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| |  Virginia Energy Resources Inc. has a major exploration focus on the emerging Proterozoic Otish Basin located 350 km north of Chibougamau in central Quebec. The Virginia properties have uranium prospects similar to the nearby high-grade Matoush deposit of Strateco Resources Inc. (7.46 million lbs U3O8 Indicated, and 12.78 million lbs U3O8 Inferred), the Seru L zone (or Lavoie) deposit of Abitex/Soquem/Areva (historic resource of 5.9 million lbs at 0.7% e U3O8; new 43-101 due in Dec. '09), the new Epsilon discovery of Abitex (grab samples to 2.15% U3O8 and 17.25 g/T Au; drilling in Feb '10), and Cameco's South Otish (Camie River) project of Cameco (drilled in 2009; previous high-grade intersections). Virginia's holds 100% interest in 9 properties, 102,000 Ha, which include Beaver Lake, Otish West, Strategis, Lorenz, Marc-Andre, Trident, Cigare, Peribonca and Otish East. Virginia's work since 2007 has brought several targets to the drilling stage. Plans are being prepared for a 2010 drilling program to test several of the following targets: Lac du Castor: located on the Peribonka property, 5 km northeast of and on the same structure as the Seru L zone, a historic hole by Seru (predecessor of Areva) encountered 0.162% U3O8 over 5.0 m, including 0.555% U3O8 over 1.0 m. The mineralized zone occurs in a flat-lying sandstone unit beneath a gabbro sill (similar to L zone). The nearest adjacent drill fences are 400 m away along strike in both directions, giving plenty of room to define a zone. L-Zone Extensions: Little drilling has been done along strike to the east and west of the main Seru L zone, which is on a small Abitex claim, completely surrounded by Virginia's Peribonka block (see attached map). The target is sandstone and gabbro-hosted deposits similar to the Seru L zone or Matoush. Lorenz Gully: This zone is located about 300 to 500 m from the unconformity on the northern basin margin. Drilling by Uranerz in 1978-78 cut narrow basement-hosted intersections such as 0.5 m grading 1.87% U3O8 and 3.0 m grading 1171 ppm U3O8. Stripping and prospecting by Virginia in 2009 extended the mineralized trend to an area of more than 900 m by 120 m (about 1/3 is on the newly acquired Strategis property). Grab samples on this trend range from about 0.1 to 1% U3O8. The mineralization occurs on a low ridge with minimal soil and moss cover. Additional stripping and channel sampling is recommended prior to drilling. There is potential here for bulk tonnage stockwork mineralization, high-grade Beaverlodge-type deposits, and high-grade, unconformity-style mineralization. Lac Tion: Two boulder trains contain small gabbro boulders grading up to 5.47% U3O8. A historic Winkie hole by Seru cut 1.5 m grading 0.555% U3O8 in gabbro, beginning at 4.75 m depth. 2009 work has defined new magnetic structures and soil anomalies for drill testing. The target is a high-grade Matoush-type structure. Red-Green: A total of about 20 strongly altered, radioactive boulders up to 2 m in diameter are present on Virginia's Trident property, near the historic "Seru G" prospect (on a small claim controlled by Golden Valley / Lexam). Virginia has not yet released the 2009 sample results from Red Green. Geological similarities to Matoush but no previous drilling, despite the strong mineralization and alteration of the large angular boulders. Marc-Andre: A Matoush-type gabbro dike has been traced for nearly four kilometres. At the Marc-André prospect, overburden stripping has exposed a 10 x 25 metre mineralized area along the faulted contact between gabbro and sandstone. The best 2008 channel sample cut 1.5 metres grading 0.146 % U3O8 and some samples were also anomalous in Au. Limited past drilling has cut weakly mineralized alteration beneath the trench and more drilling is warranted. Access to the Virginia properties is currently by floatplane or helicopter, however, Quebec has announced $130 million project to upgrade the existing Eastmain winter road to all-weather status. Construction could begin as early as mid-2010. This road will provide access for Stornaway's Renard diamond pipes, the Eastmain gold mine, and Strateco's Matoush uranium project, and will pass within a few kilometres of Virginia's claims.  Map of Virginia Energy's Properties in Otish Basin, Quebec Maps and Photos | | | ||||||||||||
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