Nova Uranium Corporation
TSX VENTURE : NUC

Nova Uranium Corporation

May 23, 2006 17:19 ET

NOVA Confirms Uranium at Mont Laurier

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 23, 2006) - Nova Uranium (TSX VENTURE:NUC) is pleased to report that the first five drillholes on the Nova "B" Zone on its Mont Laurier property have confirmed the presence of uranium mineralization. The Phase One drill program is currently testing limited portions of the Nova "A" and "B" Zones with large diameter HQ drill holes. To date, a total of 3,038 metres of core have been drilled in 27 vertical holes. Historical estimates for the Nova "A" zone by Bomet Mines in 1979, based on core and rotary air blast drilling together with shallow bulk sampling, estimate that it contains 77 million pounds of U3O8 in 32.36 million tons of material grading 2.4 lb/ton (0.12%) U3O8 (i). No historical resource calculations are available for the Nova "B" zone.

Core logging and sampling of the first nine of thirteen holes drilled on the Nova "B" Zone and holes 15 through 18 on the Nova "A" Zone is complete. Samples from these holes have been forwarded to the laboratory for analyses. The first complete set of analytical results for an individual hole was received on May 12th, after which Nova has received an irregular stream of analytical results for the first five holes drilled on the Nova "B" Zone. Drilling of the Nova "A" Zone continues with fourteen holes now complete. No analytical results have been received to date from the Nova "A" Zone drilling.

The first five vertical holes on B Zone were drilled to depths ranging from 102 to 108 metres. Core samples were collected over the full length of each hole, except for a short 25-metre section in hole NV06-01. The following analytical results are highlights from the first four holes, individual values range from nil to 3.16 lbs/ton (0.16%) U3O8.



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Core
From To Width U308
Hole Zone (metres) (metres) (metres) lbs/ton (%) Host Rock
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NV06-01 B 0.45 2.62 2.17 1.49 (0.075) White Pegmatite
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NV06-02 B 88.96 91.82 2.86 0.63 (0.032) White Pegmatite
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B 100.34 102.00 1.66 0.67 (0.034) White Pegmatite
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NV06-03 B 28.65 29.65 1.00 0.99 (0.050) White Pegmatite
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B 82.54 83.16 0.62 0.56 (0.028) White Pegmatite
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NV06-04 B 97.62 98.48 0.86 0.92 (0.043) White Pegmatite
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Hole NV06-05 contains only weakly anomalous uranium values. Hole NV06-01 was collared in mineralization and hole NV06-02 ended in mineralization so the full thickness of mineralization in these two holes is not known. All rocks observed in core are very strongly metamorphosed and dip 10 to 35 degrees to the northwest. Combined scintillometer and analytical results from these first five holes indicates that disseminated uranium mineralization generally occurs in grey-white pegmatites. To date, drill logs indicate that these pegmatite bodies can be up to 32 metres thick.

The 13 drillholes on Nova "B" Zone test only about 15% of the radiometric anomaly associated with the Nova "B" Zone. Further work on the Nova "B" Zone will be considered on completion of the current program.

Nova has compared the analytical results for these five holes with geophysical scintillometer readings (measured in 'counts per second') collected from the core and now is confident that scintillometer readings can be used to better focus detailed geological logging and analytical sampling. In future only above background portions of core will be sampled and not the entire hole. The time taken to obtain results from both the field and the laboratory is therefore expected to decrease significantly in future.

Importantly, Nova has collected and examined the scintillometer readings for drill holes 1 to 10 (Nova "B" Zone) and 15 to 20 (Nova "A" Zone) and based on the comparison of analytical results and scintillometer readings from the first five holes, Nova offers the following information on the eleven holes for which scintillometer readings are available but no analytical results are available. In the Nova "B" Zone scintillometer readings collected from hole six report low to locally strong counts per second over the initial 34 metres while holes seven to ten report generally low values.

In the Nova "A" Zone scintillometer readings collected from holes sixteen to nineteen report moderate to locally very strong counts per second over widths varying from one to twenty-six metres. Hole eighteen stands out as the most noteworthy hole to date, where an interval of about 26 metres long (starting from surface) reports high counts per second. Scintillometer readings collected from holes fifteen and twenty report generally low values. Nova strongly cautions that scintillometer readings are only a rough guide as to the general tenor of uranium mineralization and are in no way a substitute for actual analytical data.

Based on results to date Nova has increased the number of holes drilled on the Nova "A" Zone. An additional six holes will be drilled north of the previously planned drilling.

Nova has received final maps for the combined property-wide Terraquest-Sanders airborne radiometric surveys. These combined geophysical surveys have successfully confirmed the location of surface uranium showings reported in historical documents and have also identified a number of new target areas. This new map will soon be available for viewing on the Nova website. Nova plans to use the new radiometric maps in combination with the detailed compilation of its extensive Mont Laurier Uranium Property's historical data set to focus on the follow up of the additional known 20 surface uranium showings on the property and to investigate airborne radiometric and ground geochemical anomalies. The goal is to prepare additional high priority targets for drill testing by early fall.

As mentioned in an earlier news release, the near-term priority targets include the following: Tom Dick North and South, JRB-4 Group, Rabbit, No.1 and No. 1 Extension, No.2, H-5 Zone, and the Seneca Group. Nova anticipates identifying additional priority targets as the field season progresses. Nova plans to commence its summer field season program by the middle of June.

Nova's primary target is a straightforward and safely mineable open pit bulk tonnage uranium deposit with good access and infrastructure in the mining friendly regulatory environment of south central Quebec, Canada.

Further information is available on the company's website www.novauranium.com.

ON BEHALF OF THE BOARD

Donald G. Moore, CEO, President and Director

(i) Mr. Michael Moore, PGeo is the qualified person who has reviewed the technical information contained in this news release on behalf of the Company. Calculations of Uranium resources at Nova "A" Zone are historical in nature, predate and are non-compliant with NI 43-101. Nova is not treating the historical estimate as current mineral resources or reserves. Nova has not undertaken any independent investigation of the resource estimate nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historical estimates should not be relied upon. However, Nova believes that these historical estimates provide a conceptual indication of the potential of the occurrence and are relevant to ongoing exploration.

Core samples were collected under the supervision of Mr. Hillar Pintson,P.Geo. HQ diameter core was cut in half and the samples shipped to SGS Canada Inc. in Toronto Ontario with the remaining half retained for reference. SGS is an ISO 9002 registered laboratory. The samples were prepared for analysis by fine crushing (75% passing a 2mm screen), then a 250 gram split was pulverized (85% passing a 75 micron screen), finally a 0.3 gram split was subjected to a high temperature four acid near total digestion. A 50-element ICP spectrometry analyses was conducted on the digested solution. All coarse rejects and sample pulps are currently stored at the SGS facilities.

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

Contact Information

  • Nova Uranium Corporation
    Donald G. Moore
    CEO, President and Director
    (604) 687-7178 or Toll Free: 1-800-398-5645
    www.novauranium.com