Magnum Issues First NI 43-101-Compliant Uranium Resource on a Portion of its San Rafael Project, Utah
26 3월 2008 - 3:04AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: MM) is pleased to
announce that it has completed, and filed with SEDAR, a National
Instrument Policy 43-101 ("NI 43-101") Mineral Resource Technical
Report for the "Down Yonder" deposit portion of its San Rafael
Uranium Property, Emery County, Utah. The Down Yonder is one of a
number of known uranium deposits contained within Magnum's larger
6,000 acre San Rafael Uranium Project area that comprises a JV with
Energy Metals Corp. (a subsidiary of Uranium One Inc.) and which
Magnum has recently earned an 80% interest in (see press release
dated Feb. 12, 2008). The Down Yonder Mineral Resource Report
covers only that portion of the Down Yonder deposit contained in
the State Section 36 Mineral Lease Area, which comprises only about
10% of Magnum's entire San Rafael land holdings, the western part
of which constitutes the core of the historic San Rafael Uranium
Mining District near Green River, Utah. The Down Yonder Mineral
Resource Report estimates an Indicated mineral resource of 729,100
pounds of U3O8 contained in 199,100 tons at an average grade of
0.183% eU3O8 and an additional Inferred mineral resource of
1,071,100 pounds of U3O8 contained in 292,900 tons at an average
grade of 0.185% eU3O8. The following table is a summary of the
Indicated and Inferred resource using a 0.25 GxT cutoff:
--------------------------------------------------------------------------
Average Grade
Category Pounds U3O8 Tons % eU3O8 Pounds/Ton
--------------------------------------------------------------------------
Indicated Resource 729,100 199,100 0.183 3.66
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Inferred Resource 1,071,100 292,900 0.185 3.70
--------------------------------------------------------------------------
1,800,200 492,000 0.184 3.68
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The 43-101 table above provides an Indicated and Inferred
resource estimate of 1,800,200 pounds at an overall average grade
of 0.184% U308, which is within the range of the amount of uranium
contained in seven historic NI 43-101 non-compliant resource
estimates performed by the Atomic Energy Commission, Conoco, Union
Carbide, and Atlas Minerals on the Down Yonder between 1970 and
1981. Furthermore, the average grade of 0.186% U308 of the seven
historic estimates matches almost exactly the average grade
calculated for Magnum's NI 43-101 compliant resource estimate.
The Down Yonder NI 43-101 Mineral Resource Technical Report was
prepared by Laurence E. Pancoast, Prof. Geol. #790, State of Idaho,
who is a Qualified Person under National Instrument Policy 43-101.
Mr. Pancoast's experience spans a period of nearly 30 years, mostly
pertaining to uranium and precious metals exploration and property
evaluation and development. Mr. Pancoast is particularly
experienced in uranium exploration and development, having been
employed by Pan Ocean Oil/Marathon Resources and Cruson and
Pansze.
Methodology and Mineral Resource Estimation
Mineralization on the Down Yonder deposit is typical of
peneconcordant, channel-controlled trend type mineralization hosted
in an upper Salt Wash Member sandstone of the Jurassic Morrison
Formation. The new resource estimate is based on 32 historic
exploration drill holes completed by senior mining companies,
mostly Conoco, on the State Section 36 Mineral Lease Area of the
Down Yonder deposit. Historically, it is estimated that
approximately 160,000 feet of drilling, comprising both RC and
core, mostly by Conoco and spread among 151 holes, was conducted on
the Down Yonder deposit. This drilling consists of 119 holes placed
in the State Section 36 Mineral Lease area, where the resource
exists, and another 32 holes placed in adjacent Section 35, where a
subsidiary and mostly unexplored part of the deposit exists. Magnum
owns this exploration drilling data, which includes drill hole
gamma logs, drill hole location maps, isopach maps, copies of
original computerized printouts of mineralized zones broken out by
0.5-foot intervals, and numerous historical internal company memos
and resource estimate reports. Also in Magnum's possession are
Atlas Minerals in-house memos detailing underground mining costs
and economic scenarios (in 1980 dollars) pertaining to sinking
either a decline or shaft to mine the deposit. Historically, the
San Rafael Uranium District was mined by conventional underground
methods, producing some 4 million pounds of uranium and 5.4 million
pounds of vanadium.
In the Mineral Resource Report, uranium grade is expressed as
weight percent eU3O8, which is defined as a radiometric equivalent
calculated from calibrated natural gamma geophysical logs.
Radiometric equilibrium was assumed based on the history of the
district. For the mineral resource estimates, polygons were
constructed around every hole containing mineralization with a GxT
value of greater than or equal to 0.25. Polygons were constructed
so that their sides were half the distance to the nearest hole.
Resulting individual polygons define the area of influence
surrounding each hole. Mineralization occurring within 100 feet
from the hole collar is considered Indicated, whereas
mineralization between 100 and 150 feet from the hole is considered
Inferred. Thickness and grade of the mineralized intercepts were
assigned to each polygon for determining tonnage, with an assumed
tonnage factor of 133.3 pounds per cubic foot or 15 cubic feet per
ton. Previous estimates performed assumed a denser 14 cubic feet
per ton. Historical drilling was mostly conducted on a 200 foot by
200 foot grid. In-fill drilling will be required to tighten the
hole spacing in order to bring much of the Inferred portion of the
resource into the Indicated category. Based on the above and as
further indicated in the technical report, Mr. Pancoast writes,
"the resource estimate given in this report is considered to be
conservative."
John R. Carden, Ph.D., P. Geo., a Qualified Person as defined by
National Instrument Policy 43-101, is responsible for the technical
information contained in this news release.
ABOUT MAGNUM
Magnum is a Vancouver-based minerals exploration company focused
on the acquisition and development of uranium assets in North
America. Currently, Magnum's primary property holdings are located
in the Western United States, specifically Utah, Wyoming, New
Mexico, and Idaho, and in Canada's Athabasca Basin.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
This new release does not constitute and offer to sell or a
solicitation of any offer to sell any 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.
The TSX Venture Exchange has neither approved or disapproved of
the contents herein.
Contacts: Magnum Uranium Corp. Craig T. Lindsay President &
CEO (604) 683-2505 (604) 683-2506 (FAX) Email:
info@magnumuranium.com Website: www.magnumuranium.com
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