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ESO Signs Option Agreement for Nevada Uranium and Precious Metals Property
Vancouver, Canada (ots/PRNewswire) - ESO Uranium Corp. (TSX-V: ESO) (the "Company") is pleased to announce that it has signed an option agreement to acquire 36 claims located in Mineral County, Nevada, known as the Marietta Property, which covers a uranium bearing granitic intrusive with shear hosted uranium-copper-silver- molybdenum mineralization. The property is optioned from Western Geoscience Inc. and Kleinebar Resources Inc. in consideration for payment of up to US$450,000 and the issue of up to 600,000 common shares in the capital of the Company, which are due in stages over a period of four years. The agreement is subject to the acceptance of the TSX Venture Exchange.
The Marietta property was first mined for silver copper ores in the late 1800's. Shear structures up to a few meters in width carrying bornite and oxide copper were the principal source of ore mined. After World War II it was discovered that these high grade ores carried uranium values and were hosted in radioactive granitic intrusive. The East flank of the intrusive terminates against extensional faulting that dropped the adjacent shales and volcanic rock down and much of this regional structure is obscured by piedmont gravels and sands that lie on the west side of a small salar basin.
A drill campaign, reportedly carried out by Westinghouse in the 70's, tested the regional structures. Several drill sites were located during a site visit in 2007. Radioactivity exposed in a 1.5 meter wide shear in the wall of a short adit above the area of drill sites was chip sampled across the full width of the shear. The shear zone contained some oxide copper and no sulphide mineralization was observed.
The values returned from the sample by a multi-element ICP analysis by ALS Chemex returned 0.33% (6.6 lbs/st) uranium, greater than 1% lead, 0.9% zinc and 0.34% molybdenum. Radioactivity of the host granite was noted at moderately anomalous levels throughout a 500 meter traverse along a drill road cut into the granitic host rocks.
The company has staked a further 80 mineral claims in the vicinity of the Marietta property and plans to conduct an initial programme of ground radiometric surveys on the property.
For reference, the current spot price quoted by uxc.com for uranium oxide is US$78 per pound of U3O8; an assay reported as 1.0% of U3O8 is equal to 20 pounds of uranium oxide per short ton - the conversion of percent metal or metal oxide from percent to pounds per short ton is done by multiplying the % value by 20.
Ben Ainsworth 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.
Vice President, Exploration
Please refer to the ESO Uranium website for further and updated information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
ots Originaltext: ESO Uranium Corp.
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