Vancouver – Aurora Energy Resources (AXU-T) efforts in coastal Labrador keep paying off with significant uranium intersections all along the companys Central Mineral Belt (CMB) project.
Five new drill holes into the Jacques Lake deposit all hit mineralization, expanding the size of the deposit by 50 metres along strike and more than 150 metres down-plunge. Highlights from the new drilling includes 36.5 metres grading 0.13% U3O8 from 370 metres depth in hole 66, and 0.16% U3O8 over 12 metres from 403 metres downhole in hole 70.
In late August eight drill holes from Jacques Lake expanded and strengthened the grade of the deposit with several long intercepts. Hole 62 intersected 25 metres grading 0.11% U3O8 from 165 metres downhole; hole 61 returned 15 metres of 0.16% U3O8.
Mineralization at Jacques Lake, which lies 30 km northeast of the flagship Michelin deposit, starts at surface and has been traced to a depth of 365 metres. Aurora has outlined a strike length of over 650 metres, and the deposit remains open for expansion to the southwest and at depth.
Based on 2006 drill results, the Jacques Lake deposit hosts 5.4 million lbs. U3O8 in the indicated category and as well as inferred resources of 5 million lbs. U3O8. Aurora expects to release an updated resource estimate for Jacques Lake in January 2008.
Drilling continues at Jacques Lake as part of Auroras CMB program, which includes exploration drilling at the Michelin deposit, the Aurora Corridor, and the Inda Lake trend. Aurora is aiming for 75,000 metres of drilling this year with a budget of $21 million. A winter drilling campaign will follow, focused on in-fill and delineation drilling at Michelin and expansion drilling at Jacques Lake.
In mid-September Aurora announced five new mineralized zones west of Jacques Lake. The new zones, referred to as Aurora West, are thought to be part of the same mineralized structure that hosts Jacques Lake and other drill ready targets including Gayle, Kathi, and Burnt Brook.
The new zones returned robust results from near surface intercept depths range from 20 to 50 metres. The best results came out of hole 2, which assayed 0.48% U3O8 over 0.5 metres and 0.11% U3O8 over 2 metres, and hole 11, which returned 7 metres grading 0.07% U3O8 followed by 1.5 metres of 0.16% U3O8.
The main orebody at CMB is Michelin, which consists of several east-northeast-trending sub-parallel mineralized zones hosted in a quartzo-feldspathic volcanic sequence. Together, Jacques Lake and Michelin host measured and indicated resources at 58 million lbs. U3O8 and inferred resources at 38 million lbs, though Michelin contributes 90% of the resource at present.
The Michelin resource does not currently include 2007 drill results, which include discovery of a new zone. The Eastern Shoot, 250 metres east of the high-grade Main Zone, has been traced over a 200-metre strike length and to a vertical depth of 610 metres from surface. It remains open in all directions.
The Michelin Main Zone has been traced to 800 metres vertical depth, which is more than 200 metres down-plunge from the current resource limits, and the deposit remains open at depth. A pre-feasibility study for Michelin is underway.
Aurora moved up 25 on the news to close at $13.75 on Oct. 2nd trading. The company has a 52-week trading range of $8.14 to $20.09 and has 66.2 million shares issued. Fronteer Development Group (FRG-T, FRG-X), which owns just under half of Aurora, moved up a few cents as well.
Be the first to comment on "Aurora keeps growing Jacques Lake"