Energy

TSX:AZZ

AZARGA URANIUM CORP. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) (“Azarga Uranium” or the “Company”) has identified uranium mineralization at the Company’s Dewey Terrace Project through the analysis of historical data owned by the Company (the “Data Set”).

AZARGA URANIUM CORP. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) (“Azarga Uranium” or the “Company”) has identified uranium mineralization at the Company’s Dewey Terrace Project through the analysis of historical data owned by the Company (the “Data Set”). The Dewey Terrace Project is located in Wyoming, adjacent to the Company’s NRC licensed Dewey Burdock in-situ recovery uranium Project (the “Dewey Burdock Project”).
Highlights of the analysis at Dewey Terrace include:

  • 91 mineralized drill holes with 129 intercepts equal to or exceeding a 0.2 grade-thickness (GT) cutoff using a .02% grade cutoff with an average eU308 grade of 0.062% and an average thickness of 7.4 feet
  • Uranium mineralization covering seven (7) separate mineralized zones over a trend of approximately 2.5 miles
  • Mineralization within the same ore bearing sandstone as the Dewey Burdock Project and conditions that indicate possible in-situ recovery (“ISR”) amenability

“We are very pleased to see that our initial analysis indicates uranium resource potential at the Dewey Terrace Project. The Data Set confirms that within the same Inyan Kara sands as the Dewey Burdock Project, uranium mineralization, potentially suitable for ISR, exists. This uranium mineralization indicates possibilities for further discoveries in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects. We believe that further analysis of the Data Set will allow expansion of our uranium resources and the location of the identified uranium mineralization at the Dewey Terrace Project presents an opportunity for a nearby satellite project, within 10 miles of the Dewey Burdock Project, the Company’s initial development priority,” said John Mays, Chief Operating Officer.
The Data Set identified 259 mineralized drill holes indicating significant potential for a new resource area at the Dewey Terrace Project. Further, deposition is consistent with sand channel systems categorized within the Dewey Burdock Project. Several drill holes encountered multiple intercepts demonstrating a vertically stacked group of separate mineralized zones similar to those at the Dewey Burdock Project. The objective of the Data Set analysis is to identify uranium mineralization in a cost effective manner in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects. The Company is continuing its review of the Data Set for further uranium mineralization with the objective of identifying additional uranium resources.
The following table provides a detailed summary of the results for the 91 mineralized drill holes with 129 intercepts that equal or exceed a 0.2 GT cutoff using a .02% grade cutoff:

