International Enexco Limited
TSX VENTURE : IEC

International Enexco Limited

October 07, 2009 09:00 ET

International Enexco Limited Receives Drill Results on Its Mann Lake Uranium Project, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2009) - Arnold Armstrong, President and CEO of International Enexco Ltd. (TSX VENTURE:IEC) (the "Company" or "Enexco") reported today that the Company has received from Cameco Corp. the remaining assay results from the 2009 winter drill program at Mann Lake. Incomplete assays from the winter program were published in an August 10, 2009 International Enexco news release. A total of 4,155 metres were drilled in six holes ranging in depth from 648m to 732m.

Strong alteration system indicators including high concentrations of boron (B) and low grade eU308 over long intersections were discovered in the sandstone formation (above the unconformity) during the 2009 winter drill program at Mann Lake. These indicators are often associated with unconformity (basement hosted) style uranium mineralization in the southeastern portion of the Athabasca Basin. Basement hosted uranium discoveries in the Athabasca Basin are often considered to be more desirable in terms of ease of mining and avoidance of possible water problems that sandstone can sometimes present. High grade, basement hosted eU308 averaging 7.12% over 0.25 m and 5.53% over 0.4 m was discovered within 12 m of the unconformity during Cameco's 2006 Mann Lake drill program at depths of just over 500 m (see Enexco news release June 20, 2006). Combined assay results from all prior Mann Lake drill programs are particularly encouraging and further drill programs are anticipated.

The Mann Lake Project is located in northern Saskatchewan's Athabasca Basin, the world's richest and highest grade uranium district. The project is located approximately 20 km from Cameco's McArthur River Mine (332 million lbs eU308), 65 km from the historic Key Lake Mine (166 million lbs eU308) and 15 km from Cameco's Millennium deposit (46.8 million lbs eU308). Cameco Corp is project operator and the property is partnered as follows: International Enexco 30%, Cameco Corp. 52.5% and AREVA 17.5% with all partners financing exploration as per their percentage.

The previously unreported drill results from Cameco's 2009 Mann Lake winter drill program are as follows:

MN-025 Line 18+20 N/7+60 E

Boron (B) values are elevated throughout the sandstone, with a weighted average of 459 ppm B and a locally enriched interval between 510.0 - 570.0m averaged 1578 ppm B. There is notable multi-element enrichment at the unconformity, with the basal sandstone composite sample from 590.0 - 601.4m returning 1.78 ppm U, 285 ppm Ni, 2.76 ppm Pb and 215 ppm B. The entire sandstone pile displays a weighted average of 0.41 ppm U, with a maximum value of 1.78 ppm U from 590.0 - 601.4m. Basement geochemistry is essentially background, with the exception of anomalous boron up to 475 ppm B, indicative of hydrothermal alteration. As well, basement spot sampling within a graphitic clay gouge between 621.0 - 621.4m returned 9.68 ppm U.

MN-026 Line 47+00 N/6+00 E

Composite sandstone geochemical results from uranium and pathfinder elements copper and nickel indicate a gradual increase in values with depth to the unconformity at 581.0m. Boron is elevated within the upper sandstone from 90.0 - 430.0m, with a maximum of 880 ppm B from 190.0 - 210.0m. The basal 121m of sandstone is enriched in uranium with a weighted average of 1.90 ppm U from 460.0 - 581.0m. Basement geochemistry is essentially background with the exception of basement spot sampling around a 10cm graphitic gouge returning 36.7 ppm U and 251 ppm Cu between 620.1 - 620.5m.

MN-027 Line 32+13 N/6+97 E

Composite sandstone geochemical results indicate boron is locally enriched, up to 986 ppm B, within the upper sandstone between 80.0 - 240.0m, and is anomalous within the basal 163.8m with a weighted average of 1,006 ppm B from 380.0m to the unconformity at 543.8m. Uranium is also anomalous within this interval, with a weighted average of 1.74 ppm U. Basement geochemistry is essentially background, with the exception of local boron anomalies, up to 309 ppm B, associated with hydrothermal alteration. Basement spot sampling within faulted quartzite returned 349 ppm U from 603.2-603.8, and 204 ppm U from 604.7-605.3m.

Additional drill programs are anticipated at Mann Lake, meanwhile Cameco Corp. continues working on the Mann Lake geophysics GoCad model and continues with interpretation of the 2009 winter drill results. International Enexco will announce in a future press release Cameco's next phase(s) of planned work and/or drill programs set for the Mann Lake Project as and when they are received.

The geological information presented herein associated with the Mann Lake Project was provided to International Enexco by Cameco Corp. and was reviewed by Mr. Mel Klohn who is a Director of International Enexco and a Qualified Person (QP) as defined by Canadian National Instrument 43-101.

Hannah Project

The Company also wishes to report that due to poor assay results, it will not be conducting further drilling on the Hanna gold property in Churchill County, Nevada. (see Enexco news release June 2, 2009 and April 2, 2009).

ABOUT INTERNATIONAL ENEXCO

Enexco is a Canadian based advanced exploration company headquartered in Vancouver, B.C. In addition to its 100% owned Contact Copper Resource Property, the Company is exploring other prospective areas of Nevada, and has a joint venture with Cameco Corporation (52.5%), International Enexco (30%) and AREVA. (17.5%) to jointly develop the prospective Mann Lake Uranium Project located in the Athabasca Basin in Saskatchewan. Cameco is operator of the Mann Lake Project.

For further information on all of Enexco's projects, visit our website at: www.enexco.ca

"Neither The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • International Enexco Limited
    Paul McKenzie
    Director
    (604) 669-8368
    (604) 642-2629 (FAX)
    www.enexco.ca