Calypso Acquisition Corp.

Calypso Acquisition Corp.

January 23, 2007 10:00 ET

Calypso Reports Acquisition of Ranquil-Co Uranium District and Progress at the Large Huemul Uranium Project in Argentina

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2007) - Mr. Roney Long, President and CEO of Calypso Acquisition Corp. ("Calypso") (TSX VENTURE:CLP), reports that on-going exploration efforts have resulted in the identification and acquisition of another uranium exploration project in the Mendoza Province of Argentina. The newly acquired Ranquil-Co project consists of both located and leased, with option to purchase, mineral lands, aggregating 14,105 hectares, about 10 by 15 kilometers. The Ranquil-Co uranium district was previously explored by CNEA, the federal uranium agency in Argentina, who identified the host stratigraphic sequence as the Cretaceous fluvial Neuquen Group. They excavated several adits, pits, and trenches, then drilled several rotary exploration holes to depths of no more than 11 meters. Geologic mapping by Calypso geologists discovered a previously unknown 40 meter thick copper-uranium mineralized conglomerate bed about 50 meters in the footwall of the structurally-controlled Ranquil-Co uranium mineralization. The mineralized bed appears to have never been drilled. Mineralization is visible in this bed for about seven kilometers along strike. A ground radiometrics survey by the Calypso in-house geophysicist confirms this geometry as all of the anomalies are either along the conglomerate bed or at the structurally-controlled Ranquil-Co area. The mineralized conglomerate bed is similar to the uranium-mineralized conglomerates at the nearby Huemul project. Calypso will drill the Ranquil-Co project when a drill rig is at its near-by Huemul Project.

At the Huemul Project preparation for drilling is well underway. Surface geologic mapping and sampling is ongoing, utilizing processed QuickBird imagery. An IP survey conducted by Quantec Geosciences of Mendoza has been completed over the known uranium workings. The IP data depicts a resistivity anomaly associated with the Huemul mineralized bed continuing to depth below previously mined levels. Calypso is conducting an Emanometric Radon Survey over the Agua Botada part of the district and has already detected several strong anomalies over un-mined areas. The shallowest underground stope of the Huemul mine is accessible, and the stope is in good condition. A total of five samples were collected from the stope margins and one pillar, producing an average mineralized thickness of 1.4 meters with 0.18% U3O8, 0.82% Cu, and 50.4 ppm Ag. These values are consistent with the historically reported recovered grade of 0.2% U3O8 for Huemul. The actual mineralized grade of the previously mined material is unknown, however, it probably was in excess of 0.2% U3O8. Discussions with persons involved in the three uranium producers of the Huemul Project area, the Huemul, Arroyo Seco, and Agua Botada mines, makes it clear that the mines were closed while in uranium mineralization, due to the start-up of the Sierra Pintada uranium mine which is an open pit operation. Initial drill testing of the Huemul Project will begin after receiving permits, and will utilize diamond core drilling to maximize the geologic information and assay sample integrity. The Huemul Project has total land holdings of about 20,800 hectares, and includes three past producers and numerous uranium prospects and anomalies.

Both the Huemul and Ranquil-Co uranium projects are in the Department of Malargue, which it's Mayor and other officials recently signed an agreement with the Mendoza Provincial Mining Chamber, in support of sustainable mining activities in the Department, and the Coordinator of the Agreement is the Calypso Exploration Manager. Calypso has recently opened a sub-office in the city of Malargue in order to become more involved in the community and to facilitate support of the Huemul and Ranquil-Co Projects.

Data that is of a technical nature in this report has been reviewed with Mr. Steve Jones, a Registered Professional Geologist and Qualified Person under the NI 43-101 requirements, and Mr. Jones has visited the projects in this news release and collected samples from the surface in the area of mineralization.

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Contact Information

  • Calypso Acquisition Corp.
    Stephen Barley
    (604) 926-4300