New Horizon Announces Uranium Drilling Results at Summit Project, Colorado
GOLDEN, COLO., October 17, New Horizon Uranium Corporation (TSX:NHU) is pleased to announce results from its initial drilling program recently completed at its Summit Project, located in San Miguel County, Colorado.
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New Horizon is encouraged by the lithology (rock types) encountered in the holes and confirmation of ore-grade uranium mineralization within the historic "Geisinger Orebody" located on the Geisinger Lease.
New Horizon completed 21 rotary drill holes totaling approximately 15,960 feet on the Geisinger and Hankins leases during August and September 2007. Eight of these holes were along a 6,000-foot portion of a 3-mile mineralization trend delineated by Union Carbide Corporation during the early 1970's. At the time this initial drilling phase for Summit was planned, New Horizon controlled, through fee leases and federal mining claims, approximately one-third of the three-mile trend. New Horizon now controls more than two-thirds of the trend, including the most strongly mineralized portions evidenced by the historic Union Carbide and Phillips Uranium drill data. The other thirteen of the recent twenty-one holes were spread across New Horizon's lease holdings to the south of the high potential mineral trend described above.
One hole was strongly mineralized, three holes were weakly mineralized, five holes encountered anomalous mineralization and twelve holes were barren. The lower uranium values and barren holes provide New Horizon a better definition of the mineralized trend form and will be an important guide for planning the next round of drilling.
Highlights
- Hole 6-5, located within an un-drilled area at the edge of the historic "Geisinger Orebody" encountered 5.0 feet of 0.31% U3O8. Vanadium isestimated to be at least 8 times the uranium values in this hole based onhistoric production from the adjacent Deremo Mine.
- Holes 6-1, 6-6, and 6-12 all encountered mineralization in favorable sands along the projected trend.
- All holes were drilled to a depth of more than 700 feet to test both the upper and lower Top Rim sands. Mineralization and anomalous gamma measurements in Holes 6-8, 6-10, and 6-11 confirm the lower Top Rim sand as prospective in the areas drilled.
New Horizon is planning an additional program of rotary drilling atSummit to confirm mineralization in two newly acquired leases as well asextend the historic "Geisinger Orebody". The short-term goal is to define aresource on New Horizon ground in the near term, possibly in the next round ofdrilling. Timing of the next drilling phase will be dictated by weatherconditions and approval of the drilling permit amendment.
The following table summarizes assay data received from drill hole OR-07-31, it should be noted that sample 725276 is a duplicate of 725275 and the values for the two samples have been averaged to arrive at a compositenumber:
The Summit Project consists of more than 3,000 acres of fee leases and federal mining claims, and is 100% controlled by New Horizon.
Bill Wilson, President and COO of New Horizon, said, "We are pleased with this significant mineralization at Summit, and look forward to expanding thisas well as confirming the indicated historic mineralization on two newly acquired properties. We are also now in a much better position to define our next drill hole targets. "
The following table indicates uranium intercepts for the twenty-one holes completed during the recent drilling program (August-September, 2007):
Hole Number |
Depth to Bottom of Mineral |
Thickness (Feet) |
Grade (%U3O8) |
6-1 |
669.0 |
1.0 |
0.01 |
6-2 |
Nil |
Nil |
Nil |
6-3 |
Nil |
Nil |
Nil |
6-4 |
Nil |
Nil |
Nil |
6-5 |
661.0 |
5.0 |
0.31 |
6-6 |
654.5 |
1.5 |
0.03 |
6-7 |
667.0 |
2.0 |
Anomalous |
6-8 |
656.0 |
1.0 |
Anomalous |
|
699.0 |
1.0 |
Anomalous |
6-9 |
570.0 |
10.0 |
Anomalous |
6-10 |
677.0 |
2.0 |
Anomalous |
|
704.0 |
2.0 |
Anomalous |
6-11 |
715.0 |
1.0 |
Anomalous |
6-12 |
675.0 |
2.5 |
0.03 |
6-13 |
Nil |
Nil |
Nil |
6-14 |
Nil |
Nil |
Nil |
6-15 |
Nil |
Nil |
Nil |
7-1 |
Nil |
Nil |
Nil |
7-2 |
Nil |
Nil |
Nil |
8-1 |
Nil |
Nil |
Nil |
8-2 |
Nil |
Nil |
Nil |
9-1 |
Nil |
Nil |
Nil |
9-2 |
Nil |
Nil |
Nil |
This news release has been reviewed by William R. Wilson (Aus.I.M.M.),the Company's President and Chief Operating Officer and a "qualified person"
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements; these statements relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to the management of New Horizon. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These forward looking statements are made as of the date hereof, and New Horizon does not assume any obligation to update or revise them to reflect new events or circumstances.
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For further information please contact:
William R. Wilson
President and Chief Operating Officer
New Horizon Uranium Corporation
Phone No: 303-422-7803
Fax:303-940-9572
Or
Joseph B. Young
Investor Relations
Phone No: 303-938-6854
Source: New Horizon Uranium Corporation
