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Message: Completes Airborne Geophysical Surveys to Detail Uranium Target Areas
| May 12, 2009 |
| ESO Completes Airborne Geophysical Surveys to Detail Uranium Target Areas in the East Athabasca Basin, Saskatchewan |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2009) - ESO Uranium Corp. (TSX VENTURE:ESO)(FRANKFURT:E2G) (the "Company" or "ESO") has completed a focussed airborne geophysical survey that covered targets selected from earlier airborne and ground surveys on its 100% owned East Athabasca claims. The ZTEM Tipper electrical field measurement system of Geotech Ltd. was applied to cover approximately 1000 line kilometers over 5 target areas. The system is expected to define deeper resistivity anomalies that can reflect the large alteration plumes that are associated with high grade unconformity uranium deposits such as the newly expanded high grade deposit in the Roughrider Zone discovery of Hathor Exploration Ltd. The spot price of uranium (U3O8) has risen for three consecutive sessions, recently reaching $46/lb. The uranium markets appear to be firming again and Cameco has reported making purchases on the spot market to take advantage of the current anomaly of the higher pricing for long term contracts which have been reported to be in the range of $70-$75/lb. In order to take advantage of this developing market situation, the Company is planning a summer field programme for the Carswell Dome properties of ESO in the West Athabasca basin adjacent to the Cluff Lake Mine (former producer of approximately 65 million pounds of uranium from several shallow deposits exploited mainly by open pit mines). The average grade of the Cluff Lake deposits was about 0.73% (14.6 lbs per s.ton) U3O8, with significant gold byproduct. Earlier work by ESO in this area included diamond drilling that resulted in several intersections of uranium mineralization at relatively shallow depths. Drilling was carried out by ESO in 2006 on the Gorilla Lake zone where work in 1981 Amok had returned drill core values in their CAR 425 drill hole of 0.85% U3O8 (17 lbs/s.ton) over 2.5 meters of core length. The ESO holes encountered extensions to the known mineralization with two holes reporting as: CLU #01 with 0.46% U3O8 (9.2 lbs/s.ton) over 1.5 meters from 174.0 to 175.5 meters drill interval. CLU # 07 had two mineralized intervals. The upper interval from 153 meters to 160 meters (7 meters of drill interval) returned 0.17% U3O8 (3.4 lbs/s.ton), including 0.82% U3O8 (16.4 lbs/s.ton) over 1 meter. The lower interval assayed at 0.2% U3O8 (4 lbs/s.ton) over 2.0 meters from 175.0 meters to 177.0 meters. It should be noted that the measured intervals quoted above are not necessarily equivalent to true widths as the attitudes of the mineralization are not yet known. |
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