Monroe Minerals Inc.
TSX VENTURE : MMX

Monroe Minerals Inc.

November 24, 2008 09:00 ET

Monroe Minerals Reports Up to 0.754% U3O8 Intersection in Drill Core at Alexis River Uranium Property in Labrador

CALGARY, ALBERTA--(Marketwire - Nov. 24, 2008) - Monroe Minerals Inc. (TSX VENTURE:MMX) ('Monroe') announced today the results of its 2008 prospecting and drilling program at the Alexis River uranium property in southwestern Labrador. Monroe is the operator for the Alexis River property, where it has the option to earn a majority interest by making staged share payments to Altius Resources Inc. (TSX:ALS) ('Altius') and incurring defined minimum exploration expenditures. Monroe is current in its earn-in obligations.

The key drilling results are from two holes within which the high uranium assay was 0.754% U3O8 across 0.20 m from 58.90 to 59.10 m core length and the low assay was 0.034% U3O8 across 0.40 m from 16.70 to 17.10 m core length. More details are provided below.

In reviewing the latest exploration results, Derek J. Moran, President of Monroe, commented "Drilling under Anomaly Lake at Alexis River provided interesting uranium intercepts that may, in part, explain the highly anomalous lake sediment results, which in most parts of Anomaly Lake have ranged up to 2,370 ppm uranium (up to 0.28% with the average being 0.085 wt.% U3O8). We intend to digest the year's exploration results and then plan the next phase of exploration at Alexis River."

Detailed Exploration Results

On June 20, 2008, Discovery Consultants commenced summer fieldwork at Alexis River property on behalf of Monroe and demobilized from the field on July 15. The fieldwork was done by a four-person crew camped on the south side of the large lake (hereafter called North Lake) due east of Anomaly Lake within mineral claim 10493M. Fieldwork was done on foot with minimal helicopter support other than for mob, demob and periodic camp supply.

During this period, Discovery (a) conducted geological mapping at 1:5,000 scale; (b) conducted reconnaissance prospecting; (c) systematically collected a total of 173 lake sediment samples from Anomaly Lake (70 samples) and from the two large lakes east of Anomaly Lake; (d) collected 3 water samples from small rivulets that drain into Anomaly Lake; and (e) collected a total of 14 rock grab samples from selected radioactive occurrences. All lake sediment, rivulet water and rock grab samples were sent to the Activation Laboratories prep lab in Goose Bay and the pulps were subsequently analyzed in Ancaster, Ontario, for uranium and selected other elements.

Synoptic exploration results from the 2008 fieldwork comprise:

(a) Geological mapping indicates Anomaly Lake is underlain by a northwesterly trending fault or faults.

(b) Prospecting discovered a number of radioactive occurrences within the property, including a zone of radioactive pegmatites near the southeastern margin of claim 10493M that produces radioactivity up to 3,800 cps (Exploranium GR110 scintillometer).

(c) Lake sediment samples from Anomaly Lake typically contain from greater than 100 up to 1,630 ppm U, whereas North and South Lake contain from less than 5 up to about 79 ppm, but with most samples containing less than 40 ppm U. These results re-confirm the anomalous uranium content in lake sediments in Anomaly Lake. In addition, Anomaly Lake is over-deepened for its size and has water depths up to about 21 m.

(d) The three water sample results are 0.045, 0.385 and 1.09 µg/L (micrograms per litre or parts per billion). The highest result is comparable to the anomalous GSC lake water result from Anomaly Lake and is from a small rivulet that drains into the northeast end of Anomaly Lake.

(e) Rock grab sample results range from 91 to 2,370 ppm uranium, with two samples containing 1,080 and 2,030 ppm U (0.127% and 0.24% U3O8). These two samples are from the zone of radioactive pegmatites discovered near the southeastern edge of claim 10493M.

The results from the three programs of lake sediment sampling of Anomaly Lake conducted by Altius and Monroe from September 2007 to July 2008 in tabular form are:



--------------------------------------------------------------------------
Sampling date Total samples High ppm U Low ppm U Average ppm U
--------------------------------------------------------------------------
Fall 2007 15 2,370 323 721
--------------------------------------------------------------------------
Winter 2008 21 2,290 261 578
--------------------------------------------------------------------------
11 (very
near shore,
most being
greater than or
Summer 2008 70 1,630 equal to 100 460
--------------------------------------------------------------------------
approximately approximately
Total 106 2,370 100 520
--------------------------------------------------------------------------


These lake sediment sample results for uranium are unusually high, being well over two orders of magnitude higher than the average uranium content of lake sediment samples within Labrador.

Discovery Consultants commenced fall fieldwork at Alexis River property on September 20 and demobilized from the field on October 12. The drilling and fieldwork comprised a four-person geological crew and a four-person drill crew, supported by a Bell 206L helicopter. During this period a total of 1,294.5 metres was drilled in five holes to test beneath Anomaly Lake. In brief, with respect to drilling highlights:

(a) Anomalous radioactivity ranges from 200 counts per second (cps, SRAT SPP2N scintillometer) up to locally 2,500 cps across narrow core lengths. In most cases anomalous radioactivity is associated with pegmatitic zones in core.

(b) There is a northwesterly trending structure or faulted zone extending along or near the axis of Anomaly Lake, with the northwestern portion being more 'altered'.

(c) Assay results from core include the following:



Hole AL0802:

0.754% U3O8 across 0.20 m from 58.90 to 59.10 m core length;
0.044% U3O8 across 5.00 m from 80.00 to 85.00 m core length; including
0.069% U3O8 across 2.00 m from 83.00 to 85.00 m core length

Hole AL0805:

0.034% U3O8 across 0.40 m from 16.70 to 17.10 m core length;
0.073% U3O8 across 0.25 m from 20.45 to 20.70 m core length;
0.041% U3O8 across 0.20 m from 21.00 to 21.20 m core length;
0.064% U3O8 across 0.30 m from 27.30 to 27.60 m core length;
0.065% U3O8 across 1.00 m from 76.00 to 77.00 m core length; and
0.188% U3O8 across 0.85 m from 197.70 to 198.55 m core length.


(d) As a result, these locally high grade, albeit narrow, drill intercepts may or may not explain the anomalous lake sediment results from Anomaly Lake.

Monroe concludes that the anomalous uranium in lake sediment at Anomaly Lake may be due to one or more causes, including the narrow, high grade drill intercepts that exist locally in bedrock beneath Anomaly Lake, the highly elevated uranium in rivulet waters at the northeast end of the lake, or from uranium-bearing subterranean ground waters which may discharge into the bottom of the lake. The Company is preparing a summary report documenting the 2008 fieldwork and drilling to facilitate discussion and deliberation on the future program at Alexis River.

Reg A. Olson, Ph.D., P. Geol., is the designated Qualified Person for Monroe on the Alexis River project.

Monroe is engaged in the assembly of a portfolio of uranium exploration projects. Its strategy is well defined: enhancing shareholder value by combining technical expertise, corporate development skills and professional management. Monroe's shares trade on the TSX Venture Exchange under the symbol MMX. For more information please visit www.monroeminerals.com.

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Forward-looking statements: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Monroe Minerals Inc.
    Derek J Moran
    President
    27 82 440 3426
    Website: www.monroeminerals.com
    or
    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 x228
    Email: robin@chfir.com