Virginia Energy Resources Inc.
TSX VENTURE : VAE

Virginia Energy Resources Inc.

September 21, 2009 10:58 ET

Virginia Energy Reports High-Grade Uranium Results from Lac Tion and Lorenz Gully Prospects, Otish Basin, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2009) - Virginia Energy Resources Inc. (TSX VENTURE:VAE) is pleased to announce initial exploration results from its recently completed 7-week, $800,000 uranium exploration program in the Otish Basin of north-central Quebec. Assay results from two uranium prospects are reported here.

The majority of Virginia's 2009 program was directed towards defining drill targets on four properties under option from Xemplar Energy Corporation (see property map on Virginia website: http://www.santoy.ca/i/maps/2009-09-15_OtishBasin.gif). Field work included the recovery and re-sampling of historic drill core, outcrop stripping and sampling and detailed ground surveys over several prospects. The majority of analytical results are pending; however, positive preliminary results have been received for the Lac Tion and Lorenz Gully prospects.

At the Lac Tion prospect on the Peribonka property, 2009 field work was directed at re-locating high-grade boulders and collars for holes drilled by Seru Nucleaire in 1984. Two boulder trains, one 165 m long and the other 100 m long, contain highly radioactive, friable and angular, gabbro/diabase boulders 5-40 cm in diameter with hematite-carbonate-quartz alteration and pitchblende, yellow uranium oxide and malachite mineralization. Seru reported discovery of some 60 boulders in these two trains with values up to 44,000 ppm U (5.19% U3O8). Winkie hole OEWY-209 at the head of the western train is reported to have intersected 1 metre grading 5050 ppm U (0.596% U3O8) between 5.25 and 6.25 m depth. Sampling of boulders by Virginia in 2008 yielded assays of up to 0.94% U3O8 by fusion XRF (see May 11, 2009 News Release).

2009 work consisted of a detailed soil and magnetometer survey over the prospect, re-sampling of core from two drill holes (results pending), prospecting, and collection of boulder grab samples. Assay results for five boulders have been received confirming the presence of very high uranium values (see table below). Note that three samples were re-assayed using titrametric analysis, which is a more accurate method for high-grade material. Remaining results will be released as they become available.



2009 Lac Tion Boulder Grab Samples
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Assay (ppm U3O8) Assay (% U3O8)
Sample # (four-acid digestion, fluorimetry) (titrametric)

2654 76,649 5.47
2655 38,996 3.08
2656 1276
2676 3079
2677 39,171 3.59


The Lorenz Gully prospect occurs on the Lorenz property, which straddles the unconformity along the northwest margin of the Otish Basin. Prospecting in 2009 was undertaken to further investigate float and bedrock values of up to 0.998% U3O8 from limited work in 2008 (see News Release of May 11, 2009). The prospect was discovered by Uranerz Exploration and Mining Ltd., which drilled 35 holes in this area in 1978-1979. Uranerz reported numerous mineralized intersections including 0.5 m grading 1.87% U3O8 and 3.0 m grading 1171 ppm U3O8.

Work by Virginia crews in 2009 identified a 120 m wide by 450 m long mineralized zone trending southwesterly from the area of Uranerz drilling, and oriented sub-parallel with the Otish basin unconformity which is located some 300 m away to the southeast. The mineralization has been found in bedrock and angular boulders and consists of a stockwork of narrow, radioactive hematitic fractures and carbonate-barite veinlets hosted by massive and schistose greenstone. No previous drill holes are present over the southern 350 m of this zone, although there are a few small historic pits. Uranerz reports suggest that the mineralized trend extends further to the northeast within the Lorenz property, and for at least 350 m in a southwesterly direction onto the adjacent Strategis property, recently acquired by Virginia (see September 16, 2009 News Release). A two-week follow-up program is now underway on the Strategis property.

Assay results have been received for 18 boulder and bedrock grab samples from the 450 m long Lorenz Gully and LG Southwest zone, yielding an average of 3926 ppm U3O8 (see table below). In addition, results are pending for 44 representative channel samples, 9 chip samples and several additional grab samples.



2009 LG Trend Grab Samples
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Number of Range of assay values Average assay value
Sample Type samples (ppm U3O8) (ppm U3O8)
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Bedrock grab 3 65.6 - 9099 3812
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Boulders 15 463.4 - 9100 3949
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Sample Security & Quality Control

Virginia employs a strict program of sample security and quality control, including the use of blanks, certified standards and duplicates. Loring Laboratories Ltd. of Calgary, Alberta completed all analyses reported here. Rock samples are analyzed for a multi-element suite of elements by the ICP-MS method following a single acid digestion. Uranium assays are completed by the fluorimetric method following a four-acid digestion. Samples with greater than 10,000 ppm U3O8 are re-assayed by titrametric analysis. Rocks are also assayed for gold by 30-gram fire assay with atomic absorption finish. Selected samples are also re-assayed for gold and uranium at Eco Tech Laboratory Ltd. (Stewart Group) of Kamloops, British Columbia.

The technical information in this news release has been reviewed and prepared by Michael S. Cathro, P.Geo., Virginia's Vice President of Exploration and a Qualified Person as defined in National Instrument 43-101.

On Behalf of the Board of Directors

VIRGINIA ENERGY RESOURCES INC.

Norman Reynolds, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Virginia Energy Resources Inc.
    Norman Reynolds
    President
    (604) 669-4799
    or
    Virginia Energy Resources Inc.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799
    www.virginiaenergyresources.com