Vancouver, B.C. -- ESO Uranium Corporation ("the Company") ESO-TSX.V announces that it has completed a state of the art airborne geophysical survey with AeroQuest as contractor, detailing a sector of the Mikwam Gold claims in Noseworthy Township, Ontario. These claims, which are part of an earlier acquisition by the Company, are located close to the Quebec border in northeastern Ontario, on the Casa Berardi structural deformation zone.
The work on the Mikwam claims included high quality magnetic and electromagnetic surveys that will allow selection of drill targets in an area of gold mineralization that was being previously developed by Royal Oak Mines Ltd. The property was acquired from Beta Minerals, a company formed under the re-organization of the assets of Royal Oak. The claims cover an extensive elongated, four kilometers long, magnetic high that is reflecting an iron formation. Basal till sampling in the vicinity of this feature returned gold values of up to 55 g/t in heavy mineral separates, suggesting proximity to significant gold mineralization.
Previous exploration by Newmont on the Mikwam property produced drill intersections containing up to 8.6 grams gold per ton over 2.3 meters in gold mineralized intervals, 25.2 meters wide within altered iron formations and basal till samples containing up to 54 grams of gold per ton in a sparsely drilled area in the western section of the property. The earlier work is described in a NI 43 101 report prepared for the Company which can be viewed under the heading Technical Reports on Sedar.
Approximately 20 kms to the east of Mikwam and within the Casa Berardi deformation zone, Aurizon Mines Ltd has been conducting underground exploration on its gold property. Recent reported drill intersections indicate grades of 15.6 g/t gold over drill intersections of 26.9 meters and 14.1 g/t gold over 13.5 meters.
Noranda-Falconbridge has acquired contiguous claims on the south side of the Mikwam project and recently completed a "Megatem"tm airborne geophysical survey over the area in joint venture with Eastmain Gold Ltd. The southern area of the Mikwam claims is a differentiated volcanic terrain and in the AeroQuest survey, shows several electromagnetic conductors flanking a magnetic high. This association is common in several massive sulphide camps where the deposits are associated with one or more basic intrusive bodies that may have some relationship with a heat pump mechanism that drove
the original exhalative "black smoker" activity related to the development of mineralization.
"Black Smokers" are deep submarine hot springs which discharge discrete particles of sulphide in water, forming the "Black Smoke", containing copper, lead, zinc and precious metals. The extensive Kidd Creek mine near Timmins is an example of this type of mineralization. Exploration activity near the Mikwam claims indicate growing interest in this type of mineral deposit search in the area.
The Company is awaiting post survey processing of the AeroQuest data to allow for the planning of drill hole targets for gold bearing formations and for testing of possible massive sulphide targets on the southern area of the claim block.
ESO Uranium Corporation
The Company is a junior resource issuer with a 100% interest in the Mikwam claims located in the Noseworthy Township of Ontario, subject to certain overriding royalties. The Mikwam claims are located in the western extension of the Casa Berardi Deformation Zone which is an area of historical gold and other precious metals mineralization.
The Company also holds an interest in over 360,000 acres of mineral claims located in the Athabasca Basin in Northern Saskatchewan. These claims are subject to a 2.5% gross overriding royalty however the Company has the right to purchase 1% of the royalty for $1,000,000. The Athabasca Basin area is known to host uranium and other precious metals mineralization.
Ben Ainsworth, P.Eng is the Qualified Person responsible for this news release.
On behalf of the Board of Directors of ESO Uranium Corp.
Vice President, Exploration
For corporate communications please contact:
ESO Uranium Corp.
Phone: (604) 629-0293
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The Toronto Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.
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ESO-Uranium Updates & Advances Mikwam Gold Project - Drill Target selection underway with basal till
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