News Out15,000 METRE DRILL PROGRAM AT MOORE LAKE URANIUM PROJECT IN
SASKATCHEWAN
June 23, 2004 (IUC - TSX) ... International Uranium Corporation ("IUC")
and
JNR Resources Inc. ("JNR") are pleased to provide an update on their
Joint
Venture uranium properties in the Athabasca Basin of northern
Saskatchewan.
The Companies have approved an extensive 15,000 metre diamond drilling
and
exploration program on the Moore Lake uranium project. The initial
summer
program will include of a minimum of 5000 metres of diamond drilling,
focussing on the known uranium mineralization in the high grade
Maverick
zone, along with linecutting and geophysical surveys over the
interpreted
northeastern and southwestern extensions of the structural corridor
containing the mineralization, and a property wide boulder sampling
program.
This program will be underway by month's end. Initially one drill will
be
used and will test in detail the area containing the high grade
mineralization on a grid pattern; while the second drill will likely
start
once the geophysical surveys are completed and interpreted. It should
be
noted that the Maverick zone and its extensions can be drill tested
virtually year round.
This past winter the Companies completed 19 holes, totalling 6747
metres.
The results from the first 14 holes were released earlier this year and
indicate the presence of high grade uranium mineralization in a highly
anomalous and extensive, structural corridor. The geochemical results
for
the last five holes (ML-42 to ML-46), extended the length of this
corridor
and better defined the geology.
ML-42 and ML-43 were progressive 150 metre stepouts to the northeast of
ML-41. They intersected highly altered and structurally disrupted
graphitic
pelites well into the basement accompanied by anomalous levels of
uranium
and 'pathfinder' elements such as nickel, copper, zinc, boron and
vanadium.
ML-43 also intersected a strongly altered and structurally disrupted
basal
sandstone column that returned highly anomalous uranium, boron and lead
values. These two holes, which were collared too far into the hanging
wall,
indicate that the mineralizing system now extends a minimum of 1100
metres
to the northeast of the discovery hole (ML-25), and is still open in
this
direction.
ML-44 was a 500 metre stratigraphic (geological) hole drilled from
south to
north through the structural corridor. It better defined the geological
package as well as the east-west trending structures.
ML-45 and ML-46 were 5 metre stepouts to the south of ML-35 and ML-37
respectively. The sandstone and basement rocks in both holes was
strongly
altered and structurally disrupted, and returned highly anomalous
geochemistry, including several intervals of low grade uranium
mineralization. These holes also add credence to the theory that cross
cutting north-northeast trending structures played a major role in
controlling the mineralization, and may in fact represent a second
mineralized direction.
This spring, the Companies also flew over 1200 kilometres of airborne
GEOTEM
surveys over their jointly held South Cigar and Pendleton Lake
projects.
These properties are subject to the terms of a 'Strategic Alliance'
whereby
IUC can earn a 75% interest in them by paying acquisition costs and
funding
the initial $500,000 in exploration expenditures. A preliminary
interpretation indicates the presence of conductive horizons on both
properties that will require follow up. Details of summer programs on
these
properties as well as the Lazy Edward Bay project, will be made known
following a Joint Venture meeting to be held in July.
The Companies are very pleased with the results to date, particularly
at
Moore Lake, and will continue to aggressively explore their large land
position in the highly productive eastern Athabasca Basin of northern
Saskatchewan.
Drill core was prepared and analysed by the Saskatchewan Research
Council in
accordance with industry standards. Drill results and technical data
have
been reviewed by Richard Kusmirski, P. Geo., a Qualified Person
pursuant to
NI 43-101.
IUC is engaged in uranium exploration and production. It holds
significant
uranium deposits in Mongolia and in the U.S. including a fully
permitted
2,000 ton per day uranium mill near Blanding, Utah (one of only two
operating uranium mills in the U.S.), as well as uranium exploration
properties in the Athabasca Region in Canada. The Company also
processes and
recycles uranium-bearing waste materials as an environmentally superior
alternative to direct disposal.