parts per million (ppm) equivalent U(3)O(8) (eU(3)O(8))\nover 3.9 feet (1.2 meters), as detailed in a press release dated May 14, 2008.\nThis grade represents an increase of 20% over previously reported grades, as a\nresult of final calibration of the radiometric probe. Niger Uranium expects\nthe resource calculation to be completed in June. Step-out drilling is planned\nto significantly extend the resource.\n\n\nIn addition, one borehole outside of the defined "resource area" drilled\nthe same layer 3.7 miles (6.0 kilometers) along strike and returned an\nintersection of 15.0 feet (4.6 meters) with a grade of 172 ppm eU(3)O(8),\nusing radiometric probing, illustrating the potential for thicker development\nof the mineralized layer. Similar high-tonnage open-pittable surface deposit\nprojects within Africa typically have cut-off grades of between 40 and 80 ppm\nU(3)O(8).\n\n\nDrilling to date has only tested approximately 20% of the historically\ndelineated mineralized area. The mineralization remains open and historical\nmaps indicate that it could extend up to 9.3 miles (15.0 kilometers) to the\nwest. Niger Uranium reported that it will commence extension drilling in June\nto significantly expand the resource area.\n\n\nFor further information on Niger Uranium's 2008 exploration program and\ncomplete details of the borehole intersections, please visit the company's web\nsite at www.niger-uranium.com, where the complete press release from May 14,\n2008 can be viewed.\n\n\nNWT contributed the Irhazer and In Gall properties to Niger Uranium, as\ndetailed in a press release dated July 26, 2007.\n\n\nNWT owns 30.5% of Niger Uranium following Niger Uranium's acquisition of\na significant interest in private South American uranium explorer, UrAmerica\nplc. On closing of the transaction, NWT acquired a stake in UrAme...