Twenty-Seven Capital Corp.

Twenty-Seven Capital Corp.

October 13, 2005 10:58 ET

Twenty-Seven Capital Corp: Major Drill Program Announced for Lumina and Igor Properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2005) - Robert C. Carne, President of Twenty-Seven Capital Corp. (TSX VENTURE:TSC) is pleased to announce that a 6000 m drill program will commence immediately to follow up positive results from 2005 exploration at the Company's Lumina and Igor properties in the Wernecke Mountains of east-central Yukon Territory. The drill program is being funded by Cash Minerals Ltd. (TSX-V:CHX) under the terms of option agreements which allow Cash to earn a 50% interest in the properties by making cash payments totalling $250,000 and exploration expenditures totalling $3,000,000 by December 6, 2007. Very encouraging drill results from summer 2005 drilling at Igor were previously reported (September 7, 2005). Results of recent sampling and radiometric prospecting at the Lumina uranium property are also very positive, as summarized in the following paragraphs. The first stage of the winter 2005-2006 drill program will begin at Lumina.

The Lumina mineralization is hosted by Early to Mid Proterozoic sedimentary rocks lying immediately south and west of a regional scale unconformity. The uranium occurs in talus and glacially dispersed boulders throughout the approximately 20 sq km property. Most of the mineralization consists of sooty to compact pitchblende filling fractures and vein breccias. Brannerite is also present in a few areas and yellow secondary uranium minerals coats some weathered surfaces. Although the uranium mineralization is structurally controlled, its relatively young age (approximately 510 ma) and proximity to the discordant younger rocks suggests it is probably unconformity related.

The two best known showings (Jack Flash and Ram) are located about 4.5 km apart. Most of the area between the showings is blanketed by ice, glacial debris, talus and/or fluvial material. The majority of the other uranium rich float occurrences have not yet been traced to bedrock.

The Jack Flash Showing is marked by strongly radioactive boulders that occur in a 1.4 km long, approximately 100 m wide train sitting atop a glacier. The boulders are sourcing from fracture zones and veins developed along faults cutting the headwall and western side of the cirque containing the glacier (see In August 2005, helicopter prospecting identified a highly radioactive zone on the cirque headwall, which was previously covered by ice. This zone appears to be several metres thick but could not be mapped in detail because it is on a cliff. The exposed mineralization and its downdip extensions can be easily drilled from the other side of the mountain with relatively short holes.

In order to better determine the probable grade of the mineralization derived from this zone and other zones that may be contributing to the glacial float train, samples have been taken from 31 boulders in the train. The boulders were selected so that they represented various colours and textures commonly observed in the radioactive material. They exhibited a complete range of radioactivity. At each sample site, the boulders were broken into numerous fragments and the sample was then collected to include several fragments without radiometric sorting or colour bias.

Previous workers who studied this float train estimated that highly radioactive boulders comprise approximately 0.1% of all rock over the entire length and width of the train. Chemical assays of the samples collected in 2005 and by previous owners yielded values ranging from 0.025 to 7.67% (0.5 to 153.4 lb/ton) U3O8 with 25 of the 31 values exceeding 0.35 (7.0 lb/ton) U3O8. The arithmetic average of these 25 samples is 1.49% (29.8 lb/ton) U3O8. There is little variation in the character or relative abundance of the radioactive boulders in different parts of the float train.

The Ram Showing is situated in a narrow creek canyon that cuts through glacial material and talus blanketing the floor of a 600 to 800 m wide valley. The showing was discovered by boulder prospecting and consists of two trenches dug about 50 m apart. Previous workers report that a chip sample across a pitchblende bearing vein exposed in one trench assayed 0.910%
(18.2 lb/ton) U3O8 across 2 m and that a similar sample in the other trench graded 0.615% (12.3 lb/ton) U3O8 across 1 m. These trenches did not fully expose the width of the vein and it is open along strike in both directions under overburden.

Neither of the main showings has been drill tested and little work has been done to follow up other areas of radioactive float discovered on the property. The last major exploration was done at Lumina about 25 years ago and since that time much of the snow and ice has melted. This will greatly assist future exploration.

Cash Minerals has just announced a major exploration program at Lumina for winter 2005-2006, which will include multiple diamond drill holes to follow up the encouraging 2005 drill results from Igor and to test the Jack Flash and Ram Showings at Lumina.

The 2005 programs on the Lumina and Igor properties was conducted by Archer, Cathro & Associates (1981) Limited under the supervision of W.A. Wengzynowski, P.Eng. who is the qualified person for NI43-101 purposes. All analyses were conducted at ALS Chemex in North Vancouver or the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon.


Per: Robert C. Carne, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this news release.

Contact Information

  • Twenty-Seven Capital Corp
    Graham Downs
    (604) 688-2568 or 1-800-598-4155