LEXAM EXPLORATIONS INC.
TSX VENTURE : LEX
PINK SHEETS : LEXEF
FRANKFURT : D2Q
September 10, 2008 10:14 ET
Otish Uranium Exploration Results
Near Surface Uranium Mineralization Intersected 0.28% Uranium Over 2.1 m, Including 0.34% Uranium Over 1.4 m
TORONTO, ONTARIO--(Marketwire - Sept. 10, 2008) - LEXAM EXPLORATIONS INC. (TSX VENTURE:LEX)(PINK SHEETS:LEXEF)(FRANKFURT:D2Q) and its partner, Golden Valley Mines (TSX VENTURE:GZZ), are pleased to announce that initial results from their core drilling program have successfully intersected encouraging near surface uranium mineralization. Results include 0.28% Uranium over 2.1 m (6.9 ft), including 0.34% Uranium over 1.4 meters (4.6 ft), at the Otish Uranium Project in north-central, Quebec, Canada.
Assays below represent approximately 10% of the planned 4,000 meter (13,120 ft) drill program that will be completed in 2008. To date drilling has confirmed and expanded the historical mineralization that was originally discovered in 1979. Exploration has focused on two separate zones along an inferred strike length of 2.4 km (1.5 miles).
NORTH ZONE (Takwa Zone)
The first set of core holes focused on the North Zone (Takwa Zone) where historical results were reported to reach up to 0.1040% U3O8. Highlights from the initial holes are stated below:
Holes # From (m) To (m) Width (m) U Grade(%)
GT-08-02 8.3 10.4 2.1 0.28
Including 8.3 9.7 1.4 0.34
GT-08-10 25.9 27.3 1.4 0.09
Holes # From (ft) To (ft) Width (ft) U Grade(%)
GT-08-02 27.2 34.1 6.9 0.28
Including 27.2 31.8 4.6 0.34
GT-08-10 85.0 89.5 4.6 0.09
Drill Hole GT-08-02 is important because when compiled with historical results it illustrates that the grades and widths are increasing as drilling proceeds west of the known zone. The uranium mineralization from this hole is also shallow, located just 8.3 meters (27.2 ft) below surface. Drilling further to the west is currently planned.
Hole GT-08-10 was drilled 575 meters (1,885 ft) south of the mineralization described above. This may be an extension of the North Zone, helping support the interpretation that the 2.4 km (1.5 miles) of strike is highly mineralized or it may be part of a newly discovered zone. The mineralization in this area remains open in every direction.
SOUTH ZONE (Riviere Cheno Ouest)
Drilling in the South Zone (Riviere Cheno Ouest) successfully confirmed the presence of uranium mineralization. Previous exploration in this area indicates that the mineralization is higher grade and more extensive than in the North Zone. Ongoing exploration is designed to expand the mineralization and help determine if the North and South Zones connect. Highlights from the first two holes are below:
Holes # From (m) To (m) Width (m) U Grade(%)
GRCO-08-01 18.4 20.3 2.0 0.12
Including 19.8 20.3 0.6 0.29
GRCO-08-02 18.1 19.2 1.0 0.12
Including 18.4 19.0 0.6 0.16
Holes # From To (ft) Width U Grade(%)
GRCO-08-01 60.4 66.6 6.6 0.12
Including 64.9 66.6 2.0 0.29
GRCO-08-02 59.4 63.0 3.3 0.12
Including 60.4 62.3 2.0 0.16
Lexam is pleased with the initial results from its Otish Uranium Project, as they indicate the mineralization has excellent potential to grow in size, in addition to being near surface.
Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario, for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICP-OES) is performed as well on all samples.
Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.
Lexam Explorations is a North American based energy exploration company. The company is advancing the Baca Oil & Gas Project located in south-central Colorado, USA, which is 75% owned by Lexam and 25% by ConocoPhillips and has an option to earn 50% interest in Golden Valley Mines' Otish Basin uranium project located in Quebec, Canada.
Some of the statements contained in this release are "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: ability to raise financing for further exploration and development activities; risks relating to estimates of reserves, deposits and production costs; extraction and development risks; the risk of commodity price fluctuations; political, regulatory and environmental risks; and other risks and uncertainties in the reports and disclosure documents filed by Lexam from time-to-time with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.