Endeavor Explorations announced today after the closing bell that it is making an application for winter drilling permits to start its Phase 1 Uranium Exploration program. The first phase will consist of up to 9 holes or approximately 600 meters covering a surface area of approximately 103 hectares to a planned depth of about 65 metres. The drilling program is intended to expand on and confirm historical near surface drilling programs and uranium results by previous operators during the late 1960’s.
Additionally, the press release stated that the company’s management team is actively seeking equity investment and/or joint venture opportunities with other mining companies to help finance a larger summer drill program as well as further comprehensive geological mapping of Zones A, B and C as recommended in technical report on the Don Lake property commissioned by Endeavor in December of last year.
According to the press release, Zone A has intersected uranium mineralization along one main vein with a known length of 700 ft and that crosses the trend of a northeast-striking lineament. To date, seven trenches and nineteen drill holes have been completed over the zone. Radioactive mineralization in Zone A, the most important of the three zones, is concentrated in one vein system.
It is believed that Zone B is a continuation of Zone A. The host rocks are highly granitized to cataclastites or migmatites. Assays returns varied from 0.02% to 1.17% U3O8/ton (0.016% to 0.14% U/ton). Zone C, on the other hand, occurs along a band of northwest-striking basic rocks. Assays from trenches and drill holes returned from 0.03% to 3.02% U3O8/ton (0.025% to 2.56% U/ton).
In 1966, Matrix Exploration Ltd. acquired the property and conducted geological mapping and radiometric surveys. In 1969, the company drilled 26 diamond drill holes over the three zones. Most of these holes contained radioactive sections, and significant values over mineable widths were intersected. The highest assay obtained was 10.7% U3O8 (9.08% U) from a 1 ft intersection in hole # 23. This hole is about 300 ft away from hole # 1, drilled by Eldorado in 1950, from which a 2 ft section averaging 2% U3O8 (1.7% U) is believed to have been obtained.
About QualityStocks:
QualityStocks’ Small Cap Stock Newsletter is a free service that collects data from hundreds of Small-Cap online Investment Newsletters into one free Daily Newsletter Report.
Sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
The Quality Stocks Daily Stock Report http://video.qualitystocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment