Labrador Uranium Inc. (CSE: LUR) (OTCQB: LURAF) (FRA: EI1) is pleased to announce assay results from the 2022 exploration program in the Central Mineral Belt Property in Central Labrador, Canada (Figures 1 and 2). The CMB Project is 100% owned and operated by LUR. A total of 2,194.2 meters were drilled. Collar and U3O8 assay results are indicated in Table 1. Cross sections for drillholes with returned assays are included below.
Philip Williams, Executive Chairman, and Interim CEO of LUR commented, “Results from last year’s program intersected highly encouraging uranium and vanadium values which provide strong evidence that, with additional drilling, the historic mineral resources at Moran Lake can be expanded. The inaugural drill campaign has helped the team to further understand the style of uranium mineralization and the controlling structures at Moran Lake and the results indicate a local continuance of uranium lenses related to structural traps which will aid in future drill targeting. Combined with historical data, the recent field campaign has generated important data which will help us determine the most prospective targets, within and beyond the Moran Lake Trend, to test in this years field program. LUR remains uniquely positioned as a well funded uranium explorer with a district scale land package in a highly prospective mineral belt. Our dual goals for the project remain; expand upon existing historic mineral resources and leverage advanced exploration techniques to make new discoveries, both of which we intend to pursue this year.”
Figure 1: LUR CMB claims and 2022 program location
(All estimates except for the Moran Lake Deposit Area (see description below) taken from Kerr and Sparks, 2009. Mineral Commodities of Newfoundland and Labrador, Geological Survey Mineral Commodities Series Number 5, Page 6, Table 1)
Figure 2: Moran Lake Area 2022 Drilling
Table 1: Collar data and U3O8 assay grades for the 2022 drill campaign
|Collar Data||Assay Results|
|ML-202||631474.3||6037242||364.8||320||-75||400||No assays to report|
|ML-203||630783.1||6037158||359.3||340||-50||194.5||No assays to report|
|ML-205||634381||6039757||217||335||-50||Abandoned at collar due to bad ground|
|ML-206||634061||6040048||195||260||-60||201||No assays to report|
|ML-207||634061||6040048||195||80||-50||273||No assays to report|
Table 2: Vanadium > 1000 ppm for the 2022 drill campaign
|Hole||From (m)||To (m)||Core length (m)||V ppm|
Figure 3: Cross section showing mineralized intervals in historic (Crosshair) and recent (LUR) drillhole ML-200.
Figure 4: Cross section showing drillhole trace for ML-202 and mineralized intervals in ML-201.
Figure 5: Cross section showing mineralized intervals in ML-204.
Moran Lake Deposit
The Moran Lake Deposit is located in the western section of the CMB Project and represents LUR’s most advanced target given the historical work that has been completed. Uranium mineralization occurs in two zones labelled as Upper C Zone and the Lower C Zone. Within the Upper C Zone, mineralization is hosted within brecciated, variably hematite-altered mafic volcanics and hematitic cherts, and the Lower C Zone hosts uranium mineralization within chloritized sandstones.
The most recent historical indicated mineral resource estimate of 6.92 million tonnes at 0.034% U3O8 was reported by Morgan and Giroux (2008) for the Upper C Zone, with total historical inferred mineral resource for Moran Lake Upper and Lower C Zone, Trout Pond, and Armstrong at 8.17 million tonnes at 0.032% U3O8. A Qualified Person (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)) has not done sufficient work to classify the historical estimate as current mineral resources and LUR is not treating these historical estimates as current mineral resources.
Modeling and interpretation of the Moran Lake Deposit has outlined several untested targets and opportunities to extend known mineralization along strike and at depth. Specific target areas focus down dip in areas with significant historical U3O8 intersects and the greatest potential to identify any undefined structural trap. Orphaned zones of mineralization intersected in the lower Moran Deposit are open in all directions for drill follow-up, and subsequently could have the potential to open the entire southwestern section of the mineralized trend (Figure 2).
1 Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101 technical report titled “Form 43-101F1 Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration & Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong (Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. Moran Lake Upper C-Zone has an indicated mineral resource of 6.92 million t at 0.034% U3O8 and 0.077% V2O5 or 5.19 million pounds of U3O8 and 11.75 million pounds of V2O5. A cut-off grade of 0.015% U3O8 was used for all zones other than the Lower C Zone which employed a cut-off grade of 0.035%. The total inferred mineral resource reported for the Moran Lake Upper and Lower C-Zones, Trout Pond, and Armstrong was 8.17 million t at 0.032% U3O8 and 0.088% V2O5 or 5.82 million pounds of U3O8 and 15.81 million pounds of V2O5. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results, would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
Geochemical Sampling Procedures
All drill core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan in secure containment for preparation, processing, and multi-element analysis by ICPMS2 Basement Exploration Pkg. Assay samples comprise 0.2 – 1.0-meter continuous split-core samples over the radioactive intervals. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by LUR and the SRC in accordance with LUR quality assurance/quality control procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by LUR prior to disclosure.
All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.
Technical Disclosure and Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by Matthew Melnyk, M.Sc., CPG, an advisor to LUR, who is a “Qualified Person” (as defined in NI 43-101).
About Labrador Uranium Inc.
Labrador Uranium is engaged in the exploration and development of uranium projects in Labrador, Canada and holds a dominant land position with 52 Mineral Licences covering 152,825 ha in the prolific Central Mineral Belt (“CMB”) in central Labrador and the Notakwanon Project in northern Labrador. Currently, the Company is advancing the district scale CMB Project which includes the Moran Lake Deposit and Mustang Lake Project. The CMB Project area surrounds several known uranium prospects, including Paladin Energy’s Michelin deposit, with substantial past exploration work completed, and numerous occurrences of uranium, copper and IOCG style mineralization.
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