Red Rock Discovers 1,340,000 lbs U3O8 (Based on a Cut-Off Grade of 0.05%)
01 9월 2009 - 4:06AM
Marketwired Canada
Red Rock Energy Inc. (TSX VENTURE:RRK) ("Red Rock") announced today that it has
received two National Instrument 43-101 ("NI 43-101") compliant technical
reports in respect of its new Fusion Zone property and the East Target Project.
The Fusion Zone report was prepared by Scott Wilson Roscoe Postle Associates
Inc. ("Scott Wilson RPA"), while the East Target Project report, which relates
to property recently acquired from Strategic Resources Inc. (formerly Uranium
City Resources Inc.) ("Strategic"), was prepared by Watts, Griffis and McOuat
Limited. ("WGM"). These technical reports (the "Reports") estimate an inferred
mineral resource in the case of the Scott Wilson RPA report and an inferred
mineral resource in the WGM report. The tables below summarize the estimates
from the respective reports which were completed using accepted methods mandated
by NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum
standards.
TABLE 17-3 MINERAL RESOURCE ESTIMATE Fusion Zone Project - APRIL 21, 2009
INFERRED RESOURCES
Zone Cut-off Tonnes % U3O8 Contained
% U3O8 x 1,000 U3O8 lbs x
1,000
----------------------------------------------------------------------------
MOF-1 0.050 320 0.114 803
MOF-1 0.075 165 0.162 591
MOF-1 0.100 94 0.221 460
MOF-2 0.050 91 0.069 139
MOF-2 0.075 23 0.100 51
MOF-2 0.100 11 0.115 28
Total 0.050 411 0.104 942
Total 0.075 188 0.155 641
Total 0.100 105 0.201 487
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are estimated at a cut-off grade of 0.075% (U)3(O)8
(within) wireframe shells of the MOF-1 and MOF-2 zones.
3. Mineral Resources are estimated using an average long-term uranium price
of (US$70/lb U)3(O)8 (and an exchange rate of US$1.00=C$) 1.20.
4. The Mineral Resources estimate was prepared using Gemcom software. A
block model was developed and grades interpolated using inverse distance
cubed.
5. A density value of 2.67 tonnes/m(3) was used.
6. Figures may not add exactly due to rounding.
TABLE 7.
WGM EAST TARGET INFERRED MINERAL RESOURCES ESTIMATE (using 0.01% U3O8 Cut-
off and 1% U3O8 Composite Top-Cap)
----------------------------------------------------------------------------
Inferred Resources Tonnes Specific Gravity % U3O8
----------------------------------------------------------------------------
(0.01 to 0.02% U3O8) 109,900 2.79 0.015
(0.02 to 0.05% U3O8) 149,600 2.79 0.031
(0.05% U3O8 and up) 143,100 2.79 0.139
Total 402,600 2.79 0.065
----------------------------------------------------------------------------
Fusion Zone Development:
In 2008 Red Rock began a diamond drilling program on the RB2 claim group to
investigate the Fusion Zone. Scott Wilson RPA visited the project on November
23-26, 2008 as part of its preparations to complete the NI 43-101-compliant
Report. The drill program at the RB2 block was designed: (1) primarily to search
for undiscovered uraniferous zones within the RB2 claim block; (2) to follow up
selected uraniferous drill intersections found during prior drilling by other
explorers; and (3) to test selected radioactive or uraniferous zones known to
exist within the property. Exploration drilling by Red Rock along the projected
northeasterly extension of the Cinch Lake Mine, Main Ore Fault (MOF)
ductile-brittle zone, intersected two parallel, mineralized brittle fault
structures designated MOF-1 and MOF-2 (collectively termed the "Fusion Zone").
Scott Wilson RPA interprets that the MOF has split into these two features, but
this remains to be determined. The mineral resource estimate for the Fusion Zone
on the RB2 claim block was prepared using data from 52 drill holes including
historic drill holes and Red Rock's 2008 drill program with data up to April 21,
2009. A set of cross-sections and plan views were used to construct
three-dimensional wireframes of the MOF-1 and MOF-2 zones. High-grade values
were cut to 1.00% U3O8 prior to compositing assays into zone composites for each
drill hole.
