Cue Resources Ltd. Files an Updated Technical Report Showing Increased Average Grade and Resource at the Yuty Uranium Project
August 26 2011 - 8:00AM
Marketwired
Cue Resources Ltd. (TSX VENTURE: CUE) -
Highlights:
23% grade increase for Indicated and Measured Resource
7% increase in metal content for Indicated and Measured Resource
Inferred Resource increased 86%
Cue Resources Ltd. ("Cue" or the "Company") has filed on SEDAR a
NI43-101 compliant Updated Technical Report showing a significant
increase to the Mineral Resources at the Company's Yuty Project
(San Antonio Zone) located near Yuty, Paraguay. Compared to
previous estimates, the grade of the Measured and Indicated
Resource has increased by 23%, and the metal content in these
categories has increased by 7%. As well, the metal content of the
Inferred Resource has almost doubled.
The classification of the Mineral Resource is based on the
spread in confidence around the 90% confidence limit. The current
Mineral Resource estimate includes resources in the categories of
Measured, Indicated and Inferred, as follows:
---------------------------------------------------------------------------
Mineral Grade eU3O8 Percent Percent
Resource Tonnes eU3O8 (million Increase Increase
Category (million) (%) lbs) Grade lbs
-------------------------------------------------------------
11 July 2011 Measured 2.054 0.062 2.801
Indicated 5.783 0.048 6.113
Measured +
Indicated 7.837 0.052 8.914 23% 7%
Inferred 2.139 0.047 2.226 -4% 86%
---------------------------------------------------------------------------
Notes
1. Tonnes and element lbs have been rounded-off to the appropriate level of
accuracy.
2. Resource estimate completed at a 0.02% eU3O8 data and aerial boundary
cut-off.
3. The report concludes, based on more than 405 individual samples, that
the mineral deposit is in radiometric equilibrium and the radiometric
equivalent data used in this resource estimate is reliable.
"We are pleased to have the new 43-101 report finalized and
available for shareholders," commented Robert Tyson, President and
CEO for Cue. "In addition to showing the increased resource, the
report identifies several new exploration targets that we intend to
drill including newly discovered vertical horizons that show
significant potential to add to the growing resource at San
Antonio. The newly discovered resource potential, the increased
average grade and a successful 'Pump Test' has put Cue on the road
toward development and exploitation of the San Antonio Zone at
Yuty."
The new mineral resource estimate was based on the development
of a three dimensional geological and Resource model. The
geological model was based on a uranium radiometric drill hole
value cut-off of 0.02% (eU3O8) at a minimum thickness of 0.1m. This
facilitated the creation of the mineralized zone aerial extent.
Resource estimation was completed utilizing standard geostatistical
methods applied to a 3-dimensional block model in Datamine™ mining
and exploration modeling software.
The Yuty Uranium Project comprises multiple stacked uranium
mineralized zones. There are 3 main mineralized zones, an upper, an
intermediate and a lower. There are however up to three thinner
intermediate zones that also occur within the main mineralized
zone. The upper mineralized zone occurs throughout the deposit
whereas, the intermediate and lower mineralized zones occur
sporadically throughout the area. The entire mineralized zone with
its intermediate waste reaches a mean thickness of 7.1m. The upper
and lower portions are the thickest mineralized zones. These zones
vary from 0.1m - 15m in thickness with mean thickness values of
2.3m and 1.0m respectively.
The reported resource conforms to the Standards of Disclosure
for Mineral Properties as stated in National Instrument 43-101. The
new mineral report was completed by BRS Inc., of Riverton Wyoming
in association with ExplorMine Consultants, South Africa. Doug
Beahm, P.E., P.G., president of BRS, is the independent qualified
person responsible for this report. Mr. Beahm was personally
onsite, observed drilling operations, examined core samples and
reviewed lithologic and gamma logging procedures during the period
of November 12 through November 15, 2010.
Chris M. Healey, P.Geo., a Director of Cue, is the qualified
person responsible for the technical and scientific content of this
release.
As with the previously reported Mineral Resource, a minimum
cut-off grade of 0.02% eU3O8, with no minimum thickness was
applied. A recently completed "Pump Test" indicated results within
commercially acceptable recoveries indicating that the deposit may
be amenable to extraction by in situ recovery (ISR) methods.
About Cue Resources
Cue Resources Ltd. is focused on developing the Yuty Uranium
District in south-eastern Paraguay. For detailed information,
please see the Cue web site at http://www.cue-resources.com or call
604-568-2080.
On behalf of the Board of Directors
Robert S. Tyson, President and Chief Executive Officer
This news release includes certain "forward-looking statements".
All statements other than statements of historical fact, included
in this release, including, without limitation, statements
regarding potential mineralization and reserves, exploration
results, and future plans and objectives of Cue, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Cue's expectations are exploration risks detailed
herein and from time to time in the filings made by Cue with
securities regulators.
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 release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
Contacts: Nicola Street Capital Inc. Mike Rodger Partner
604-569-0056 mrodger@nicolastreetcapital.com
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