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El Nino & CanAm - First to Revisit Bancroft Uranium District after 30 Years and Intercept up to 0.31 % (6.2 lbs/Ton) Uranium
El Nino & CanAm - First to Revisit Bancroft Uranium District after 30 Years and Intercept up to 0.31 % (6.2 lbs/Ton) Uranium.
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\n-------------------------------------------------------------------------\n- First round of drilling on Halo confirms historical results by\n intercepting average grade of 0.09 % (1.6 lbs) U308 over 8.9 meters\n (34 feet)\n- Including 0.31 % U3O8 ( 6.2 lb ton over 1.52 meters)\n- Drill program continues on second of seven other known historical\n targets\n- Bancroft is home to four past producing mines between 1956 and 1982\n- Total past production of the camp was over 14 million lbs\n- Uranium price reaches new high of $113 per lb\n- El Nino is the project operator\n- Drilling continues and trenching program to begin for six other\n Projects\n-------------------------------------------------------------------------\n\n\nVANCOUVER, May 2 /CNW/ - El Nino Ventures Inc. ("El Nino") (TSX.V: ELN;\nOTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce that six holes have been\ncompleted to test the Halo property, with assay results reported for the first\nfour. Best results to date have been achieved in DDH H-4, the upper hole on\nthe second or easternmost section drilled. Eight radioactive pegmatite dykes\nwere intersected within an interval of 24 meters. Assays/width ranged from\n0.01% U308 (0.2 lb/ton)/0.11 m to 0.31% U308 (6.2 lb/ton)/1.52 meters. Average\nweighted grade of the dykes was 0.09% U308 (1.8 lb/ton) with a cumulative\nwidth of 8.9 meters. Anomalous amounts of certain heavy rare earth elements\nhave been noted. In Sample 8027 from DDH H-4 18g/t Scandium was reported along\nwith 0.10% U308 (2.0 lb/ton) across an interval of 1.31 meters.\n\n\n2007 Objectives\n\n\nThe objective of the second phase of drilling will be to define 43-101\ncompliant reserves, expand the length and depth of the project and reconfirm\nhistorical values. Reserve estimates in 1957 were 472,000 tons, grading 0.112%\n(2.24 lbs per ton U3O8). No exploration has been done over the last 30 years\ndue to lower uranium prices.\n\n\nSecond Drill Target\n\n\nThe drill is currently being moved to the second target which is the\nAmalgamated Rare Earth Project (ARE). Between 1952 and 1957, diamond drilling\nand underground development identified three zones of uranium mineralization\nin pegmatite, and a shaft was sunk on the Main Zone to 440 feet, with a total\nof 5,871 feet of underground development completed at three levels. In 1957,\nthe r...