International Enexco Limited

International Enexco Limited

December 12, 2007 09:00 ET

International Enexco Limited: Mann Lake 2007 Drill Program Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - International Enexco Ltd. (TSX VENTURE:IEC) ("Enexco" or the "Company") is pleased to announce that the 2007 drill program on the Mann Lake high-grade uranium project in the Athabasca Basin, Saskatchewan has been completed. The Mann Lake project is a joint venture between Cameco Corp. (35%), who is the operator, UEM Inc. (35%) and Enexco (30%). The property, which lies between Cameco's McArthur River and Key Lake uranium mines, is located 20 km northeast of Cameco's Millenium uranium deposit.

The 2007 drill program was designed to drill 7 to 8 holes, focused in the area around line 29+00N, targeting the 2004-2005 IP resistivity low and the 2006 TEM conductor axes and following up the mineralization intersection in MN-013 that successfully encountered high grade uranium of 7.12% U3O8 over 0.25m and 5.53% U308 over 0.4m in the basement and within 12m beneath the unconformity.

The 2007 summer drill program was completed on September 24, 2007. Partial assay results from the program have been received and are outlined herein; some of the results are still pending, and will hopefully become available by the end of December. The summer drill program successfully completed 6 of 7 diamond drill holes. Total drilling on the project for the year was 8 holes for a total of 4,970 metres.

Results of the first hole, MN-015, drilled 50m east of MN-013/014 to a depth of 674m, was reported in a previous Enexco news releases dated May 28, 2007, and June 26, 2007. It was designed to test the down-dip extension of mineralization and structures cut in MN-013 and it hit anomalous radioactivity at a depth of 516.6m in faulted basement pelite 22m beneath the unconformity surface. The radioactive mineralization at 516.6m depth contains 0.35m of 0.26% U3O8.

MN-016 was collared 108m east of hole MN-015 to test the eastern extension and downward extension of the structures and weak mineralization intersected in MN-015, and the Eastern Conductor interpreted from the 2006 stepwise moving loop TEM survey. MN-015 and MN-016 intersected the hanging wall to the conductor whereas MN-013 and MN-014 were in the footwall. MN-016 intersected the unconformity surface at 505.9m, only 3m higher than in MN-015, and encountered weak mineralization in two intervals in the basement. The first interval from 611.8 to 612.1m contained 0.3m of 0.236% U3O8 in chloritized pelite section, probably representing the down dip extension of the mineralization in 516.6 to 516.95m interval in hole MN-015 (0.26% U3O8 over 0.35m). The second anomalous interval from 625.6 to 625.8m in a moderately hematitized pegmatite returned 0.028% U3O8 over 0.3m.

Holes MN-017 and MN-018 were collared 70m north of line 29+00 N to test the strike extension of the mineralization intersected in MN-013. Hole MN-017 intersected the unconformity at 508.0m 9.1m higher than in MN-013. MN-018 intersected the unconformity at 565.8m, 42 m lower than in MN-017. No anomalous radioactivity was intersected in these holes.

Holes MN-019 and MN-020 were collared 50m south of the 29+00 drill fence (MN-013-014-015-016) to test the south extension of mineralization in hole MN-013. MN-019 intersected the unconformity at 542.6m and hit a hematitized structure in bleached pelite from 546.7 to 547.1m that returned 1.3% U3O8 over 0.4m. Hole MN-020 intersected the unconformity at 497.5m and hit 0.5m of weak mineralization from 510.4 to 510.9m, which returned a grade of 0.232% U3O8 over 0.5m, in a strongly chloritized and faulted garnetite/pelite unit 5m below the unconformity.

Basement geology of the MN-19-020 fence is almost identical to that of the 29N fence, with stronger structures in the steeply dipping hanging wall (MN-015, MN-016 and MN-020) but better mineralization in the footwall (MN-013 and MN-019) in flat lying and bleached pelite. Neither fence has tested the potential dilation area where the flat foliation in the footwall changes to almost vertical in the hanging wall. Hole MN-020A, a wedge upward off MN-020, was designed to test this area but was abandoned after three wedges due to the difficulties in setting up the wedges.

Hole MN-021 was collared 120m south of MN-019/020 to test the south extension of the mineralization in MN-013 and MN-019. It intersected the unconformity at 585.0m and encountered no anomalous radioactivity.

There remains a multitude of untested drill targets on the Mann Lake Property, including the area of potential dilation between the footwall and hanging wall mentioned previously. Also targets are in the center of an IP resistivity low west of MN-013 and the Western Conductor as interpreted from the 2005-2006 TEM surveys. Other untested targets, further north on the property, include Line 50 across the main C trend near a 3-hole fence drilled in 1989. All three holes in this fence encountered an envelope of uranium enrichment in the basal Athabasca sandstone - 283m @ 1.76ppm partial uranium in hole MN-05, 130m @ 1.48ppm partial uranium (excluding 11.3m @144ppm partial uranium immediately above the unconformity) in hole MN-07, and 134m @ 3.08ppm partial uranium in MN-08. The zone also contains favorable boron anomalies with more than 500ppm B occurring over 25% of the sandstone column. This uranium-in-sandstone anomaly is open over a 100m cross-strike section of the C conductor. Variation in unconformity elevation across this fence indicates an approximately 70m post-Athabasca displacement of the unconformity between holes MN-05 and MN-08.

There are also several untested targets further south on the property. In 2002, holes MN-11 and MN-12, drilled near historical hole MN-10, intersected favorably altered and structured sandstone and strongly graphitic basement stratigraphy. Hole MN-11 encountered an extensive uranium and boron anomaly, with weighted averages of 0.86 ppm uranium partial and 426 ppm boron over the entire 557.2m-thick sandstone column. Hole MN-12 intersected significant faulting in the basement and documented a 106m offset in the unconformity surface from historical hole MN-06, 600m away.

The Mann Lake Project remains a high priority property for Cameco Corp. and its alliance partners. An additional geophysical survey is planned by Cameco across the center of the boron and uranium anomaly in the northern part of the C conductor trend before year end, depending on availability of contractor services. The purpose of this survey will be to better define the conductor traces and provide drill targets for future drill programs in this part of the conductor trend.

International Enexco and Cameco Corp. will be meeting in the new year to discuss and outline an upcoming phase three drill program at Mann Lake. Due to industry shortages in securing experienced drill crews Cameco Corp. stated that phase three drilling will likely be postponed by up to 12 months. Data from the geophysical survey will assist Cameco Corp. in outlining the next phase of drilling at Mann Lake. The proposed Stepwise Moving Loop EM profile will be conducted by the end of 2007 or early 2008 in conjunction with similar programs in adjacent locations at Mann Lake.

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


Enexco is a Canadian based advanced exploration company headquartered in Vancouver, B.C. In addition to its 100% owned Contact Pre-Production Copper-Silver Resource Property, the Company also has a strategic alliance with Cameco Corporation (35%), UEM Inc. (35%) and Enexco (30%) to jointly develop the Mann Lake Uranium Project located in the prolific Athabasca Basin in Saskatchewan. Cameco is the operator of the Mann Lake Uranium Project.

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

Contact Information

  • International Enexco Limited
    G. Arnold Armstrong
    (604) 683-7361
    (604) 662-3231 (FAX)