News.....Uranerz Provides Drilling Update on Arkose Mining Venture
2008-07-09 13:51 ET - News Release
CASPER, WYOMING -- (MARKET WIRE) -- 07/09/08
Uranerz Energy Corporation ("Uranerz" or the "Company") (TSX: URZ)(AMEX: URZ)(FRANKFURT: U9E) is pleased to announce the exploration drilling status on its Arkose Mining Venture ("Arkose"), a joint venture between the Company (81%) and United Nuclear, LLC (19%), in the Powder River Basin of Wyoming. From March 6, 2008 and to June 30, 2008, the Company, as operator of Arkose, drilled a total of 266 uranium trend exploration and delineation holes utilizing up to five drill rigs and two electric log probing units. This drilling, a total of approximately 186,925 feet with an average depth of 703 feet per hole, was conducted on four previously identified exploration targets in areas the Company has identified as East Buck, South Collins Draw, Sand Rock, and Little Butte.
This initial phase of the 2008 Arkose drilling program was designed, based in part on available historical data, with a primary objective of identifying and delineating potentially significant trends of uranium roll front mineralization on the property, and to provide further data on these potential future development sites for purposes of reporting, and possible permitting and mining operations in favorably identified areas. To date, approximately 7.5 miles of uranium roll front trends have been investigated, with approximately 2.5 miles of these trends showing potentially favorable uranium mineralization.
Summary of Most Significant Results From 2008 Drilling Program------------------------------------------------------------------------ Thickness Grade-Thickness Depth ---------- --------------------------------Hole ID (ft) Grade (%) (GT(i)) (ft to top)------------------------------------------------------------------------ South Collins Draw (100 Sand)------------------------------------------------------------------------A26-01-008 12.0 0.196 2.35 535.0------------------------------------------------------------------------ Little Butte (100 Sand)------------------------------------------------------------------------A25-03-028 2.5 0.222 0.56 526.5------------------------------------------------------------------------ Little Butte (90 Sand)------------------------------------------------------------------------A25-22-025 8.5 0.090 0.77 675.5------------------------------------------------------------------------ Sand Rock (90 Sand)------------------------------------------------------------------------A25-21-034 5.0 0.152 0.76 680------------------------------------------------------------------------
The 2008 Arkose drilling program was slower to ramp-up than was originally anticipated due to unusually wet weather and soft ground conditions in May and June, but the Company is now at its full projected capacity of five drill rigs and two electric probing units. As a result of the slower progress, Uranerz expects to now drill about 800,000 feet for the year 2008, instead of the approximately 900,000 feet announced in previous news releases of the Company.
"This initial phase of the Arkose drilling program was an effort to determine the location of the geochemical fronts along which the uranium deposits typically occur in this part of Wyoming. We have already made discovery of new mineralization and trends in the 90 Sand on Arkose, with many more promising drill targets to be investigated in the coming months. We are also set to begin drilling outside the Arkose area-of-interest on the Uranerz 100% owned properties, where we expect to further extend known mineralization trends as the drilling continues in 2008," said Kurtis Brown, the Company's Vice President, Exploration.
Mr. Kurtis Brown is a "qualified person" as defined by Canadian National Instrument 43-101 and oversees the Company's drill programs. He has reviewed the technical disclosure related to the Company's drilling results that are provided in this news release.
About Uranerz
Uranerz Energy Corporation is a pure-play uranium company listed on the American Stock Exchange ("AMEX") and the Toronto Stock Exchange ("TSX") under the symbol "URZ", and has options traded on the Chicago Board Options Exchange and the AMEX. Uranerz is also listed on the Frankfurt Stock Exchange