Long Harbour Exploration Corp.

July 14, 2011 14:51 ET

Long Harbour Completes Acquisition of 2Z Lake and Madison Properties in the Eastern Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2011) - Long Harbour Exploration Corp. (TSX VENTURE:LHC) (the "Company") reports that it has completed the acquisition of a 100% interest in the 2Z Lake ("2Z") and the Madison ("Madison") properties located in the eastern Athabasca Basin in northern Saskatchewan, which were announced in the Company's news releases of May 16 and June 7, 2011.

2Z and Madison are comprised of 5 claims covering 1,701 hectares and border properties owned by Hathor Exploration, Denison Mines, and UEX Corporation. Madison is between, and within approximately 10 kilometers of, UEX's Horseshoe and Raven deposits to the northeast and their West Bear deposit to the southwest. Hathor's Milliken Creek project is beside 2Z on the west and is situated approximately 26 km south-southeast from the richest uranium mine development project in the world, the Cigar Lake ore body.

2Z and Madison, as well as the above-mentioned UEX deposits, are underlain by flat- to shallow-dipping Late Proterozoic Athabasca Group sandstone that unconformably overlies highly deformed metasedimentary and granitic basement rocks of the trans-Hudson orogeny. The properties straddle the roughly northeast-trending gradational contact between the Mudjatik Domain of the trans-Hudson orogeny to the northwest and the Wollaston Domain to the southeast.

2Z and Madison are located at the southwestern end of a long and major northeast to east-northeast trending EM conductor (at least 20 km) that continues northeast on to UEX's neighbouring Hidden Bay Project. The Hidden Bay Project is currently comprised of three deposits, namely the Horseshoe, Raven and West Bear deposits. A preliminary assessment technical report dated February 25, 2011 prepared by SRK Consulting (Canada) is available on the Sedar website under UEX's profile.

Historic work on 2Z, when operated by Noranda Exploration in 1979, included geophysical studies and a diamond drill program, which identified the presence of a conductor, alteration, and mineralization that is unconformity related. The twenty hole 2,000 meter drill program sights several drill holes encountering values of over 500 ppm, and one of twenty drill holes encountering a maximum value of 800 ppm over a 30cm interval.

Basement-hosted uranium has yet to be tested on the 2Z or Madison properties. The Company expects future work programs to be modeled on recent basement hosted discoveries such as Hathor's Roughrider deposit and Cameco's Millennium deposit. Cameco's Millennium deposit contains an indicated resource of 508 thousand tonnes grading 4.55% equalling 50.9 million pounds of U3O8. In its news releases of November 29, 2010 and May 17, 2010, Hathor reported that its Roughrider deposit contains an inferred resource estimate of 161 thousand tonnes grading 11.43% equaling 40.7 million pounds U3O8, and an indicated resource of 394 thousand tonnes grading 1.98% equaling 17.2 million pounds U3O8.

"2Z and Madison place us in the centre of a mining district that hosts the largest high-grade uranium deposits in the world. The reports of an unconformity-related EM conductor, alteration and mineralization already discovered on 2Z provide encouragement that these properties are highly prospective for discovery of significant basement-hosted uranium mineralization similar to the nearby Hathor and UEX deposits," said Geoff Lee, Long Harbour's CEO. "We plan to model our work programs on these properties similarly to those used to discover the sizable and high-grade uranium deposits of our neighbours such as UEX and Hathor."

The technical information in this news release was reviewed by Dr. Kent Ausburn, P.Geo., a director of the Company and a Qualified Person as defined in NI 43-101. The Company has not verified the information contained in the technical report and news releases of third parties referred to in this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Senergy Communications Inc.
    Anthony Zelen
    Investor Relations

    Long Harbour Exploration Corp.
    Geoff Lee
    604-648-2201 (FAX)