Long Harbour Completes Acquisition of 2Z Lake and Madison Properties in the Eastern Athabasca Basin
July 14 2011 - 1:51PM
Marketwired
Long Harbour Exploration Corp. (TSX VENTURE: LHC) (the "Company")
reports that it has completed the acquisition of a 100% interest in
the 2Z Lake ("2Z") and the Madison ("Madison") properties located
in the eastern Athabasca Basin in northern Saskatchewan, which were
announced in the Company's news releases of May 16 and June 7,
2011.
2Z and Madison are comprised of 5 claims covering 1,701 hectares
and border properties owned by Hathor Exploration, Denison Mines,
and UEX Corporation. Madison is between, and within approximately
10 kilometers of, UEX's Horseshoe and Raven deposits to the
northeast and their West Bear deposit to the southwest. Hathor's
Milliken Creek project is beside 2Z on the west and is situated
approximately 26 km south-southeast from the richest uranium mine
development project in the world, the Cigar Lake ore body.
2Z and Madison, as well as the above-mentioned UEX deposits, are
underlain by flat- to shallow-dipping Late Proterozoic Athabasca
Group sandstone that unconformably overlies highly deformed
metasedimentary and granitic basement rocks of the trans-Hudson
orogeny. The properties straddle the roughly northeast-trending
gradational contact between the Mudjatik Domain of the trans-Hudson
orogeny to the northwest and the Wollaston Domain to the
southeast.
2Z and Madison are located at the southwestern end of a long and
major northeast to east-northeast trending EM conductor (at least
20 km) that continues northeast on to UEX's neighbouring Hidden Bay
Project. The Hidden Bay Project is currently comprised of three
deposits, namely the Horseshoe, Raven and West Bear deposits. A
preliminary assessment technical report dated February 25, 2011
prepared by SRK Consulting (Canada) is available on the Sedar
website under UEX's profile.
Historic work on 2Z, when operated by Noranda Exploration in
1979, included geophysical studies and a diamond drill program,
which identified the presence of a conductor, alteration, and
mineralization that is unconformity related. The twenty hole 2,000
meter drill program sights several drill holes encountering values
of over 500 ppm, and one of twenty drill holes encountering a
maximum value of 800 ppm over a 30cm interval.
Basement-hosted uranium has yet to be tested on the 2Z or
Madison properties. The Company expects future work programs to be
modeled on recent basement hosted discoveries such as Hathor's
Roughrider deposit and Cameco's Millennium deposit. Cameco's
Millennium deposit contains an indicated resource of 508 thousand
tonnes grading 4.55% equalling 50.9 million pounds of U3O8. In its
news releases of November 29, 2010 and May 17, 2010, Hathor
reported that its Roughrider deposit contains an inferred resource
estimate of 161 thousand tonnes grading 11.43% equaling 40.7
million pounds U3O8, and an indicated resource of 394 thousand
tonnes grading 1.98% equaling 17.2 million pounds U3O8.
"2Z and Madison place us in the centre of a mining district that
hosts the largest high-grade uranium deposits in the world. The
reports of an unconformity-related EM conductor, alteration and
mineralization already discovered on 2Z provide encouragement that
these properties are highly prospective for discovery of
significant basement-hosted uranium mineralization similar to the
nearby Hathor and UEX deposits," said Geoff Lee, Long Harbour's
CEO. "We plan to model our work programs on these properties
similarly to those used to discover the sizable and high-grade
uranium deposits of our neighbours such as UEX and Hathor."
The technical information in this news release was reviewed by
Dr. Kent Ausburn, P.Geo., a director of the Company and a Qualified
Person as defined in NI 43-101. The Company has not verified the
information contained in the technical report and news releases of
third parties referred to in this news release.
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 news release.
Contacts: Senergy Communications Inc. Anthony Zelen Investor
Relations 778-331-2028 lhc@senergyir.com www.senergyir.com Long
Harbour Exploration Corp. Geoff Lee CEO 604-602-9222 604-648-2201
(FAX)
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