key uranium exploration targets
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 6, 2008) - Superior
Diamonds Inc. (TSX VENTURE:SUP) ("Superior" or "the Company"), partner
of the North Thelon Joint Venture ("NTJV") with 50% partner (and
operator) Forum Uranium Corp. ("Forum"), announces that it has defined
uranium exploration targets from its summer 2007 exploration program.
Seven of these targets have been prioritized to be evaluated by an
airborne apparent resistivity survey planned for the spring of 2008,
followed by ground gravity surveys and detailed structural mapping and
prospecting. A drill contract has been signed for a 3,000 metre drill
program to commence in July 2008.
The NTJV's extensive property is strategically located nearby the AREVA
Resources Canada Inc. ("AREVA") Kiggavik uranium feasibility-stage
project in the Thelon Basin, Nunavut. AREVA recently announced the
commencement of a feasibility study and permitting of the 148 million
pound, unconformity-style Kiggavik uranium deposit (Areva's grades are
reported as 0.24% U or converted, 0.28% U3O8).
Thomas Morris, President & CEO of Superior Diamonds Inc., states: "The
joint venture has now identified seven key uranium exploration targets
based on: a) an exhaustive review of the public, historical data base;
b) a thorough and comprehensive summer field exploration program which
better defined the association between historical uranium occurrences
and bedrock structure through bedrock mapping, a ground gravity survey
and detailed scintillometer surveys, and c) significant uranium
occurrences, grading from 0.08% U3O8 to 1.3% U3O8, defined from bedrock
grab samples collected this past summer from three historical sites and
from two new discovery sites. The fact that these new uranium targets
exist in proximity to a uranium project that is undergoing feasibility
studies with the intent of bringing this into production by 2015 cannot
be understated."
The exploration program was conducted from July to September 2007 on
the joint venture's 100% owned ground and on the adjoining ground
optioned from Tanqueray Resources Ltd., where three uranium showings
grading up to 1.07% were previously reported(1). The seven targets are
(see location map at
https://www.superiordiamonds.ca/s/North_Thelon.asp):
- FOR-62 - A newly discovered occurrence in a thrust faulted package of
quartzite and metawacke; maximum value was one sample of 1.3% U3O8
occurs at the intersection of NW and ENE trending faults.
- Boundary - An historical occurrence associated with thrust faulted
quartzite and metawacke cut by a WNW to NW fault system. Maximum value
was one sample of 0.08% U3O8 occurs at the intersection of these two
fault systems.
- Pyro Lake - An historical occurrence in regolithic metawacke and
metavolcanic rocks at the unconformity with overlying Thelon
conglomerate. Maximum value was one sample of 0.13% U3O8 occurs in an
area of the intersection of three faults.
- Ivitaaq (Inuktitut for "Red Rocks") - An historical occurrence in
regolithic metawacke and quartzite at the unconformity with Thelon
conglomerate. Maximum value was one sample of 0.19% U3O8 occurs at the
intersection of two fault systems.
- Nutaaq (Inuktitut for "Something New") - A newly discovered
occurrence over a 4km by 2km area in regolithic quartzite and metawacke
intruded by fluorite-bearing granite; maximum value was one sample of
0.18% U3O8 occurs. A gravity survey has identified gravity lows which
may indicate zones of alteration.
- Red Hearts - A complex network of predominantly ENE and NNW trending
faults within quartzite and metawacke, which are strongly radioactive
(based on scintillometer readings). Assays have not yet been received.
- Tarzan - This target is covered by overburden but along a northeast
structure (identified by existing airborne magnetic and electromagnetic
surveys) which hosts AREVA's End deposit, Andrew Lake deposit and Jane
showing that lie 3 km to the northeast of Forum's property.
Samples were analyzed using the Uranium ICP Package at the Saskatchewan
Research Council, an ISO/IEC 17025:2005 (CAN-P-4E) certified
laboratory. Ken Wheatley, P.Geo. (Saskatchewan, NWT/Nunavut), Forum's
Vice President, Exploration is the Qualified Person who has reviewed
the contents of this news release.