Nova Uranium (NUC-V) has completed 28 drill holes totalling 2,450 metres for its Phase III drill program at its Mont Laurier project in Quebec, 200 km northwest of Montreal.
Drilling began in January at Mont Laurier, which is 65 km northeast of the town by the same name, and so far the company has results from 15 of the holes. The holes were drilled both vertically and inclined with depths ranging from 48 to 129 metres. Some of the best intersections were from the Zone 1 anomaly, which has a strong circular airborne uranium anomaly about 400 metres in diameter.
Of the six holes drilled in Zone 1, holes 77-80, drilled vertically in the central and south portions of the test area, had better results than holes 75 and 76, drilled at a dip of 45-degrees at the northern limits of the test area.
Hole 78 returned 41.81 metres grading 0.026% U3O8, including 15.96 metres grading 0.035% and 5.32 metres grading 0.081%.
Novas drill program also includes the North Bear zone, which had strong but limited results, and the Tom Dick North and South zones, for which results are not yet complete.
Hole NV07-67 intersected 9.30 meters grading 0.023% U3O8, including 1.46 metres grading 0.059%. Hole NV07-69 intersected 3 metres grading 0.03% U3O8.
When the results came out on March 28, Nova shares jumped from 55 to 94 on the TSX Venture Exchange on a volume of 1.4 million shares. Today they closed at 80, a penny lower than yesterday.
The company has been exploring the 228-sq.-km property since 2004, before it had its initial public offering in October 2005, with the goal of developing a near-surface bulk tonnage uranium deposit. Nova completed its first two drill programs on the Dyke 18 Complex and Anomalies 12 and 13, which included 65 shallow diamond drill holes for at total of 6,700 metres.
The results of the Phase III drill program will be followed up this summer on priority uranium anomalies and will include geological mapping and sampling, surface trenching and detailed geophysical mapping.
Trenching and drilling was done on the property in the 1970s and 1980s, leading to the discovery of 21 uranium showings, but when the uranium price dropped, the project was pushed aside.
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