Hole IDZoneDepth
(ft)
Thickness
(ft)
Avg.
GT
Avg. Grade
(%)
DEX 033LE649.56.30.210.034
DEX 035UD627.09.50.390.041
DEX 039LE650.010.50.470.045
DEX 052LD640.01.20.500.417
DEX 075UD602.34.00.260.066
DEX 097C586.512.00.310.026
DEX 101C589.02.00.230.114
DEX 113UE622.03.20.210.065
DEX 113UD590.52.90.320.112
DEX 116LE642.05.00.330.067
DEX 125C585.06.10.210.035
DEX 133LE638.83.70.240.064
DEX 144UD604.33.50.270.076
DEX 144LD613.08.20.490.060
DEX 168LE632.32.70.250.092
DEX 172UD599.56.30.220.035
DEX 175UE626.12.70.240.089
DEX 200LD718.210.90.290.026
DEX 204UD665.811.00.250.023
DEX 220C578.03.10.250.080
DEX 220UE624.45.80.610.105
DEX 230LE650.31.50.260.170
DEX 231UD594.05.00.940.187
DEX 233UE617.55.50.310.056
DEX 237UE638.53.80.200.053
DEX 237C604.76.30.300.048
DEX 240LE628.09.00.900.100
DEX 241C594.07.20.280.039
DEX 245LD615.06.30.240.038
DEX 245UD599.99.70.450.046
DEX 245C581.912.60.520.041
DEX 251UE677.04.00.220.055
DEX 260LD663.59.50.240.026
DEX 263LE641.58.50.260.030
DEX 264LD620.86.90.240.035
DEX 268LE620.28.10.210.025
DEX 268UE608.510.10.410.041
DEX 272UD588.53.50.230.067
DEX 275UE619.95.40.350.064
DEX 275UD589.74.00.360.089
DEX 275LD604.58.00.360.045
DEX 278UD592.04.80.320.067
DEX 278LE634.34.30.340.078
DEX 283C582.16.00.240.039
DEX 284UD596.011.30.560.049
DEX 288UE616.67.40.210.029
DEX 288LD607.04.50.350.077
DEX 288UD595.18.20.400.049
DEX 288C579.57.90.470.060
DEX 289UE619.07.50.750.099
DEX 291UE634.96.10.390.065
DEX 292LD620.06.70.340.050
DEX 292UE634.010.60.380.036
DEX 297LE631.24.30.220.051
DEX 297UE617.09.30.470.051
DEX 308LE675.07.50.510.068
DEX 309LD619.06.80.210.031
DEX 326LD632.09.40.390.041
DEX 326UD622.06.00.560.094
DEX 327LD620.08.00.220.027
DEX 328UE625.511.50.470.041
DEX 338C591.82.70.330.123
DEX 339C591.56.60.410.062
DEX 340LD630.03.80.230.061
DEX 340UD618.37.00.280.040
DEX 341C590.04.60.320.068
DEX 344UD608.08.20.380.047
DEX 344LD619.59.50.430.046
DEX 348UD618.53.20.200.064
DEX 362UE618.312.90.410.032
DEX 362UD595.019.50.450.023
DEX 374LE631.37.50.230.030
DEX 375LD603.810.20.220.022
DEX 378UD616.09.00.410.045
DEX 378LD625.010.50.470.045
DEX 384C582.36.90.290.042
DEX 386C598.57.00.270.039
DEX 387LD632.37.80.840.107
DEX 388UD591.014.00.660.047
DEX 391UD584.56.00.220.036
DEX 392LD627.09.30.250.027
DEX 392C591.010.50.380.036
DEX 392UD611.14.00.700.175
DEX 393UD609.02.70.460.170
DEX 393C598.32.30.500.219
DEX 393LD618.811.00.790.072
DEX 397C578.19.50.230.024
DEX 398C578.09.30.210.023
DEX 398UD593.76.70.470.070
DEX 398LD610.58.10.550.069
DEX 403LD613.511.30.350.031
DEX 403C588.912.60.360.029
DEX 404UB562.015.30.380.025
DEX 417C583.311.60.450.038
DEX 417LD611.210.80.590.055
DEX 418LD619.04.90.280.057
DEX 426LD595.010.60.320.030
DEX 426UD583.52.40.380.158
DEX 431UE614.05.20.280.054
DEX 432UD594.19.80.360.037
DEX 441C571.09.30.250.027
DEX 441UD587.015.61.010.065
DEX 442UE618.36.10.330.055
DEX 442LD602.512.80.480.038
DEX 451LD609.04.90.340.070
DEX 451UD600.06.30.450.071
DEX 456CLD632.09.81.070.110
DEX 458LD614.15.10.260.051
DEX 458UD600.18.80.340.038
DEX 459UD584.912.20.380.031
DEX 460UD593.39.00.300.033
DEX 462LD589.54.50.260.057
DEX 462UD575.26.50.310.047
DEX 463UD592.05.30.220.042
DEX 463LD603.35.70.310.054
DEX 464UD593.25.80.240.041
DEX 464C584.06.70.270.040
DEX 469UD582.15.00.370.074
DEX 471UE598.313.20.700.053
DEX 473UD576.03.20.200.063
DEX 474C585.03.10.230.076
DEX 474LD610.25.00.370.074
DEX 475UD581.58.90.240.026
DEX 479UD582.011.80.350.030
DEX 479LD599.54.60.420.091
DEX 482LD585.96.40.420.065
DEX 483C565.010.90.540.050
ST 23FR492.013.50.380.028
TER 07-11UD599.05.50.260.047

