U3O8 Corp (CVE:UWE) announced Wednesday drill results from its Kurupung Batholith project in Guyana, confirming the extent of a second uranium-bearing shoot at the Accori North C strucure. The news sent the uranium explorer’s shares up by more than 10%, to trade at $0.54 on April 20, 2011.
“Accori North C is one of the first consistently mineralized areas emerging in the southwest margin of the batholith, and underscores the growing size potential of the Kurupung uranium system,” said president and CEO Dr. Richard Spencer. “With the confirmation of the width of a second shoot at Accori North C, this structure is scheduled to be one of the mineralized zones in the Kurupung to undergo infill drilling this year.”
Highlights of the results include 28.2 meters at 0.075% U3O8 in hole ACCON-C-021, including 8.1 meters at 0.134% U3O8. The company said the two confirmed shoots in the structure are 130 meters to 150 meters wide, and are separated by a low-grade gap of 75 meters to 100 meters. Mineralization remains open at depth, with potential for additional shoots along the eastern extension of the Accori North C structure.
To date, a total of 24 bore holes, for 5,209 meters, have been drilled at the Accori North C area. CEO Spencer said that resource drilling is currently focused on the Aricheng C structure, designed to increase the company’s current NI 43-101 compliant resources on the Kurupung project to between 20 and 25 million pounds by year-end.
U3O8 Corp. is a uranium discovery company, exploring for future energy resources to meet the growing demand for clean nuclear power.
U308 Corp is a Canadian uranium exploration company focused on the Roraima Basin in Guyana, South America – a geological look-alike to the Athabasca Basin that contains the world’s largest resource of uranium. Our vision is to discover quality uranium deposits in mining-friendly jurisdictions through environmentally-responsible exploration and with respect for local communities.
An aircraft belonging to U308 Corp went missing in Guyana with three personnel on November 01, 2008.
See article for more info. Aircraft on survey mission in Mazaruni area (Region 7) is missing
