Bonaventure Enterprises Inc.

March 04, 2008 09:15 ET

Bonaventure Launches Winter Drill Campaign At K9

Drilling three (3) near surface targets for bulk uranium potential using Rossing- type exploration model

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2008) - BONAVENTURE ENTERPRISES INC. (TSX VENTURE:BVT)(FRANKFURT:YQG) is pleased to announce the start of its 2008 winter drilling program at the Company's flagship 161.5 km2 K9 Uranium Property ("K9") in the James Bay Mining District. Three high-priority and near surface uranium targets have been selected for drilling over the next several months, utilizing two core drill rigs.

Drill Targeting

Specific drill targeting utilized the available database from 2007 and earlier incorporating airborne magnetic, electromagnetic and radiometrics, high resolution ground spectrometer surveys, geologic mapping, blasted bedrock surface sampling and assaying, and modeling of the combined geophysics, geology and geochemistry. Work in 2007 outlined a primary, near surface uranium corridor some 7 km in length and averaging 675 m in width, within a 30 km long secondary uranium regional lake-bottom sediment anomaly. Key highlights from the uranium corridor are (refer to news releases in 2007 dated October 1, October 16 and November 12, and February 20, 2008):

- the equivalent uranium assays (or eU3O8) averaged 0.05% eU3O8 within a range of trace eU3O8 to 0.44% eU3O8;

- the 94 individual bedrock surface samples averaged 11,361 counts per second (or cps) in total radioactivity, within a range of 2,400 cps to 49,800 cps; whereas, the equivalent uranium assays averaged 0.12% eU3O8 within a range of 0.01% eU3O8 to 1.09% eU3O8; and

- the 91 of 94 bedrock samples chemically assayed averaged 0.14% U3O8 (2.80 lbs/ton U3O8) within a range of 0.01% U3O8 (0.20 lbs/ton U3O8) to 0.89% U3O8 (17.80 lbs/ton U3O8).

Uranium is present as disseminated uraninite within paragneisses, pegmatites and granites along a series of NW-SE hills averaging more than 65 m in height. Exploration to date indicates a significant two-dimensional uranium system covering 5.25 km2 in the near-vertical dipping lithologies. The uranium system is open laterally and at depth. The planned 20,000 m drill campaign in 2008 will be instrumental in determining the overall three-dimensional size of the uranium system. Drilling will initially cover the central portion of the uranium corridor along a 2.5 km strike length. The initial footage planned is about 10,000 m.

K9 is being explored for Rossing-type uranium. The Rossing Uranium Deposit (in Namibia, SW Africa) is a very large low grade, essentially mono-mineralic uranium deposit (with associated thorium) that is mined as a large-scale open-pit operation. The principal exploration target is multiple uranium-bearing pegmatites in gneisses. Individual pegmatites may range upwards of 30 m in thickness and mining volume is usually created by the emplacement of many pegmatites in close proximity as is the case at Rossing. This type of mineralization generally shows kilometric airborne radiometric anomalies for uranium and thorium similar to what is found at K9.

At Rossing, average background uranium levels tend to be less than 0.0005% (0.01 lbs/ton) U3O8. Uranium levels in the pegmatites are 25 times background between 0.0075% (0.15 lbs/ton) to 0.01% (0.20 lbs/ton) U3O8 and are indicative of Rossing-type mineralization. The Rossing Deposit average grade is around 0.032% (0.64 lbs/ton) U3O8, or approximately 100 times background values. In addition there are several core areas of higher uranium grade found with abundant pegmatites. At current uranium prices, it is conceivable that the Rossing Deposit can be economically mined at a grade as low as 0.008% (0.16 lbs/ton) U3O8 or approximately 25 times background values. The Rossing Deposit began operating in the late 1970's with a reserve of 300 million tonnes grading 0.025% (0.50 lbs/ton) U3O8.

The drill program is being operated out of Bonaventure's winterized K9 camp, with on-site program management and work execution done by Uranium Logging and Consulting (of Delaware, USA), Consul-Teck (of Val-d'Or, Quebec) and Minexco (of Montreal, Quebec). The drilling contractor is NQ Drilling (of Montreal). Federal Equipment (Komatsu Val-d'Or branch), Panorama Helicopters (of Alma, Quebec) and Nordair (of Radisson, Quebec) will be service providers for Bonaventure during 2008.

Mr. Jean Lafleur, P. Geo., Bonaventure's President & CEO, and a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information contained in this release.

About Bonaventure Enterprises

Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX Venture Exchange and YQG on the Frankfurt Stock Exchange. In Nevada, the Company holds 100% of the mineral exploration properties including Goldfield, Cottonwood, Jet and Northern Lights. The Company also has an option agreement with U.S. Gold Corporation (TSX:UXG) to acquire up to 60% interest in the New Pass (Eureka) and Squaw Creek (Carlin Trend) Properties. Bonaventure also has uranium, poly-metallic and diamond assets in the Athabasca Basin, uranium properties in the James Bay and North Shore regions of Quebec. Bonaventure is focused on the creation of shareholder value and building a first-tier company through the acquisition and development of large projects demonstrating the ability to host World-Class mineral deposits. Please visit the Bonaventure Enterprises website at


Jean Lafleur, P. Geo., President and CEO

This news release may contain forward-looking statements reflecting the Company's objectives, estimates, expectations and the impact of acquisitions on the Company's financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from the Company's projections or expectations.

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

Contact Information

  • Bonaventure Enterprises Inc.
    Jean Lafleur, P. Geo.
    President and CEO
    (514) 975-3633
    First Canadian Capital
    Daniel Boase
    ParaDox Public Relations
    Carl Desjardins