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| | Wed Jul 7, 2010
Virginia Launches Aggressive Uranium Exploration Program in Quebec and Saskatchewan
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| | NR: 10-18
Virginia Energy Resources Inc. (TSX.V: VAE) has mobilized field crews to begin aggressive exploration programs on its 100% owned uranium properties in Quebec and Saskatchewan. The Company will invest approximately $1 million in exploration work on its various projects in 2010.
In Quebec, Virginia will continue to refine uranium drill targets on its large property within and on the margins of the Proterozoic Otish Basin. Prospecting, soil sampling, geological mapping and excavator trenching will be completed at several targets, including Lorenz Gully, Red Green, Lac du Castor, Lac Tion and along the extensions of the L-Zone structure.
On the north margin of the basin, Virginia will explore its Lorenz Gully uranium prospect with excavator trenching, channel sampling, geological mapping, soil sampling and prospecting. Excellent results were obtained from this target in late 2009 and in early 2010 the Company consolidated 100% ownership through transactions with Xemplar Energy Inc. and Big Red Diamond Corp. Virginia has now delineated numerous occurrences of basement-hosted uranium mineralization in bedrock over an area of approximately 850 metres by 100 metres. The mineralized zone is aligned along a prominent magnetic break interpreted to be a major geological contact or fault, which is sub-parallel to, and 300 m laterally from the Otish basin unconformity. Mineralization is hosted in hematite-barite-sulphide veins and shears with values up to 1.5% U3O8 in grab samples and 7.13% U3O8 across 0.3 m in channel samples. Previous drilling by Uranerz in 1978-79 focused on the northern portion of this trend and yielded numerous mineralized intersections including 0.5 m grading 1.87% U3O8 and 3 m grading 0.117 % U3O8. (see Virginia News Releases of September 21, 2009, January 15, 2010 and March 4 and 5, 2010).
To the northwest, the Company will also conduct a limited prospecting program for gold and base metals on the Lorenz and Otish West properties. Virginia's property includes 12 km of prospective greenstone stratigraphy along strike and adjoining the past-producing Eastmain gold-copper-silver mine property. Eastmain Resources Inc. recently announced that it has begun a $3-million, 11,500 metre drill program to follow-up historic drill results. Excavator trenching by Virginia at the Chateau Fort prospect in 2008, approximately 7 km southeast of the mine, encountered anomalous base-metal values in a 21-metre-wide zone of pyritic chert and ferricrete hosted by basaltic volcanics. An historic grab sample in this area is reported to have assayed 3.3 g/t Au according to Quebec government databases.
At the Red Green prospect on the Trident property within the Basin, the company will conduct prospecting, geological mapping and follow-up excavator trenching to locate the source of a field of 22 angular, mineralized sandstone boulders up to 2 m in diameter. Thirteen grab samples were taken here in 2009, averaging 0.094% U3O8 and up to 2 g/t Au.
The company will also conduct prospecting and geochemical sampling programs on several of its properties in the Athabasca basin of Saskatchewan.
The technical information contained in this press release is reported and verified by Michael S. Cathro, P.Geo., Virginia's vice-president of exploration and a qualified person as defined by 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.
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