International Enexco Ltd. is pleased to announce that an aggressive exploration drill program will begin starting January 2013, directed by the project operator, Cameco Corporation (TSX:CCO). The proposed budget for the 2013 program will be CDN$6,000,000 with Enexco's portion being CDN$1,800,000.
The primary objective of the proposed exploration program will be to drill test priority geological and geophysical targets along the C conductor trend over the entire length of the property. This will allow for the evaluation for the presence of in situ mineralization, alteration and / or geochemical halos indicative of an economic deposit on the Mann Lake project.
The Mann Lake Uranium Project is located in the heart of what is undisputedly the most prolific and highest grade uranium region in the world, the Athabasca Basin in Saskatchewan. The Project lies 25 km southwest from Cameco's McArthur River Mine and is 20 km northeast from Cameco's Millennium deposit. High-grade basement-hosted uranium mineralization was discovered at Mann Lake during a 2006 drill program. The two highest grade intervals averaged 7.12% U308 over 0.25 m and 5.53% U308 over 0.4 m at depths of just over 500 m.
"This is the largest exploration program ever proposed by the Joint-Venture," commented Arnold Armstrong, President & CEO. "With anomalous radioactivity and boron encountered in almost every previously drilled hole, we are approaching the 2013 program with great expectations."
The 2013 drill program may consist of 28 drill holes with an additional 10 contingency holes, using 3 separate drills totalling approximately 21,000 m (69,000 ft.) of drilling.
By the end of the proposed 2013 drill program, all geological and stacked resistivity and EM targets coincident with the C conductor trend will have been drill evaluated and characterized with potential detailed follow-up of positive results either undertaken or deferred to a future program.
Additional grid refurbishment and geophysical surveying is planned for the northernmost portion of the property.
Enexco is a 30% partner in a joint-venture with Cameco (52.5%) and AREVA (17.5%) to explore the Mann Lake Uranium Project in the Athabasca Basin in Saskatchewan.
Results from the proposed drill program will be published in subsequent press releases as they become available. In addition, Enexco anticipates receiving monthly progress reports and intends to release pertinent information on an as received basis. In the meantime investors are encouraged to discover the potentials of the Mann Lake property by visiting www.enexco.ca or by contacting the Company directly.
Source: http://www.enexco.ca/