NSV/RPT newsNew Shoshoni partner expands Black Sturgeon project
2004-12-10 10:08 ET - News Release
Also News Release (C-RPT) Rampart Ventures Ltd
Mr. Ralf Hillebrand of New Shoshoni reports
URANIUM PROPERTY INTEREST EXPANDED BY 84,440 ACRES
New Shoshoni Ventures Ltd. has been notified that Rampart Ventures Ltd. has expanded the Black Sturgeon project located in the Sibley basin, north of Nipigon, Ont., by staking a block of 2,111 claim units (84,440 acres). The newly staked property lies within an area of mutual interest defined in the agreement between the company and Rampart Ventures Ltd., under which Rampart holds an option to earn a 70-per-cent interest in the company's uranium properties in the Sibley basin (see news in Stockwatch dated Sept. 30, 2004). The newly staked claims cover an area regarded as having high potential for unconformity-type uranium mineralization.
The Black Sturgeon property covers a part of the Sibley basin where it is underlain by metavolcanic and metasedimentary rocks belonging to the southwesterly extension of the Beardmore-Geraldton greenstone belt. Where this belt is exposed, 60 kilometres to the northeast, it contains graphitic and sulphide-bearing units that are expressed as electromagnetic anomalies on airborne geophysical surveys. The company believes that this basement geology makes the property highly prospective for uranium. In the prolific Athabasca basin of Saskatchewan, almost all the unconformity-type uranium deposits occur in close association with graphitic rocks in the basement.
The company is further informed by Rampart, the operator of the Black Sturgeon project, that a deep-penetration, time-domain airborne electromagnetic survey of the property is planned for the near future. This type of airborne survey has long been the primary exploration technique in the Athabasca basin, and is able to detect basement graphite-bearing rocks at depths of 250 metres or more.
The company has also received the first payment of $25,000 plus 50,000 shares of Rampart in respect of the Black Sturgeon option agreement.
Technical information in this news has been approved by Colin Bowdidge, PhD, PGeo, a qualified person under National Instrument 43-101.