Message #35 From:
NewsBot Date: April 4, 2008 11:09:42 PM
CAUI Announces Public Release of Bancroft Drilling Results 2007
Bellingham, WA - (WORLD
STOCK WIRE) - April 3, 2008 -- CanAm Uranium Corp. (OTCBB:CAUI) is
pleased to release the 2007 Bancroft Drilling Results.
The report is available for download at: http://canamuranium.com/sites/bce/files/property/BancroftJVReportSept07.pdf
The
report by third party Geologist Tim Beasley, summarizes the drilling
results for the Halo Uranium and Amalgamated Rare Earth Property in
Bancroft Ontario, Canada. The new results announce the existance of
anomoulous radioactivity in the Amalgamated Rare Earth #2 property,
which was wide spread in pegmatite. A weighted average of 0.07% grade
U3O8 was calculated from all 95 samples from radioactively anomolous
drill core. Results suggest from Amalgamated Rare Earth #2 that a
uranium resource at a grade of 0.07% U3O8 might be established in the
pegmatites on the property. In light of further drill testing
radioactive pegmatites are considered open and in both directions along
strike and down dip.
“The report will help CanAm Uranium Corp
make the best decision on whether futher work and drilling should
commence on the property to earn the 80% interest in the Bancroft
Properties from Joint Venture Partner El Nino Ventures. Given the
suggested uranium resource on the Amalgamated Rare Earth property and
past information released with regards to the Halo Uranium project, we
believe this information to be positive and will be reviewing options
to continue working on the project or to attract a joint venture
partner,” says David Hayes, CEO of CanAm Uranium Corp.
Bancroft
is known as "the Mineral Capital of Canada" (Bancroft & District
Chamber of Commerce) due to the abundance of minerals found in the
area, Bancroft was especially well known for its uranium production, as
it was once home to four past producing mines, producing a total of
14,862,653 lbs U3O8 between 1956 -- 1982. The Bancroft Uranium Property
is comprised of 8 optioned mineral claims with a collective total of 3
million pounds of Uranium historically estimated. Thus far, the 6 holes
drilled on the Halo Project have shown assay results that are
consistent with historical grades. The report includes information with
regards to all 15 holes drilled.
The 2007 Objectives
The
objective of the second phase of drilling on the Halo Uranium Project
was to define 43-101-compliant reserves, expand the length and depth of
the project, and reconfirm historical values. Reserve estimates in 1957
were 472,000 tons, grading 0.112 per cent (2.24 pounds per ton U3O8).
No exploration has been done over the last 30 years due to lower
uranium prices.
Second Drill Target
The drill was
moved to the second target, the Amalgamated Rare Earth project (ARE).
Between 1952 and 1957, diamond drilling and underground development
identified three zones of uranium mineralization in pegmatite, and a
shaft was sunk on the Main zone to 440 feet, with a total of 5,871 feet
of underground development completed at three levels. In 1957, the
resource was estimated at 292,444 tons at a grade of 0.095 per cent
(1.9 pounds per ton) -- not compliant with 43-101.
Other Targets
Silver Crater, Baumhour, Campbell Occurrence This
property is composed of five claims totaling approximately 1,789 acres,
and is located in Faraday township. Three uranium showings have been
found on this property. The first is a 200-foot-long exposure, with
uranium-bearing pegmatites one foot to five feet wide and 20 feet long.
The second showing consists of uranium-bearing pegmatites six feet to
18 feet wide and 170 feet long. The third is a discontinuous pegmatite
dike which is at least 300 feet long. A total of 15,452 feet of surface
diamond drilling on the showings was conducted between 1954 and 1956
and 1967 to 1969, as well as trenching. Geology and geophysics were
conducted in 1975 to 1977, with drill core samples averaging 0.06 per
cent (1.2 pounds per ton) U3O8, and a best assay of 0.31 per cent (6.2
pounds per ton) over six feet.
Empire B prospect
Located
in Monmouth and Cardiff township, this property represents three claim
units totaling approximately 1,087 acres. From 1954 to 1955, geophysics
and 26 diamond drill holes (12,509 feet) were completed, and a further
11 diamond drill holes (6,922 feet) were completed between 1968 to
1970. Prospecting for fluorite occurred during the periods of 1971 to
1975 and 1976 to 1977, and geophysics and 12 diamond drill holes (6,560
feet) were also completed. Past drilling indicated 2,179,166 tons of
U3O8, grading 0.036 per cent (0.726 pound per ton), not compliant with
43-101. It occurs in the southwest part of the claim group in Monmouth
township.
