International Enexco Ltd. is pleased to announce that the 21,000 metre (69,000 feet) diamond drill program on the Mann Lake uranium project has commenced by the project operator, Cameco Corporation ("Cameco").
Discovery Mining Services Ltd. has now completed the initial set up of the Three Mile Camp which will be the center base of the drilling operations for the exploration program. The camp can accommodate the first 20 people (2 drills). Collaring of the first drill holes on Mann Lake has commenced and full camp operations to accommodate a third drill is anticipated by the end of January 2013.
The budget for the 2013 program is CDN$6,000,000 with Enexco's portion being CDN$1,800,000. On November 29, 2012, Denison Mines Corp. ("Denison") subscribed for 3,600,000 units of the Company (each a "Unit") at a price of $0.50 per Unit for aggregate gross proceeds of $1,800,000 allowing Denison to own 5,400,000 shares of Enexco, which represents approximately 9% of the present issued and outstanding shares. Denison's strategic investment was proportional to Enexco's portion of the 2013 exploration program on the Mann Lake. Furthermore, on December 19, the Company announced that Ron Hochstien, the Chief Executive Officer of Denison Mines Corp. joined Enexco as a member of its Board of Directors.
The primary objective of the 2013 exploration program will be to drill test priority geological and geophysical targets along the C conductor trend over the entire length of the property and the possible expansion of the mineralization discovered during the 2006 - 2007 drill programs in the central part of the C conductor trend. High-grade mineralization was intersected in hole MN-013 during a 2006 drill program. This drill hole intersected 7.12% U3O8 over 0.25m and 5.53% U3O8 over 0.4m in the basement, 12m beneath the Athabasca unconformity surface. The 2013 drill program 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 program in progress will consist of 28 drill holes with an additional 10 contingency holes, using 3 separate drills totalling approximately 21,000 m of drilling. Additional grid refurbishment and geophysical surveying is scheduled to be completed by February 2013.
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.
Source: http://www.enexco.ca/