Delta Uranium Inc. (formerly WavePower Systems International Inc.)

Delta Uranium Inc. (formerly WavePower Systems International Inc.)

January 07, 2008 10:12 ET

Delta Uranium Reports Preliminary Geochemical Results for the Preston East Dome

TORONTO, ONTARIO--(Marketwire - Jan. 7, 2008) - Delta Uranium Inc. ("Delta" or the "Company") (TSX VENTURE:DUR) is pleased to announce that preliminary geochemical results have been received for the Preston East Dome ("PED") uranium occurrence, forming part of the Company's 100% owned Kenora Uranium Project in Northwestern Ontario. Results for the 76 geochemical samples, comprising seven channel sample intervals, summarized in the table below, returned uranium values ranging up to 0.24% U3O8 (4.8 lbs U3O8).

The channel samples were taken from granite pegmatite dykes located approximately 60 metres from the Trans Canada Highway near Vermillion Bay, Ontario, at the western end of a strong radiometric anomaly. Channel intervals 1, 2 and 3, were taken on the site of the historic PED uranium occurrence, discovered in 1955, while intervals 4 to 7 were collected from two individual dykes, parallel and to the north of the PED dyke. The PED occurrence is notable for historically reported drill intersections of 8.8 and 3.0 metres grading 0.28% and 0.31% (5.6 and 6.3 lbs/ton) U3O8, respectively. Owing to both the historical results and the strong airborne radiometric response the showing was one of a number of occurrences that were the focus of the 2007 Kenora program.

Results confirm that there is significant uranium enrichment in the PED occurrence and indicate the northern dykes are also uranium-bearing, with individual sample concentrations of up to 0.065% U3O8 (1.3 lbs/ton U3O8). It is important to note that these preliminary samples were taken on the weakest part of the PED airborne anomaly, which runs for over one kilometer to the east of interval 1. Sampling of the PED dyke to the east has been completed, however, no sample data has been received. The Company is currently awaiting results for remaining samples in order to design a drilling program expected to commence in early 2008.

Channel Samples Return up to 4.8 lbs/ton U3O8

The seven channel samples, taken over widths ranging from 3.5 to 10 metres, returned the following average grades:

Location Channel Interval (m) Range U3O8 (%) % U3O8 lbs/ton
Ely Lake Ely 1 3.5 0.01 - 0.01 0.01 0.20
Ely Lake Ely 2 3.5 0.01 - 0.24 0.04 0.85
incl 1.5 0.02 - 0.24 0.10 1.90
incl 0.5 0.24 0.24 4.80
Ely Lake Ely 3 5.0 0.01 - 0.03 0.01 0.20
Ely Lake Ely 4 4.0 0.01 - 0.01 0.01 0.20
Ely Lake Ely 5 3.5 0.01 - 0.01 0.01 0.20
Ely Lake Ely 6 10.0 0.01 - 0.06 0.02 0.40
incl 0.5 0.07 0.07 1.30
Ely Lake Ely 7 8.5 0.01 - 0.01 0.01 0.20

As with other pegmatites in the Kenora project, the mineralization in the PED dyke also shows a strong association with molybdenum, with values up to 0.07% (1.4 lbs/ton Mo).

Bedrock exposures are limited in the western extremity of the dyke, and represent only 15 metres of strike length on the PED occurrence, and 20 metres and 10 metres, respectively, for the two dykes to the north. Given the encouraging preliminary results, the PED occurrence will be a priority for future exploration focussing on the strong radiometric anomaly to the east.

Wayne Isaacs, CEO of the Company states that, "The Preston East Dome occurrence is another example of the untapped potential of the Kenora Uranium Project and how this project continues to meet or exceed our expectations. Previous exploration has only scratched the surface, and through our current program we are now starting to recognize the true scope of this belt. The exploration tools developed since the area was first explored in the 50's have allowed us to see beyond the limited bedrock exposures and have shown a mineralized system of dykes that are wider and more extensive than previously thought. In addition to the increase in the number of possible uranium-bearing dykes, the scale of these dykes, and therefore their tonnage potential, is increasing as well. Along with our previously reported Bee Lake results and our other uranium occurrences, we are now clearly mapping out an exploration program which will include bringing the Preston East Dome and other uranium showings to drill readiness in 2008".

The Preston East Dome Occurrence

The PED occurrence is located in Langton Township, approximately 2.5 kilometers west of Vermilion Bay, Ontario, and was discovered in 1955 by Preston East Dome Mines Ltd. The property has seen limited exploration, in the form of radiometric surveys, trenching and diamond drilling, most of which was carried out during the mid-1950's and -1970's.

Radioactive mineralization is associated with an irregular pegmatite intrusive hosted by metasedimentary gneisses. Diamond drilling by Preston East Dome Mines in 1955 returned two intersections of 8.8 metres and 3 metres, in a single drill hole, that graded 0.28% (5.6 lbs/ton) and 0.31% (6.3 lbs/ton) U3O8, respectively (MNDM Assessment File - Langton Tp - Drill Log Report No. 10-1-223, Preston East Dome Mines). Reports of previous airborne radiometrics suggest that the radioactive zone extends for more than 1.8 kilometres, while Delta's recent airborne indicates the strongest section of the anomaly is over 1 kilometre in strike length and is situated to the east of the know surface occurrence. Past drilling, and current exploration by Delta, also indicate that the Preston East Dome occurrence is made up of multiple dykes, with most consisting of coarse-grained granitic pegmatite composed of pink microcline and quartz, with minor amounts of biotite and hornblende, and rare molybdenite.

About the Kenora Project

The Preston East Dome occurrence is one of 42 known historical occurrences that occur within Delta's 100%-owned Kenora Uranium Project. The Kenora Uranium Project is comprised of 163 claims covering a total of 29,680 hectares located approximately 30 km east of the town of Kenora in Northwestern Ontario. Delta's property hosts an unusually large number of uranium occurrences, which coincide with a large uranium anomaly in lake-bottom sediments.

The Kenora properties are considered to have significant potential to contain uranium deposits as known basement rocks (leucogranitic peraluminous bodies) are favourable uranium hosts; and previous exploration has shown ubiquitous uranium mineralization, including one area which has seen limited mining development. In addition, the numerous unexplored airborne radiometric and geochemical anomalies identified by the current exploration program indicate a greater potential than was originally thought for the area.

Qualified Person

Exploration on the Company's Kenora Project is conducted under the supervision of David Palmer, Ph.D.., P.Geo. (ON), a Qualified Person as defined under National Instrument 43-101. Dr. Palmer has read and approved this news release. All samples were sent to Accurassy Laboratories in Thunder Bay, Ontario for analysis.

About the Company

Delta Uranium Inc. is engaged in the exploration of uranium in Canada. The Company recently completed the acquisition of its 100% owned Kenora Uranium Project and holds 100% interest in over 70,000 hectares of additional uranium properties in Ontario. Delta completed a non-brokered private placement raising gross proceeds of $8,833,000 on November 9, 2007 and its common shares commenced trading on the TSX Venture Exchange on November 14, 2007.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy of this news release.

Contact Information