Agoracom: Small Cap Investment - Lexam VG Gold Inc. - Otish Uranium Drill Results Continue to Extend Near Surface Mineralization

Expanding Gold Resources in Timmins

Developing Four Gold Projects

Reply New Message

Back To Forum List View

Clavis

Rank: President [?]

Points: 26378 [?]

Votes: 242 Score: 3.6 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

Otish Uranium Drill Results Continue to Extend Near Surface Mineralization

posted on Jan 26, 2009 04:15AM

January 26, 2009

Lexam: Otish Uranium Drill Results Continue to Extend Near Surface Mineralization

TORONTO, ONTARIO--(Marketwire - Jan. 26, 2009) - LEXAM EXPLORATIONS INC. (TSX VENTURE:LEX)(PINK SHEETS:LEXEF)(FRANKFURT:D2Q) and its partner, Golden Valley Mines (TSX VENTURE:GZZ) announce that their drilling continues to intersect widespread, near surface uranium mineralization at the Otish Uranium Project in north-central Quebec. Core drill results from the North Zone (Takwa) intersected 0.06% U3O8 over 5.3 metres, including 0.1% U3O8 over 1.7 metres starting just 7.8 metres below surface.

The North Zone has quickly expanded from a few historical drill holes to an area now extending 885 metres along strike. The higher-grade South Zone (Riviere Cheno Ouest), where additional assays are pending, is located approximately 2.4 km to the South along the same prospective geologic trend (Figure 1 & 2).

Results below are from the North Zone (Takwa):

------------------------------------------------------------------------
Hole       From     To  Width  U3O8                    Mineralized Zone
Number       (m)    (m)    (m)   (%)           (Unconformity-associated)
------------------------------------------------------------------------
                                      Upper sediment-hosted mineralized
GT-08-19    6.1    6.9    0.9  0.04                            interval
            6.9    7.8    0.9             Fault Zone - No Core Recovery
            7.8   13.1    5.3  0.06
Including  10.2   11.9    1.7  0.13

                                      Upper sediment-hosted mineralized
GT-08-33  15.31  28.29  12.98  0.03                            interval
Including 18.08   23.7    5.6  0.04
------------------------------------------------------------------------

These two drill holes are believed to be significant because:

GT-08-19: This hole intersected a fault zone within the mineralized sequence. In the Athabasca Basin, Saskatchewan, important channelways for solutions responsible for mineralization were extensive fault zones in the basement and permeable sedimentary beds. The deposits are commonly associated with the unconformity where it is intersected by faults, shear zones, or fracture zones.

GT-08-33: This hole intersected the thickest, near surface mineralized section of favourable stratigraphy presently within the North Zone.

Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICPOES) is performed as well on all samples. Where uranium values exceed the upper limit of 1%, samples are re-assayed using X-ray fluorescence (XRF). All reported values in this press release are uncut and composite intervals are reported as length along the core axis.

Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.

About Lexam

Lexam Explorations is a North American based energy exploration company. The company is advancing the Baca Oil & Gas Project located in south-central Colorado, USA, which is 75% owned by Lexam and 25% by ConocoPhillips and has an option to earn 50% interest in Golden Valley Mines' Otish Basin uranium project located in Quebec, Canada.

1 Recommendations

Reply New Message

Back To Forum List View

Please to post a reply