 | 
| |
| | Thu Mar 4, 2010
Virginia Energy Releases Final 2009 Uranium Assays from Red-Green Boulder Train and Lorenz Gully Prospect, Otish, Quebec
|
| | News Release: 10-06
Virginia Energy Resources Inc. (TSX.V: VAE) is pleased to announce final 2009 exploration results for its Trident and Lorenz properties in the Otish Mountains of Quebec.
Through recent transactions, Virginia now owns or has an option to earn a 100% interest in more than 102,000 hectares of mineral claims located within and on the margin of the Proterozoic Otish basin, which include several promising bedrock uranium occurrences and drill targets (see updated property map on the Virginia website). The primary exploration model is high-grade sandstone-hosted uranium mineralization similar to the Matoush deposit of Strateco Resources Inc (Indicated Resources of 7.458 million lbs U3O8 and Inferred Resources of 12.777 million lbs U3O8) and the L deposit of Abitex Resources Inc., AREVA Resources Canada and SOQUEM Inc. On March 2, 2010 Abitex released an initial resource estimate for the L deposit of 3.9 million lbs eU3O8 in the Indicated category and 9.26 million pounds eU3O8 in the Inferred category.
Virginia welcomes Abitex's L deposit resource calculation because it demonstrates the potential of Virginia's extensive Peribonka claim package, which completely surrounds Abitex's 15-claim, 780-hectare property. Most importantly, the gabbro dyke-sill complex and fault system hosting the L deposit extend onto Virginia's claims for more than 4 km to the west and 6 km to the northeast but has only had minimal wide-spaced historic drilling. As reported in its October 5, 2009 news release, Virginia re-sampled some of the available historic drill core from the Peribonka property in 2009, confirming the presence of moderate-grade, gabbro-related uranium mineralization in the Lac du Castor area, 5 kilometres to the northeast of the L deposit (see maps on Virginia website).
On Virginia's Trident property in the southern part of the basin, 2009 prospecting of historic anomalies located a very promising sandstone boulder train with highly anomalous uranium and gold values. Named the Red Green prospect due to the striking red (hematite) and green (fuchsite) alteration of the host sandstones, it has a similar geological setting to the Matoush and L deposits.
A total of 22 boulders have been located over a distance of 175 m at Red Green. The boulders are large (up to 2 m in diameter), angular to sub-angular in shape, and comprised of coarse-grained quartz sandstone, arkose and micro-conglomerate. Yellow secondary uranium minerals are associated with the red and green alteration and occur as disseminations in the sandstone. Thirteen grab samples collected from ten radioactive boulders averaged 941 ppm U3O8 within a range of <12 to 3974 ppm U3O8 (see table below). Gold values vary from <5 to 2029 ppb by fire assay. Because of the angularity and size of the boulders and the surficial geology of the area, the Red Green boulder train is interpreted to be close to its bedrock source. Detailed ground magnetic and soil surveys were completed and will assist in the placing of future drill holes.
Red Green Boulder Train Grab Samples
Sample # |
Au
(ppb) |
U3O8
(ppm) |
2533 |
2029 |
94 |
2564 |
123 |
531 |
2565 |
12 |
1521 |
2566 |
52 |
24 |
2567 |
618 |
377 |
2568 |
64 |
3974 |
2613 |
12 |
1651 |
2614 |
695 |
1769 |
2615 |
71 |
625 |
2616 |
170 |
153 |
2617 |
<5 |
<12 |
2618 |
183 |
1356 |
2701 |
<5 |
153 |
At the Lorenz Gully prospect on the northwest margin of the basin, chip and channel sampling results have been received for three areas trenched in 2009. As summarized in the Virginia news release of September 21, 2009, Uranerz Exploration and Mining Ltd., drilled 35 holes on this prospect in 1978 to 1979, and reported numerous mineralized intersections including 0.5 m grading 1.87% U3O8 and 3 m grading 1171 ppm U3O8. The 2009 Virginia prospecting identified a 120-metre-wide by 450-metre-long mineralized zone trending southwesterly from the area of Uranerz drilling. The mineralization occurs in bedrock and angular boulders of greenstone and consists of a stockwork of narrow, radioactive hematitic fractures and carbonate-barite veinlets hosted by massive and schistose greenstone. As previously reported, 18 boulder and bedrock grab samples collected from the Lorenz Gully trend in 2009 yielded an average of 3,926 ppm U3O8.
At the southwest end of the Lorenz Gully trend and close to the western property boundary, the Main Trench exposed an outcrop area of approximately 20 by 15 m. A series of channels 5 to 10 cm wide and 4 to 5 cm deep and 20 m long was cut with a portable rock saw and channel sampled. The channels were cut perpendicular to the primary vein and fracture orientations. Twenty-eight continuous samples varying from 20 cm to 1.5 m in length were collected from five sub parallel channels at this location. Mapping indicates a steeply northwest dipping set of radioactive veins containing a fill of hematite, fluorite, carbonate, and a heavy white mineral tentatively identified as barite or witherite.
Channel sample assays at this location are highly erratic with mostly low to weakly anomalous values and occasional narrow, high values associated with veins and hematitic fractures (see table below). The highest values are 0.19% U3O8 over 35 cm, 0.08% U3O8 over 80 cm, and 7.13% U3O8 over 30 cm. Almost all samples contain anomalous barium (2000 -- 4000 ppm).
