Uranium boulder field yields up to 31.4% U3O8 at Patterson Lake South JV, Saskatchewan

Dec 14, 2011, 08:30 ET from ESO Uranium Corp.

Trading Symbol TSX-V - ESO
Frankfurt - E2G

VANCOUVER, Dec. 14, 2011 /PRNewswire/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO"), the Operator, and its 50% Joint Venture (JV) partner Fission Energy (TSX-V: FIS), are pleased to announce receipt of assays for an additional 49 radioactive boulders located in and around the 18 trenches completed in October 2011.

  • Highest values: 31.4% and 31.2% U3O8
  • 12 Boulders over 20% U3O8 average 23.7% U3O8
  • 13 Boulders (10-20% U3O8) average 14.51% U3O8
  • 15 Boulders (1 - 10% U3O8) average 5.22 % U3O8
  • 9 Boulders (Less than 1.0% U3O8) average 0.47% U3O8

These uranium bearing boulders were all associated with basement rocks, schists, psammites and granulites, and not Athabasca sandstones or conglomerates. These boulders were plucked from a basement source by ice scouring of the Pre-Proterozoic and Archean basement rocks along the southwest margin of the Athabasca Basin.

Other companies currently active in the area include Titan Uranium Inc (TSX.V:TUE) who hold a claim block that straddles the Patterson and the Derkson Conductor Corridors  and which occupies the area on the northeast side of the ESO-Fission JV claims. Recent claim posts identify Cameco (TSX-CCO) as having staked along the northwest side of the JV property boundary.

In the area of the ESO-FIS JV claims, the Patterson Conductor Corridor, which extends into a potential source area for the uranium boulder field, runs close to the boundary zone between the Clearwater and Western Granulite Domains. According to assessment reports submitted by SMDC, the Crown Corporation predecessor company of Cameco, this is interpreted to have had a favourable geological history, analogous to the highly productive Wollaston Domain along its boundary with the Mudjatik Domain in the East Athabasca Basin.

The Joint Venture is currently carrying out a 1000 meter diamond drill programme to locate the source area of the boulders by drilling geophysical targets and drilling for radioactive till sheets on the up ice (northeast) side of the boulder field.

A map of the Patterson Lake South Property can be found on the Company's website at www.esouranium.com

B.Ainsworth P.Eng. SK/BC is the Qualified Person responsible for the technical disclosure contained in this news release.

On behalf of the Board of Directors of ESO Uranium Corp.

"Ben Ainsworth"  
Vice President, Exploration

      THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.   NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADDEQUACT OR ACCURACY OF THIS RELEASE.
       

This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements".  These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding the Patterson Lake Property. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially.  For these reasons shareholders should not place undue reliance on such forward-looking information.

United States residents are cautioned that some of the information that may be published by ESO Uranium Corp. may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.

 

SOURCE ESO Uranium Corp.