International Enexco Reports on the Mann Lake Uranium Project, Athabasca SK
March 27, 2013 (Source: Marketwire) Vancouver, BC — International Enexco Ltd. (TSX VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:I6E) (the “Company” or “Enexco”) is pleased to provide an update regarding diamond drilling and geophysical surveying on the Mann Lake Uranium Project in the Athabasca Basin of Saskatchewan. Eleven holes have been completed of the planned 28-hole program, with a total of 9,524 m drilled to date in 2013. In addition, Quantec Geoscience Ltd., of Toronto has completed 39 kilometres of a planned 69 kilometre SWML TDEM survey.
Of the eleven drill holes completed, elevated radioactivity was encountered in five drill holes on the eastern and western conductive responses of the “C” conductor trend.
Drilling on the eastern conductor encountered elevated radioactivity and weak mineralization in the basement section of drill holes MN-036 and MN-039. Drill hole MN-036 encountered a hydrothermally altered basement section with a number of intervals of elevated radioactivity and weak mineralization approximately 200 metres below the sub-Athabasca unconformity with 0.19% eU3O8 over 1.3 metres from 714.0 – 715.3 metres and 0.22% eU3O8 over 0.6 metres from 718.6 – 719.2 metres. (%eU3O8 grades are not chemical assays and are based on total gamma radiometric probing). MN-039 encountered weakly elevated radioactivity at 175 metres into the basement section over a 4 metre pegmatic interval from 690.5 – 694.5 metres. Drill holes MN-040 to MN-042 encountered alteration and favorable structure in the basal sandstone and intervals of graphitic stratigraphy in the basement section but no significant radioactivity.
Drilling on the western conductor encountered weakly elevated radioactivity in MN-037 in faulted and reduced sandstone between 406.9 metres and 407.5 metres. Drill hole MN-038 encountered weakly elevated radioactivity from 664.1 – 665.0 metres in pegmatite. Drilling in the area footwall to the western conductor in MN-035 encountered an altered sandstone section and weakly elevated radioactivity immediately below the unconformity in faulted graphitic stratigraphy. Although no significant mineralization was intersected, these results are encouraging.
Drilling will continue throughout March with drilling planned to follow-up the results of the geophysical survey in the northern portion of the property. Further evaluation of drill hole locations will continue in the area between Spring Lake and the southern claim boundary.
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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 Mann Lake Uranium Project
The Mann Lake Uranium Project is located in the heart of what is indisputably the most prolific and highest grade uranium region in the world, the Athabasca Basin in Saskatchewan. The Project lies 25 kilometres southwest from Cameco’s McArthur River Mine and is 20 kilometres northeast of Cameco’s Millennium deposit. High-grade mineralization was intersected in drill hole MN-013 during a 2006 drill program. This drill hole intersected 7.12% U3O8 over 0.25 metres and 5.53% U3O8 over 0.4 metres in the basement, 12 metres beneath the Athabasca unconformity surface.
International Enexco Ltd is a North American exploration and development company focused on the Contact Copper Project in northern Nevada and the Mann Lake Uranium Project 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.
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. We seek safe harbour.
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.
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