This stock is... about to get interesting?I'm not actually a holder, as of yet, but I've been watching the long slide down the rabit hole of no news.... Here's some news. Drilling begins on Mann Lake at the IEC/Cameco prop, which if proven will mean good things for ABN, including the commencement of drills w/Dennison, I would guess. Should take 8 weeks.
GL all... .39c? is that for real?
CAMECO CORP RE-COMMENCES DRILLING AT INTERNATIONAL ENEXCO’S MANN LAKE, HIGH-GRADE URANIUM JOINT VENTURE PROPERTY, ATHABASCA BASIN, SASKATCHEWAN
Vancouver, B.C. - International Enexco Ltd. (TSX-V, IEC) (“Enexco” or the “Company”) announced today that Cameco Corp of Saskatoon, Saskatchewan has resumed drilling operations on the Mann Lake high-grade uranium project in the Athabasca Basin, Saskatchewan. The Mann Lake project is a joint venture between Cameco Corp. (35%), who is the operator, UEM Inc. (35%) and Enexco (30%). The property, which lies between Cameco’s McArthur River and Key Lake uranium mines, is located 20 km northeast of Cameco’s Millenium uranium deposit.
The current drill program, initiated March 15, 2007, successfully completed one diamond drill hole (MN-015) before the program was temporarily halted due to spring break-up conditions. The program has now resumed with plans to drill an additional seven to eight new holes totaling 4,500m to 5,200m. This drilling will focus on the area around line 29+00N, targeting the 2004-2005 IP resistivity low and the 2006 TEM conductor axes, and following up high-grade mineralization intersected in hole MN-013 of the previous drill campaign. This hole intersected 7.12% U3O8 over 0.25m and 5.53% U308 over 0.4m in basement 12m beneath the Athabasca unconformity surface.
As reported in a previous Enexco news release dated May 28, 2007, the MN-015 drill hole was collared 50m east of, and in line with, MN-013/014, and was drilled to a depth of 674m. It was designed to test the down-dip extension of mineralization and structures cut in MN-013 and it hit anomalous radioactivity at a depth of 516.6m in faulted basement pelite 22m beneath the unconformity surface.
Geochemical analytical results have now been received from Cameco for the MN-015 drill hole and indicate the radioactive interval at 516.6m depth contains 0.35m of 2,210 ppm U, equivalent to 0.26% U3O8. In addition, anomalous amounts of pathfinder elements are present: arsenic (275 ppm), cobalt (112 ppm), copper (5,375 ppm), nickel (359 ppm), lead (273.5 ppm), vanadium (120 ppm), and boron (225.5 ppm). Samples taken from three other basement fault zones between 509.5m and 546.8m depth are also weakly anomalous in uranium (from 3.9 to 99.3 ppm) and weakly anomalous in the same suite of pathfinder elements.
The new geochemical results together with previously observed differences in the basement stratigraphy and foliation between MN-013/014 and MN-015 suggest the high-grade interval hit in MN-013, 50m to the west, steepens abruptly in dip and bends sharply downward into the basement between MN-013 and MN-015.
Mr. Arnold Armstrong, President and CEO of International Enexco stated today that:
“Enexco believes that the Mann Lake Property holds potential to contain a significant basement-hosted uranium accumulation. We are very excited to once again be drill testing areas offsetting our previous high-grade uranium discovery hole along with other areas associated to the property’s significant 6,000 metre long UEM C1 Conductor.”
The current drilling program at Mann Lake is expected to take up to eight weeks to complete. Results will be reported as soon as they are made available to the Company.