According to the subject Report, the discovery of the Fusion Zone MOF-1 and
MOF-2 structures northeast of the historic Cinch Lake mine workings indicates
that Red Rock's primary objective in its 2007 / 2008 drill program has been
accomplished and that there is good potential to expand on the new discovery.
East Target Development:
Drilling commenced on the East Target site at the end of September 2006,
concluding in the spring of 2008, by former operator UCR. The site was selected
for drilling after the conducting of both airborne and ground surveys. The
airborne surveys were preformed by Geotech Ltd. in the summer of 2006 for
magnetic and EM profiles. A follow up ground radiometric survey was started in
the fall of 2006. More than 1,340 readings were measured along the grid lines
and an additional 60 readings made between the grid lines to check the extension
of anomalous readings found on the grid lines. The prospects are further
enhanced due to the proximity of former mining operations conducted by Eldorado
Nuclear Ltd., a crown corporation which operated the Verna Mine within 500
meters of this site. UCR conducted drilling on the East Target totaling
13,224.22 M in 89 holes. Seventy-six holes were drilled on land, eleven holes
were drilled on Verna Lake and two holes were drilled on the adjacent Ace Lake.
WGM reprocessed the drill logs supplied by UCR staff geologists into 35
south-west cross sections to coincide with the sections interpreted by UCR
geologists. Drill hole spacing across sections were on average measuring 25 and
35 m apart. In total, twenty-two northeast-looking, vertical cross-sections were
defined for the East Target mineralized zone.
The WGM report recommends a 60 day follow up drilling program of 20 holes for a
total of 3,000 m to increase the resources of the East Target uranium
mineralization.
In discussing the Reports, Sandy Loutitt, President of Red Rock, stated: "The
preparation and delivery of these Reports represents the completion of another
important stage in the development plans we have set for Red Rock. The review
and analysis of our exploration program and the program conducted by Strategic
and the data obtained from it confirms that we are on the right path, and with a
positive indication of inferred uranium resources of approx 1,340,000 lbs.
(based on a cutoff grade of .05%) in hand, we are clearly justified in
vigorously continuing the expansion of our activities in the Uranium City camp."
This NI 43-101 technical report, entitled "TECHNICAL REPORT ON THE FUSION
URANIUM ZONE PROJECT, RB2 CLAIM GROUP, URANIUM CITY, SASKATCHEWAN, CANADA" and
dated July 10, 2009, has been filed and is available for viewing in its entirety
on SEDAR. The report was authored by William E. Roscoe Ph.D., P.Eng. and R.
Barry Cook M.SC., P.Eng., each of whom being Qualified Persons as defined by
Canadian Securities Administrators' NI 43-101, and who have reviewed and
verified the technical disclosure provided in this news release.
This NI 43-101 technical report, entitled "A Mineral Resource Estimate of the
East Target Project Area and A review of the Uranium Properties in Northern
Saskatchewan for Uranium City Resource Inc" and dated December 15th, 2008, has
been filed and is available for viewing in its entirety on SEDAR. The report was
authored by Albert Workman, P.Geo., Kurt Breede, P.Eng., and David Power-Fardy,
P.Geo. each of whom are Qualified Persons as defined by Canadian Securities
Administrators' NI 43-101, and who have reviewed and verified the technical
disclosure provided in this news release.
READER ADVISORY
Statements in this press release may contain forward-looking information
including expectations of future production, operating costs, commodity prices,
administrative costs, commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income taxes,
regulatory changes, and other components of cash flow and earnings. The reader
is cautioned that assumptions used in the preparation of such information may
prove to be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the control of
the company. These risks include, but are not limited to, the risks associated
with the mining industry, commodity prices and exchange rate changes. Industry
related risks could include, but are not limited to, operational risks in
exploration, development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates, health and safety risks and
the uncertainty of estimates and projections of production, costs and expenses.
The reader is cautioned not to place undue reliance on this forward-looking
information.
The reader is further cautioned that the preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make certain judgements and estimates that affect the reported amounts of
assets, liabilities, revenues and expenses. Estimating reserves is also critical
to several accounting estimates and requires judgments and decisions based upon
available geological, geophysical, engineering and economic data. These
estimates may change, having either a negative or positive effect on net
earnings as further information becomes available, and as the economic
environment changes.
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