Cue Resources Ltd. Reports NI 43-101 Compliant Resource on a Portion of the San Antonio Uranium Deposit, Yuty Project, Paraguay
14 Maio 2008 - 1:40PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (the "Company") is pleased to
announce that a resource study has been completed on a portion of
the San Antonio uranium deposit of the Yuty Project, Republic of
Paraguay. The study was carried out by Scott Wilson Roscoe Postle
Associates Inc. (Scott Wilson RPA), of Toronto, Ontario. The
resource estimate and classification of the Mineral Resources
conforms to the reporting requirements of National Instrument
43-101.
SUMMARY
- Indicated Resource: 7.8M tonnes @ 0.030 % eU3O8 containing
5.1Mlbs eU3O8
- Inferred Resource: 2.5M tonnes @ 0.040 % eU3O8 containing
2.2Mlbs eU3O8
The estimate was carried out using the GT (grade x thickness)
Contour Method which is the industry standard method for this type
of sandstone hosted uranium deposit. A cut-off grade of 0.02% eU3O8
was used, and a minimum vertical thickness of 1.5 metres. These cut
offs are consistent with common practice for the evaluation of this
style of mineralization.
The estimate of Mineral Resource covers only that portion of the
deposit which has been drilled in sufficient detail to meet the
Indicated and Inferred resource definitions contained in the CIM
guidelines. This includes less than two-thirds of the mineralized
strike length identified by previous drilling. The depth to the
mineralization ranges from 80 metres to 150 metres, and averages
about 100 metres.
THE YUTY PROJECT
Cue has the right to earn a 100% interest in the project; it
currently owns a 30% interest in Transandes Paraguay, S.A. and is
in the process of completing an earn-in for the remaining 70%.
Transandes has a 236,000 hectare exploration permit granting the
exclusive rights to explore for uranium on the Yuty project in
south-east Paraguay.
Between 1976 and 1982, Anschutz Corporation, along with JV
partners KEPCO and Taiwan Power, drilled approximately 280 holes in
the vicinity of the San Antonio deposit. Since July 2007, Cue has
drilled an additional 170 holes. The results of this drilling show
that the core portion of the deposit is considerably wider than had
been previously identified, with more consistent mineralization.
This drilling has enabled Cue to move the project from the
Historical Estimate stage to a compliant resource in both the
Indicated and Inferred categories after only 8 months of drilling.
This is a major step forward for this exciting project.
A program of core testing, reported February 8, 2008, shows that
disequilibrium is not a problem for the deposit. Indeed, at grades
over 0.10% eU3O8, the true grade may be significantly understated
by the use of radiometric grades.
Preliminary leach test work, previously announced on March 27,
2008, indicates that very high recoveries (up to 96.7%) can be
obtained from core samples, using an acid lixiviant. Environmental
baselines studies are underway to position the company for an early
production decision.
Although field work to date has concentrated on the known
mineralization at San Antonio, there are many other high potential
targets on this very large project. Several received limited
drilling by Anschutz, yielding very positive results.
PARAGUAYAN POLITICS
The results of the recent presidential elections in the Republic
of Paraguay are considered by Cue to be extremely positive. The
President-elect, Fernando Lugo is an Independent who is strongly
linked to the centrist Liberal Party. The Liberal Party is fully
committed to maintaining a climate conducive to industrial
development.
RESOURCE ESTIMATE
The resource estimate is summarized below:
Indicated:
Layer tonnes % eU3O8 contained lbs eU3O8
1 7,100,000 0.030 4,750,000
2 660,000 0.022 320,000
--------- ------- -------------------
Total 7,760,000 0.030 5,070,000
Inferred:
Layer tonnes % eU3O8 contained lbs eU3O8
1 2,180,000 0.044 2,080,000
2 300,000 0.020 130,000
--------- ------- -------------------
Total 2,480,000 0.040 2,210,000
This resource estimate is based on downhole radiometric logging
data, and is therefore reported as "eU3O8" or "equivalent U3O8".
The validity of using this type of data has been demonstrated in a
previously announced (February 6, 2008) extensive chemical assay
program. A report, conforming to the reporting requirements of
National Instrument 43-101 will be filed on SEDAR as soon as it is
available, and not later than 45 days from the issuance of this
news release.
FUTURE PLANS
Given this major advance in the project, Cue now intends to
pursue an aggressive work program. Planned work includes additional
metallurgical testing, mineralogy studies, continued baseline
environmental work, and a substantial drilling program. This work
will lead to the initiation of a pre-feasibility study at an early
date.
Chris M. Healey. P.Geo, COO Cue, is the Qualified Person
responsible for the technical content of this release, and Hrayr
Agnerian, P.Geo., is the Qualified Person for the resource
estimate.
CUE RESOURCES LTD.
Chris Healey, Chief Operating Officer
WARNING: The Company relies on litigation protection for
"forward looking" statements. Actual results could differ
materially from those described in the news release as a result of
numerous factors, some of which are outside the control of the
Company. This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
News Release.
Contacts: Cue Resources Ltd. Chris Healey Chief Operating
Officer (604) 921-1810 (604) 921-1898 (FAX)
Cue Resources Ltd. (TSXV:CUE)
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