Vancouver, B.C. January 06, 2010 - Formation Metals Inc. (the "Company", FCO-TSX,) is pleased to provide its shareholders with an update on its Virgin River Uranium Project, as provided to the Company by project operator, Cameco Corporation. Located within the south-central portion of the Athabasca Basin in northern Saskatchewan, the project is a joint venture formed in 1998 between Formation Metals' wholly owned Canadian subsidiary, Coronation Mines Limited, Cameco Corporation and by AREVA Resources Canada Inc. Coronation Mines Limited owns 2% of the project with a right to increase its ownership of the project up to 10% under certain circumstances.
A total of 7,742.1 m were diamond drilled in 2009. The 2009 program was broken out into two phases, the winter drill program initiated in early 2009 and reported on in the Company's News release dated September 25, 2009, and the summer drill program that extended into the fall.
The highlight of the 2009 winter diamond drilling program was the broad zone of mineralization intersected in DDH VR-031W3 which returned a 0.1% grade-cutoff result of 8.73% U3O8 over 33.9 m = 295.9 Grade Thickness (grade thickness = GT= metres multiplied by % U308). This value is the highest interval attained on the project to date.
The highlight of the summer diamond drilling program, tabulated below, was the continuation of the broad zone of mineralization intersected on L10+50N with follow-up wedge holes DDH VR-031W4 (7.08% U3O8 over 12.0 m = 85.0 GT) and DDH VR-031W5 (4.58% U3O8 over 14.4 m = 66.0 GT). Mineralization has now been traced over a minimum width of 52.5 m on L10+50N and remains open to the west. A significant intercept was also intersected on L10+00N with wedge hole DDH VR-038W2 which returned 3.96% U3O8 over 20.2 m = 80.0 GT.
No comments:
Post a Comment