Lorenz Gully Main Trench Channel Sample Results
Sample # |
Width
(m) |
U3O8
(ppm) |
U3O8
(%) |
2579 |
0.95 |
<12 |
|
2581 |
1.00 |
12 |
|
2583 |
0.50 |
448 |
0.05 |
2584 |
0.80 |
<12 |
|
2585 |
1.00 |
<12 |
|
2586 |
0.20 |
531 |
0.05 |
2587 |
0.85 |
24 |
|
2588 |
1.00 |
24 |
|
2589 |
0.60 |
248 |
0.02 |
2590 |
1.05 |
24 |
|
2591 |
0.40 |
318 |
0.04 |
2592 |
0.40 |
12 |
|
2593 |
1.15 |
24 |
|
2594 |
1.00 |
460 |
0.05 |
2595 |
0.65 |
24 |
|
2596 |
0.65 |
24 |
|
2597 |
1.35 |
24 |
|
2598 |
0.90 |
12 |
|
2599 |
0.75 |
24 |
|
2926 |
0.70 |
12 |
|
2927 |
1.50 |
24 |
|
2928 |
1.00 |
12 |
|
2929 |
0.70 |
24 |
|
2930 |
0.30 |
83 |
|
2931 |
1.00 |
59 |
|
2932 |
0.90 |
141 |
|
2933 |
0.35 |
1993 |
0.19 |
2934 |
1.15 |
37 |
|
2935 |
0.80 |
29 |
|
2936 |
0.45 |
910 |
0.08 |
2937 |
1.15 |
20 |
|
2938 |
0.90 |
7 |
|
2939 |
0.90 |
11 |
|
2942 |
0.80 |
13 |
|
2943 |
0.80 |
14 |
|
2944 |
0.60 |
47 |
|
2945 |
0.30 |
218 |
|
2946 |
0.30 |
71342 |
7.13 |
2947 |
0.90 |
56 |
|
2948 |
0.80 |
26 |
|
2949 |
0.80 |
823 |
0.08 |
In the Lorenz Gully Central Area, near the historic drill holes and 300 m northeast of the Main Trench, trenching was attempted in an area with numerous highly altered and well-mineralized boulders. Only discontinuous outcrop could be exposed due to the depth of overburden and presence of ferricrete-cemented blocky till. Three non-consecutive 1.0 to 1.1 m channel samples yielded only weak uranium values (8, 31 and 101 ppm U3O8) in association with high barium. The source of the well-mineralized boulders has not been located.
In the North Area, located 800 m north of the Main Trench, a 5 m by 5 m historic trench was cleaned out, exposing greenstone with patchy hematite alteration and northeast trending fractures. Eight semi-continuous chip samples 1.0 m in length yielded anomalous uranium (to 790 ppm U3O8) and gold (to 1394 ppb) along with weakly anomalous silver and barium values.
Lorenz Gully North Area Chip Sample Results
Sample # |
Width
(m) |
Au
(ppb) |
U3O8
(ppm) |
U3O8
(%) |
2525 |
1.0 |
77 |
59 |
|
2551 |
1.0 |
444 |
106 |
|
2552 |
1.0 |
451 |
377 |
0.04 |
2553 |
1.0 |
41 |
118 |
|
2554 |
1.0 |
1394 |
83 |
|
2555 |
1.0 |
226 |
483 |
0.05 |
2556 |
1.0 |
468 |
153 |
|
2557 |
1.0 |
99 |
35 |
|
2558 |
1.0 |
60 |
790 |
0.08 |
When combined with the prospecting results for the adjacent Strategis property, where Virginia has an option to earn a 100% interest (see Virginia news release of October 28, 2009), the Lorenz Gully uranium zone has now been traced over a strike length of 820 m. The zone trends northeasterly and is sub-parallel to the Otish basin unconformity, located 300 to 400 m to the southeast. Most of the historic drill holes are clustered in the Central Area, and only two tested the southern 650 m of the trend. Additional ground surveys and trenching are warranted prior to drilling.
Virginia is now planning an aggressive summer field program on its large Otish property package, to follow-up on the exciting results from 2009.
Virginia also reports that it has dropped the option on the Laparre property, also in the Otish Basin. The property has been returned to Majescor Resources Inc.
Sample Security & Quality Control
A strict program of sample security and quality control has been implemented, including the use of blanks and certified standards. Loring Laboratories Ltd. of Calgary, Alberta and ALS Chemex of Vancouver British Columbia completed all analyses reported here. Rock samples are analyzed for a multi-element suite by ICP-MS following aqua regia digestion. Uranium analyses are completed by ICP-AES following an aqua regia digestion. High-grade uranium samples are re-assayed using XRF and/or titrametric analyses. Gold is determined by 30-gram fire assay with atomic absorption finish.
The technical information in this news release has been reviewed by Michael S. Cathro, P.Geo., Virginia's Vice-President of Exploration and a Qualified Person as defined in National Instrument 43-101.
On Behalf of the Board of Directors
VIRGINIA ENERGY RESOURCES INC.
"Norman Reynolds"
Norman Reynolds, President & CEO
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Click to enlarge
Click to enlarge
Click to enlarge
|
| |
| | You can return to the Top of this page
|
| | |
