International Enexco Announces Drill Results From the Bachman Lake Uranium Project, Athabasca Basin, SK
November 4, 2013 (Source: Marketwired) — International Enexco Ltd. (TSX VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:I6E) (the “Company” or “Enexco”) is pleased to report the results of the 2013 diamond drill program on the Bachman Lake joint venture uranium project. Denison Mines Corp. (“Denison”) is the project’s operator.
The Bachman Lake project contains several structural zones in graphitic basement rocks associated with anomalous geochemistry; presenting favourable targets for economic, high-grade uranium mineralization. The 2013 drill program tested three conductors: CR-2, ML-2, and ML-1. The three conductors trend from east-west to southwest-northeast, and are 2.5 to 5 km apart within the 11,419 hectare property.
The 2013 drill program successfully intersected the ML-1 and CR-2 conductors. The ML-1 conductor was intersected by BH-13-04D1, and found a large graphitic shear zone in contact with granite gneiss, a favorable host for mineralization warranting additional drilling.
BH-13-05 was the fourth hole to intersect the CR-2 conductor, each previous also having anomalous results. Denison has indicated that the alteration within the sandstone in this recent drillhole is the most significant to date and spectral analyses confirm that the dominant clay species is illite with some dravite, both of which are commonly elevated near unconformity related mineralization. A follow-up 2014 drill program including a step out in both directions along the strike is recommended.
The third hole, BH13-03 did not intersect any graphitic rocks in the basement, but did encounter a large basal sandstone alteration zone with moderate to locally strong pervasive bleaching, locally strong sections of desilicification, weak to moderate bands of grey alteration, and weak patches of silicification, indicating that it may have just overshot the favourable conductive basement horizon.
Enexco has now earned a 20% interest in the project under the terms of the joint venture agreement (See press release dated June 25 and August 26, 2013). Costs of future programs will now be shared between the two Companies on a pro-rata basis.
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William Willoughby, Ph.D., P.E. is the Company’s Qualified Person for the purposes of National Instrument 43-101 and has prepared or supervised the preparation of the disclosure of any scientific and technical information contained in this news release.
About Bachman Lake
The Bachman Lake project is located in the southeastern Athabasca Basin and consists of five contiguous claims totaling 11,419 hectares. The project contains several ground electromagnetic conductors. Historical drill holes targeting these conductors intersected significant alteration and elevated pathfinder element geochemistry. The property is underlain by 450 to 600 meters of Athabasca sandstone which rests unconformably on Wollaston Supergroup metasedimentary rocks of the eastern Mudjatik Domain. Three conductors identified by geophysics and historical drilling are the primary target areas.
About International Enexco Ltd.
International Enexco Ltd. is a North American exploration and development company focused on the feasibility stage, 100% owned, Contact Copper Project in northern Nevada and the Mann Lake and Bachman Lake Uranium Projects located in Saskatchewan’s prolific Athabasca Basin. The Mann Lake project is a joint venture with Cameco (52.5%) as operator, Enexco (30%) and AREVA (17.5%)-two of the world’s largest uranium companies. The Bachman Lake project is a joint venture with Denison (80%) as operator and Enexco (20%).
On behalf of the Board of Directors
G. Arnold Armstrong, President & CEO
Certain information regarding the Company including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbour.
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