Cue Resources Ltd. Starts Drilling at New Uranium Zone, San Miguel, Yuty Uranium Project
March 03 2011 - 9:00AM
Marketwired
Cue Resources Ltd. (TSX VENTURE: CUE) -
Highlights;
-- 3500 metres,
-- Shallow formation less than 40 m
-- Current Strike length of 1.1 km
-- Historical mineralized intercepts of up to 0.5m% eU3O8
Cue Resources Ltd. (the "Company") has started drilling on the
San Miguel zone located on the Company's 100% owned Yuty uranium
project in south-eastern Paraguay. One rotary drill and one diamond
drill are currently operating at San Miguel and a second rotary
drill will be mobilized from the San Antonio zone after a short
term project has been completed. This first 3500 metres of drilling
is expected to be finished by the middle of April.
Initial drilling will consist of approximately 1500m over a
strike length of 1.1km, testing a WSW-ENE trending anomaly
partially defined by Anschutz drilling. Additional drilling will
continue further to the east and west in previously untested areas.
(approximately 2000m). Sixty-four historic holes have been drilled
previously with three holes of significant interest in the
0.10-0.50m% eU3O8 range.
"The regional reduction-oxidation (Redox) front extends from the
San Antonio zone, where Cue has partially defined an initial
resource, to the north for about 30 kms. through all four zones of
the Yuty Project," stated Robert Tyson, President and CEO.
"Beginning the systematic exploration of San Miguel is the next
step to determining the resource potential of the Yuty Project as a
whole and confirming our beliefs that Yuty should be recognized as
a uranium district."
Mineralization occurs within a sandstone unit (San Miguel
Formation) up to 16m thick and is associated with a Redox front
similar to the resource delineated at San Antonio. It is believed
to be the same regional front with the two prospects 15km apart.
The geological sequence is very similar between the two although
mineralization at San Miguel, at less than 40m, is much shallower
compared with an average of 100m at San Antonio.
The current exploration program is being directed by the
Company's Senior Geologist, Martin Hills. Mr. Hills' recent uranium
exploration experience includes the past 4 years working in several
African countries as a group geologist for Brinkly Mining PLC and
Country Manager for Indo Energy Limited.
San Miguel
San Miguel is located NE of San Antonio along the Redox front
which hosts the uranium mineralization at San Antonio, San Miguel,
Yarati-y, and Typychaty. All four of these zones show high-priority
target areas and all have historical drilling which has intersected
anomalous or better uranium mineralization. Each zone is similar in
area to San Antonio. The Redox front appears to define a nearly
continuous zone of potentially significant mineralization.
To view Figure 1 - Four uranium zones at the Yuty Uranium
Project, Paraguay, please click here:
http://media3.marketwire.com/docs/cue32.pdf.
San Antonio Deposit
The San Antonio Deposit consists of a current NI 43-101
compliant resource, Indicated, 9.0M tonnes @ 0.042% eU3O8
containing 8.3M lbs eU3O8 and an Inferred Resource of 1.1M tonnes @
0.050% eU3O8 containing 1.2M lbs eU3O8. Column leach tests have
demonstrated recovery of up to 86% of the contained uranium from
cores taken from San Antonio. In addition, laboratory testing on
drill cores has shown permeability and porosity values within the
range of existing commercial ISR operations.
About Cue Resources
Cue Resources Ltd. is focused on developing the Yuty Uranium
District in south-eastern Paraguay. For detailed information,
please see the Cue web site at http://www.cue-resources.com.
Chris M. Healey, P.Geo, a director of Cue, is the Qualified
Person responsible for the technical content of this release.
On behalf of the Board of Directors
Robert S. Tyson, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Nicola Street Capital Inc. Mark Prosser Investor
Relations 604-569-0056 mark@ns-cap.com
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