Saranac
Two claims have been staked on this
property, totaling approximately 691 acres, located in Monmouth
township. From 1954 to 1956, a 150-foot open cut comprising 32 drill
holes for 7,286 feet was done by Saranac Uranium Mines Ltd., and in
1973 a geological survey and four drill holes for 643 feet were
completed by Imperial Oil Ltd. The most recent work on the property was
a scintillometre survey by Imperial Oil in 1975. Drill core samples on
the property assayed from 0.018 per cent to 0.36 per cent U3O8 (0.36
pound per ton to 7.2 pounds per ton) and a grab sample over a
1,500-foot zone of 15 per cent to 20 per cent zircon mineralization
assayed 0.298 per cent U3O8.
McLean, Hogan Occurrence
This
property consists of two claims (approximately 691 acres) located in
Cardiff township. Trenches on the property expose a complex of mica
metamorphic pyroxenite, hornblende gneiss, pegmatite, leucogranite and
patches of marble, striking north and dipping east. Activity began on
the property in 1953, with 11 trenches created by E.T. Hogan, and
additional short drill holes by Cope Lake Mines Ltd. In 1954 to 1955,
scintillometre and geological surveys were conducted, as well as bulk
sampling and 69 diamond drill holes totaling 1,585 feet, by Anuwon
Uranium Mines. Further surveys were conducted in 1968 by Cope Lake
Mines, and in 1975, two diamond drill holes of 332 feet were completed
by Canadian Nickel Company. Grab samples assayed 0.019 per cent to
0.540 per cent U3O8 (2.62 pounds per ton to 10.8 pounds per ton) and
the best bulk sample assayed 0.10 per cent U3O8.
Canada Radium Occurrence
This
property is composed of three claims of approximately 840 acres and is
located in both Cardiff and Faraday townships. Work on this property
began as early as 1936, when Canada Radium Corp. sunk a 400-foot shaft
with levels of 125 feet to 375 feet. It also conducted 1,810 feet of
lateral work. Between 1939 and 1942, 200 tons of feldspar pegmatite was
milled at a separate mill. From 1954 to 1955, geological surveys were
conducted, as well as 90 diamond drill holes totaling 43,184 feet.
During this period, five radioactive zones, the largest over 400 feet
long, were outlined by diamond drilling. Further drilling in 1968 to
1969 of three diamond drill holes for 869 feet by Cam Mines Ltd.
intersected numerous narrow uraniferous pegmatites which assayed up to
0.116 per cent U3O8 (2.32 pounds per ton) over one foot. The last work
to be done on the property was a radon gas survey by Kerr Addison Mines
Ltd. Two additional claims, totaling approximately 296 acres, were
staked on this property under this option agreement, in addition to the
six claims discussed above.
Forward-Looking Statements Statements
in this press release may be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Words
such as "anticipate," "believe," "estimate," "expect," "intend",
"could" and similar expressions, as they relate to the company or its
management, identify forward-looking statements. These statements are
based on current expectations, estimates and projections about the
company's business based, in part, on assumptions made by management.
These statements are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may, and probably will, differ
materially from what is expressed or forecasted in such forward-looking
statements due to numerous factors, including those described above. In
addition, such statements could be affected by risks and uncertainties
related to the volatility of uranium prices, the possibility that
exploration efforts will not yield economically recoverable qualities
of uranium, accidents and other risks associated with uranium
exploration and development operations, the risk that CanAm will
encounter unanticipated geological factors, CanAm Uranium's need to
obtain additional financing, the possibility that CanAm may not be able
to secure permitting and other governmental clearances necessary to
carry out CanAm Uranium's exploration and development plans, and other
risks factors discussed in greater detail in CanAm Uranium's filings
with the U.S. Securities and Exchange Commission. Any forward-looking
statements speak only as of the date on which they are made, and the
company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release. Information on CanAm Uranium's website does not constitute a
part of this release. Information within this release is not NI-43101
Compliant.
About Us
CanAm Uranium Corp. is a Nevada
incorporated junior resource company with a corporate objective focused
on the strategic acquisition and development of exploration properties
in well-known prolific mining areas, especially known for Uranium, of
Canada, Southern Africa, Australia and the United States. CanAm Uranium
Corp. has optioned claims collectively within the Saskatchewan
Athabasca Basin, Ontario and British Columbia, with significant
interest in prolific Uranium mining areas.
http://www.CanAmUranium.com
David Hayes, CFO and CEO Canam Uranium Corp 4th Floor, Crown Plaza Building 114 W. Magnolia Street #424 Bellingham, WA 98225 USA
