Yellowjacket Announces Saskatchewan Airborne Geophysical Survey
Yellowjacket Announces Saskatchewan Airborne Geophysical Survey
Cranbrook, British Columbia CANADA, May 24, 2013 /FSC/ - Yellowjacket Resources Ltd. (YJK - TSX Venture), ("Yellowjacket") announces the final terms for a geophysical survey on its 100% owned Preston Lake property have been approved and the Company expects the survey to begin immediately. The survey will cover approximately 2000 line-kilometers using a VTEM plus time domain system, with an additional 2000 line-kilometers of radiometric sensor coverage. The VTEM contract has been awarded to Aeroquest Airborne of Aurora, Ontario. The VTEM array is currently being built and tested at the base in Points North and the helicopter-borne data collection will commence on May 26, 2013. Yellowjacket will be receiving daily updates from the contractor as the survey progresses including preliminary digital data. It is anticipated that the final data sets, including interpretation, will be received near the end of July and will form the basis for ground-based follow up.
The VTEM plus system has been used successfully to locate basement conductors similar to the structures that host the high-grade uranium discoveries at the nearby Patterson Lake South project controlled by Alpha Minerals Inc. and Fission Uranium Corp. The tight-spaced radiometric survey is designed to locate uranium boulder trains and in-situ uranium mineralization.
The survey will target two areas of Yellowjacket's Preston Lake property. The Preston Lake South block is contiguous with Fission Energy Corp. and NexGen Energy Ltd. and the survey will cover a large area of partially exposed pre-Cambrian shield rocks. Yellowjacket has completed an initial review of historic exploration data on the project and has identified a number of potential areas for follow up. One high-priority area has clusters of anomalous uranium in lake-sediment samples, anomalous uranium values in rock samples (up to 5.6 ppm), and the presence of kilometer-scale Northeast - Southwest trending graphitic faults associated with sulphides and anomalous radioactivity as identified with scintillometers.
The Preston Lake West block will provide coverage of claims that are contiguous with claims controlled by Lakeland Resources, SkyHarbour Resources, Aldrin Resources, Forum Uranium and Canadian International Minerals Inc. The claims are underlain by Phanerozoic rocks (limestone and sandstone), similar to the Patterson Lake area. At the Fission/Alpha Discovery, it is interpreted that the uranium has been mobilized along the fault zones and has been concentrated in the sandstone under the limestone.
A review of historic data collected has identified a significant uranium-in-lake sediment anomaly in the western part of the claim block. A sample collected by the Geological Survey of Canada returned a value of 5.4 ppm U, considered to be significant in an area with a background uranium value of 1 ppm. This high U value may indicate either the down-ice glacial transport of uranium boulders from source or an in-situ source of uranium. For comparison, the highest value down-ice from the Patterson Lake South Discovery is 3.2 ppm. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on Yellowjacket properties.
Patterson Lake Area Claims
Yellowjacket is the largest mineral claim holder in the Patterson Lake area and currently controls 391,142 acres of uranium exploration claims along the southwest margin of the Athabasca Basin. The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the exploration results of Alpha Minerals Inc. and Fission Uranium Corp. Alpha and Fission recently released assay results of 29.26% U3O8 over 10.5 metres at a second zone of three zones of mineralization discovered on the property along an EM conductor. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on Yellowjacket properties.
Yellowjacket's Patterson Lake area tenure consists of two separate exploration projects: the Preston Lake and the Patterson East. The 206,728 acre Preston Lake project is centered approximately 26 kilometers southeast of the Patterson Lake South uranium discovery area and is directly contiguous to claims held by Fission Uranium Corp. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery being advanced by Fission Uranium Corp. and Alpha Minerals Inc. through to the former Cluff Lake mine, (> 60M lbs of U3O8 produced). The highway also passes through the nearby UEX-Areva Shea Creek discoveries which are approximately 50 km to the north and are currently under active exploration and development. Extensive in size, the acquired claim package is contiguous to numerous regional operators including Fission Energy Corp., NexGen Energy Ltd. and Forum Uranium Corp.
The Patterson East claims are located approximately 40 kilometers east of the Patterson Lake South discovery and are contiguous with lands currently held by Areva Resources Canada Ltd and NexGen Energy Ltd. Historic lake sediment sampling on the Patterson East property has returned uranium values in the 6 - 9 ppm range.
In addition to the Patterson Lake area tenures, Yellowjacket controls six other projects in the Athabasca Basin including the Parry Lake project, which is contiguous to claims recently optioned by Zedar Ventures Ltd., and the Spring project, which adjoins claims controlled by Forum Uranium Corp and Cameco Corporation.
Yellowjacket Resources Annual General Meeting
The Annual General Meeting is scheduled for May 29, in the Yellowjacket boardroom in the head office in Cranbrook, BC. Among other items to be approved by shareholder vote will be a change of name to Athabasca Nuclear Corp.
About Yellowjacket Resources
The company is focused on exploration of its Saskatchewan uranium projects. Yellowjacket has a healthy treasury and is in a position to fund its 2013 work programs in the Athabasca Basin.
The Company also controls the Yellowjacket Gold Project, a gold exploration property located approx. 9 km east of Atlin, British Columbia and accessible by an all-season road. The Yellowjacket Gold Project holds a British Columbia Mines Act permit for an open-pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings.
Signed,
"Charles C. Downie"
President and CEO
Yellowjacket Resources Ltd.
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our websites at http://www.eagleplains.com or http://www.yellowjacketresources.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/yellowjacket05242013.pdf
Source: Yellowjacket Resources Ltd. (TSX-V: YJK) http://www.yellowjacketresources.com
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