The Company also identified 93 drill holes with 112 intercepts that had GT values ranging from 0.1 to 0.2 GT based on review of the Data Set. These intercepts had an average thickness of 4.1 feet with an average grade of 0.041% eU3O8. The remaining 187 drill holes reviewed to date range from barren to an average GT of 0.1.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (“NI 43-101”) and was reviewed by John Mays, P.E., Chief Operating Officer for the Company and a Qualified Person under NI 43-101.
The Data Set includes historical drilling information that has been reviewed by the Company’s geological team, as well as 20 exploratory drill holes completed by the Company in a previous exploration campaign. The exploratory drill holes completed by the Company confirm the presence of uranium mineralization at the Dewey Terrace Project. The Company’s review of the records and information within the Data Set reasonably substantiate the validity of this information; however, the Company cannot directly verify the accuracy of the historical data, including the procedures used for sample collection and analysis. Therefore, the Company encourages investors not to place undue weight on these results.
About Azarga Uranium Corp.
Azarga Uranium is an integrated uranium exploration and development company that controls six uranium projects, deposits and prospects in the United States of America (South Dakota, Wyoming and Colorado) and the Kyrgyz Republic. The Dewey Burdock in-situ recovery uranium project in South Dakota (the “Dewey Burdock Project”), which is the Company’s initial development priority, has received its Nuclear Regulatory Commission License and draft Class III and Class V Underground Injection Control (“UIC”) permits from the Environmental Protection Agency (“EPA”) and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.
For more information please visit www.azargauranium.com.
Follow us on Twitter at @AzargaUranium.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to the Company’s continued efforts to obtain all major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, the Company’s belief that mineralization conditions at the Dewey Terrace Project indicate possible ISR amenability, that the Company’s initial analysis indicates uranium resource potential at the Dewey Terrace Project, that uranium mineralization identified in the Data Set indicates possibilities for further discoveries in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects, the Company’s belief that further analysis of the Data Set will allow expansion of our uranium resources and the location of the identified uranium mineralization at the Dewey Terrace Project presents an opportunity for a nearby satellite project, that the identified mineralization from the Data Set indicates significant potential for a new resource area at the Dewey Terrace Project, that the objective of the Data Set analysis is to identify uranium mineralization in a cost effective manner in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects and that the Company’s is continuing its review of the Data Set for further uranium mineralization with the objective of identifying additional uranium resources. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: (1) the risk that the Company does not obtain all major regulatory permit approvals necessary for construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, (2) the risk that mineralization conditions at the Dewey Terrace Project are not amenable to ISR, (3) the risk that the Company’s initial analysis indicating uranium resource potential at the Dewey Terrace Project is not correct, (4) the risk that uranium mineralization identified in the Data Set does not indicate possibilities for further discoveries in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects, (5) the risk that further analysis of the Data Set does not allow expansion of the Company’s uranium resources and the location of the identified uranium mineralization at the Dewey Terrace Project does not present an opportunity for a nearby satellite project, (6) the risk that the identified mineralization from the Data Set does not indicate significant potential for a new resource area at the Dewey Terrace Project, (7) the risk that the Data Set analysis does not identify uranium mineralization in a cost effective manner in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects, (8) the risk that the Company’s review of the Data Set does not identify further uranium mineralization and additional uranium resources are not identified, (9) the risk that such statements may prove to be inaccurate and (10) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the “Risks and Uncertainties” section in the Company’s most recent MD&A filed with Canadian security regulators.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Click here to connect with AZARGA URANIUM CORP. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) for Investor Presentation

Source: www.marketwired.com

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