International Uranium Corporation
TSX : IUC

International Uranium Corporation

November 09, 2005 12:06 ET

International Uranium Corporation: Two New Uranium Zones Discovered at Moore Lake Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2005) - International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources Inc.; jointly the "Companies" are pleased to announce the discovery of two new uranium zones to the northeast of the Maverick Zone. These two new zones of unconformity-style uranium mineralization; the '527' zone and the '525' zone, were discovered along the same structural corridor that hosts the Maverick Main Zone. Please see attached map.

To view the attached map, please click on the following link: http://www.ccnmatthews.com/docs/iuc.pdf

Drillhole ML-527 returned a grade equivalent of 0.41% U3O8 over 6.6 metres, including a 1.0 metre interval of 1.1% eU3O8. This hole was collared 450 metres northeast of the Maverick high-grade discovery hole ML-25. This intersection compares well with that obtained in ML-03, the very first hole to intersect significant uranium mineralization in the Maverick Zone. Hole ML-525 which was collared 1400 metres to the northeast of the discovery hole ML-25 returned an assay of 0.226% U3O8 from a 4.5 metre interval of sandstone immediately above the unconformity.

Ron Hochstein, President of IUC, commented, "We are delighted with this news. The discovery of two new mineralized lenses along the Maverick corridor is a significant development as it greatly expands the size potential of the project. We look forward to following up on these new discoveries."

Complete geochemical results for holes ML-518 to 530 from the summer drill program at the Moore Lake project located in the Athabasca Basin of northern Saskatchewan have now been received. All 13 of these holes tested targets northeast of the Maverick Main Zone and are detailed below.

Maverick Northeast

Maverick Northeast is now referred to as the area up to 1,100 metres northeast of discovery hole ML-25.

Geochemical results have been received for an additional five holes (ML-521, 526, 527, 529 & 530) from this area. These holes followed up anomalous geochemical and geological results from earlier drilling.

The most significant results were obtained from hole ML-527 which returned a grade equivalent of 0.41% U3O8 over 6.6 metres, including a 1.0 metre intercept of 1.1% eU3O8. Due to poor core recovery the down-hole radiometric probe results have been reported. It is noteworthy that the core that was recovered and analysed returned highly anomalous levels of nickel and the major pathfinder elements (copper, lead, zinc, cobalt, arsenic, vanadium, boron and bismuth) that are common to the Maverick Main Zone and to unconformity uranium deposits in general. Also of note, is that these are similar grades to those intersected in ML-03 (0.442% eU3O8 over 9.2 metres) which was drilled in 2000, and the first indication of significant uranium mineralization on the Moore Lake project.

ML-527 was a follow-up to and drilled 10 metres north of ML-510. The intersection in ML-527 occurs in an 8 to 10 metre deep trough as evidenced by changes in unconformity elevations, and also occurs 50 metres southwest of a previously reported 5.0 metre interval in ML-501 that assayed 0.26% U3O8. The '527' zone will be a major focus of the 2006 winter drilling program.

ML-521 was a 40 metre stepout to the north of geochemically anomalous ML-69. It returned highly anomalous uranium and boron values from a strongly altered and structurally disrupted sandstone column. ML-526 was a 10 metre stepout to the north of the geochemically anomalous hanging wall hole ML-43. It returned highly anomalous uranium, boron and locally lead values from the basal 100 metres of a strongly altered and commonly illitic sandstone column. ML-526 was also a hanging wall hole.

ML-529 was collared 5 metres to the north of ML-511 which intersected basement mineralization assaying 0.403% U3O8 over 0.5 metres. ML-529 is also located 50 metres to the southwest of mineralized hole ML-527. The basal portion of the sandstone column and the strongly clay altered basement beneath the unconformity returned highly anomalous values of all of the major pathfinder elements including uranium.

ML-530 was collared 5 metres to the north of ML-74 and was designed to follow-up the weak basement-hosted mineralization (0.113% U3O8 over 2.5 metres) intersected in this hole. It returned anomalous uranium and zinc values throughout the sandstone column and strongly anomalous levels of the major pathfinder elements in the basal 100 metres of sandstone. Although no significant uranium mineralization was intersected the basement rocks beneath the unconformity were strongly enriched in uranium, nickel, lead and zinc.

Northeast Grid Extension

The northeast grid extension adjoins the Maverick Northeast grid and continues to a minimum of 2,500 metres to the northeast of discovery hole ML-25. This area is characterized by three geophysically interpreted, northeast trending subparallel conductors, that occur over a width of 450 metres. The most pronounced is the central conductor which has a minimum strike length of 1,300 metres.

Geochemical results have been received for an additional 6 holes (ML-518 to 520, 522, 525, 528) from this area. These holes for the most part represented broad stepouts along all three conductors.

The most significant results were obtained from ML-525 which tested the central conductor and returned 0.226% U3O8 over 4.5 metres. This mineralization occurs in the sandstone immediately above the unconformity and is accompanied by an enrichment in the major pathfinder elements. ML-525 is a hanging wall hole and intersected a broad, 30 metre wide package of altered graphitic pelites in the basement, followed by a radioactive pegmatite, that returned one metre of 0.129% U3O8.

ML-528 was collared 5 metres to the south of ML-525 testing for basement mineralization. ML-528 intersected 0.5 metres of weak mineralization (0.151% U3O8) at the unconformity, followed by 40 metres of altered graphitic pelites containing narrow intervals of radioactive pegmatites. Individual pegmatite samples returned anywhere from 100 to 700 ppm uranium over 0.5 metres.

Holes ML-519 tested the eastern conductor on section with and 100 metres east of ML-525 & 528. Although it failed to intersect the targeted conductor, it did intersect the down dip extension of the central conductor well below the unconformity, as well as primary uranium mineralization in unaltered pegmatites some 90 metres vertically beneath the unconformity. A 6.0 metre interval returned 0.028% U3O8.

ML-520 and 522 were broad 300 and 750 metre stepouts respectively, along the central conductor to the northeast of ML-525. ML-520 intersected 40 metres of sheared and altered graphitic pelites well below the unconformity as well as a 2.0 metre interval of primary mineralization (0.034% U3O8) in unaltered pegmatites. ML-522 intersected on the hanging wall side of the target. The graphitic pelites which begin some 35 metres beneath the unconformity returned anomalous levels of copper, nickel, molybdenum and vanadium.

ML-518 tested the western conductor and also intersected well onto the hanging wall side of the target. It returned weakly anomalous uranium values from the basal 70 metres of the sandstone column.

The Northeast grid extension is clearly an area that geochemically is highly anomalous. Infill drilling and follow-up of the '525' zone will be a major focus of the 2006 winter drilling program.

Seismic Targets

Two holes (ML-523 & 524) comprising 833 metres were collared approximately 900 metres south of the Maverick Main Zone and tested structures interpreted from this past winters' seismic survey. Although the sandstone column in both was largely background, structural disruption and alteration was intersected in the basement of both holes; most noticeably in the basement rocks of ML-524 which also returned anomalous boron values.

Additional ground geophysical programs will be carried out in this area during the 2006 winter program, to better define the targets.

Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon. Further results will be released once they have been received and interpreted.

IUC's Director, Exploration, Paul Ogryzlo, P.Geo., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news release.

IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and a fully permitted 2,000 ton per day uranium/vanadium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal. In addition, the Company is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia and Russia.

Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks.

Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this release. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.

ON BEHALF OF THE BOARD

Ron F. Hochstein, President


Contact Information

  • International Uranium Corporation
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    www.intluranium.com