Cue Resources Ltd. Files an Updated Technical Report Showing Increased Average Grade and Resource at the Yuty Uranium Project
August 26 2011 - 9:00AM
Marketwired Canada
Cue Resources Ltd. (TSX VENTURE:CUE) -
Highlights:
23% grade increase for Indicated and Measured Resource
7% increase in metal content for Indicated and Measured Resource
Inferred Resource increased 86%
Cue Resources Ltd. ("Cue" or the "Company") has filed on SEDAR a NI43-101
compliant Updated Technical Report showing a significant increase to the Mineral
Resources at the Company's Yuty Project (San Antonio Zone) located near Yuty,
Paraguay. Compared to previous estimates, the grade of the Measured and
Indicated Resource has increased by 23%, and the metal content in these
categories has increased by 7%. As well, the metal content of the Inferred
Resource has almost doubled.
The classification of the Mineral Resource is based on the spread in confidence
around the 90% confidence limit. The current Mineral Resource estimate includes
resources in the categories of Measured, Indicated and Inferred, as follows:
---------------------------------------------------------------------------
Mineral Grade eU3O8 Percent Percent
Resource Tonnes eU3O8 (million Increase Increase
Category (million) (%) lbs) Grade lbs
-------------------------------------------------------------
11 July 2011 Measured 2.054 0.062 2.801
Indicated 5.783 0.048 6.113
Measured +
Indicated 7.837 0.052 8.914 23% 7%
Inferred 2.139 0.047 2.226 -4% 86%
---------------------------------------------------------------------------
Notes
1. Tonnes and element lbs have been rounded-off to the appropriate level of
accuracy.
2. Resource estimate completed at a 0.02% eU3O8 data and aerial boundary
cut-off.
3. The report concludes, based on more than 405 individual samples, that
the mineral deposit is in radiometric equilibrium and the radiometric
equivalent data used in this resource estimate is reliable.
"We are pleased to have the new 43-101 report finalized and available for
shareholders," commented Robert Tyson, President and CEO for Cue. "In addition
to showing the increased resource, the report identifies several new exploration
targets that we intend to drill including newly discovered vertical horizons
that show significant potential to add to the growing resource at San Antonio.
The newly discovered resource potential, the increased average grade and a
successful 'Pump Test' has put Cue on the road toward development and
exploitation of the San Antonio Zone at Yuty."
The new mineral resource estimate was based on the development of a three
dimensional geological and Resource model. The geological model was based on a
uranium radiometric drill hole value cut-off of 0.02% (eU3O8) at a minimum
thickness of 0.1m. This facilitated the creation of the mineralized zone aerial
extent. Resource estimation was completed utilizing standard geostatistical
methods applied to a 3-dimensional block model in Datamine(TM) mining and
exploration modeling software.
The Yuty Uranium Project comprises multiple stacked uranium mineralized zones.
There are 3 main mineralized zones, an upper, an intermediate and a lower. There
are however up to three thinner intermediate zones that also occur within the
main mineralized zone. The upper mineralized zone occurs throughout the deposit
whereas, the intermediate and lower mineralized zones occur sporadically
throughout the area. The entire mineralized zone with its intermediate waste
reaches a mean thickness of 7.1m. The upper and lower portions are the thickest
mineralized zones. These zones vary from 0.1m - 15m in thickness with mean
thickness values of 2.3m and 1.0m respectively.
The reported resource conforms to the Standards of Disclosure for Mineral
Properties as stated in National Instrument 43-101. The new mineral report was
completed by BRS Inc., of Riverton Wyoming in association with ExplorMine
Consultants, South Africa. Doug Beahm, P.E., P.G., president of BRS, is the
independent qualified person responsible for this report. Mr. Beahm was
personally onsite, observed drilling operations, examined core samples and
reviewed lithologic and gamma logging procedures during the period of November
12 through November 15, 2010.
Chris M. Healey, P.Geo., a Director of Cue, is the qualified person responsible
for the technical and scientific content of this release.
As with the previously reported Mineral Resource, a minimum cut-off grade of
0.02% eU3O8, with no minimum thickness was applied. A recently completed "Pump
Test" indicated results within commercially acceptable recoveries indicating
that the deposit may be amenable to extraction by in situ recovery (ISR)
methods.
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 or call 604-568-2080.
On behalf of the Board of Directors
Robert S. Tyson, President and Chief Executive Officer
This news release includes certain "forward-looking statements". All statements
other than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Cue, are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from
Cue's expectations are exploration risks detailed herein and from time to time
in the filings made by Cue with securities regulators.
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