Target Exploration & Mining Corp.
TSX VENTURE : TEM
October 02, 2008 09:15 ET
Target Drills 0.075% eU3O8 Over 15.5 Feet on Bootheel Uranium Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2008) -
NOT FOR DISSEMINATION IN THE UNITED STATES
TARGET EXPLORATION AND MINING CORP. (TSX VENTURE:TEM) (the "Company") is pleased to announce final results from the 50,163 foot drill program on the Bootheel Property in uranium mining friendly Wyoming. Most of the recent holes were drilled outside of the existing historic resource areas and are highlighted by:
- 0.075% eU3O8(1) over 15.5 feet in hole 01-3069
- 0.050% eU3O8(1) over 23.5 feet in hole 01-3070
- 0.034% eU3O8(1) over 22.0 feet in hole 36-3083
Additional core holes were also drilled in historic resource areas and are highlighted by:
- 0.041% eU3O8(1) over 11.5 feet in hole 36-3002
Samples from the core holes have been sent to Hazen Research Inc. to be included in the ongoing metallurgical testwork and to ALS Chemex for chemical assaying. The historic equivalent grades and thicknesses appear to have been confirmed and the limits of the known mineralization have been expanded. An NI 43-101 Technical Report including the metallurgical testwork and equilibrium measurements is expected by year-end and will include a compliant resource estimate.
Probe highlights of all completed holes, including the exploration holes along with maps and sections showing the areas of drilling, can be found on the Company website at: http://www.target-mining.com/s/ShirleyBasin.asp.
(1)These grades are reported as equivalent uranium (eU3O8) as determined by downhole radiometric logging equipment. The logging was carried out by an independent contractor, Century Geophysical Corp. of Tulsa, Oklahoma using an S-3000 probe calibrated at the U.S. Department of Energy test facility in Casper Wyoming on June 3, 2008. Core samples from the mineralized zones in the twinned holes are being assayed by standard chemical analysis at an independent registered laboratory. This will allow the determination of the equilibrium status of the uranium in the samples, and thus refine future resource estimates. A comparison of the historical chemical assays and gamma logs concluded that the historical results are likely to be a reliable guide to the mineralization (Technical Report July 8, 2007, filed on SEDAR). Previous operators reported that based on six core holes, the eU3O8 values were 99.8 % of the chemical assays. Based on current knowledge, the mineralized intersections are considered to represent true widths.
The Bootheel Property, together with the, Buck Point Property, covers 10,500 acres within the Shirley Basin in southern Wyoming and makes up The Bootheel Project, LLC. The Company and Ur-Energy Inc., through a wholly owned subsidiary, are the members of The Bootheel Project, LLC. The Company is currently earning a 75% interest in the Project.
BC Properties Update
Target recently completed a nine hole, 1,123 meter drill program on the Bradshaw Property in British Columbia, Canada. The gold grades and thicknesses intersected are not considered to be of economic significance in this location and there is little room to expand the mineralized zones. A review of the data and a field examination of the Gunner Property determined that no further work was warranted on this property either. Both properties have been returned to the vendors.
Target is a growing uranium resource company with projects located in the US. Its flagship Project, Bootheel, is located in uranium mining friendly Wyoming and with its in-situ mining potential, Bootheel is designed for near term production. The Project is ventured with Ur-Energy, who bring with them additional management expertise to put Bootheel into production. The Target team is comprised of knowledgeable and experienced professionals with both exploration and mining backgrounds.
Stewart Wallis, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and is responsible for the technical information contained in this news release.
For more information on the Company and its properties, please visit the website at www.target-mining.com.
ON BEHALF OF THE BOARD
Mark J Morabito, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward looking information" that is based on the Company's current expectations, estimates, forecasts and predictions. This forward looking information includes, among other things, statements with respect to exploration, mineralization, business plans, outlook and intended use of proceeds. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward looking information.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the content of this News Release.