Red Rock Announces Positive Results on Completion of 2007 Drilling
January 14 2008 - 7:00AM
Marketwired Canada
Red Rock Energy Inc. (TSX VENTURE:RRK) announced today that it has successfully
completed the last of its 2007 diamond drilling campaigns at its Red Block 1
property in the Uranium City area. With the completion of this campaign the
drill crew has been given respite until February 1, 2008 which will mark the
start of the first campaign of the new year.
The results obtained to date have been very encouraging. In particular, 4,428
metres of core were drilled from July 9 to December 15. This represents 20 drill
holes from which 1,227 samples were taken. Of these, 463 samples (from drill
holes 15-20) are still being processed at Loring Laboratories in Calgary. In
evaluating these results, management has applied a cut-off grade of 0.05% U3O8,
which equates roughly to 1 lb. of U308 per ton of rock. Consequently, Red Rock
has intersections of importance in all fourteen of the first fourteen holes from
which it has received results. There have been a minimum of two intersections
per hole consistent with the grades and widths of a large part of the historic
production in the Uranium City area. In particular, with respect to the most
recently obtained results, hole 07RB1-11 contained 5 m of 0.079% U308, and
higher grade intersections (2 m of 0.13%) within that broader zone. In addition,
hole 07RB1-14 contained 8.5 m of 0.069% again with higher grade intersections (1
m of 0.281%) within that broader zone. Management is encouraged to see continued
intersections down-hole and is particularly encouraged given that three of these
four holes have multiple intercepts including the hole 07RB1-14 intersection of
1.5 m of 0.188% and hole 07RB111 intersection of 0.5 m of 0.644%. It should be
noted that epigenetic vein type deposits in this region often have ore shoots
ranging from 2 - 6 feet (0.6m - 1.82m).
The three campaigns conducted in 2007 focused on a previously under-tested area,
including a locale known as the Red Fault radioactive zone. The consistency of
drill intersections illustrates the validity of the exploration model developed
by the Red Rock geological team. The 2007 program has placed Red Rock on target
with its corporate and scientific goals of, first, generating new drill
intersections that are important by historical production standards, and,
second, determining if the intersections will correlate through from
hole-to-hole in order to define potential ore. To achieve this Red Rock has
commenced a process of integrating its extensive two dimensional geological GIS
database with a three dimensional program. Named Gemcom, this program is
typically utilized for mine planning and exploration. The added three
dimensional geometry from Gemcom will assist in both determining any correlation
of uraniferous zones and geology from drill hole to drill hole and expediting
any future resource definition.
In reviewing the most recent sample results, Sandy Loutitt, President of Red
Rock, commented: "We are very impressed with the calibre of the results we have
obtained from the drilling operations conducted in 2007. In particular, the
occurrence of significant intersections in all fourteen of the holes tested to
date suggests the company is "batting 100" in terms of the execution of its
business plan. Certainly, the consistent results achieved to date confirm that
we are on the right track, and the multitude of intersections has encouraged us
to press ahead aggressively with the programs we have planned for the 2008
drilling season."
Table 1 summarizes selected information about each drill hole completed in the
most recent campaign. The prime focus of the recent drilling campaign #3 was to:
(a) follow-up test (by hole 07RB1-015) the Schmoo Fault radioactive intercept
found in prior hole 07RB1-014, and (b) systematic follow-up test (by holes
07RB1-016 to 07RB1-020) the anomalously radioactive Red Fault.
Table 1: Selected Information for DDH Completed During Drilling Campaign #3
----------------------------------------------------------------------------
Collar End of Hole
Campaign DDH Identifier Collar Azimuth Inclination Length (metres)
----------------------------------------------------------------------------
3 07RB1-015 094 degrees -47 degrees 320.1
----------------------------------------------------------------------------
3 07RB1-016 360 degrees -46 degrees 161.6
----------------------------------------------------------------------------
3 07RB1-017 360 degrees -50 degrees 262.7
----------------------------------------------------------------------------
3 07RB1-018 360 degrees -50 degrees 344.7
----------------------------------------------------------------------------
3 07RB1-019 360 degrees -48 degrees 167.2
----------------------------------------------------------------------------
3 07RB1-020 360 degrees -48 degrees 176.4
----------------------------------------------------------------------------
Uranium assay results have recently been received for holes 07RB1-011 to
07RB1-014; these results are summarized in Table 2 below.
Red Rock's drill results continue to provide encouraging uranium intersections
of definite exploration interest. For example, in hole 07RB1-011 there is a
uraniferous intercept spatially associated with the Red Fault that assays 0.079%
U3O8 across 5.00 m core length from 47.00 to 52.00 m, including a narrower
intercept that grades 0.13% U3O8 across 2.00 m core length from 47.00 to 49.00
m. This zone is weaker in the underlying hole 07RB1-012, but the uraniferous
zone in hole 07RB1-011 may rake either westerly or easterly. For example, in the
next hole to the west along the Red Fault, i.e. hole 07RB1-016, there is a
strong zone of radioactivity in the upper part of this hole. Assay results are
pending for hole 07RB1-016, hence the exact relationship between the anomalously
radioactive zone in hole 07RB1-016 and the uraniferous zone in hole 07RB1-011 is
uncertain. Further drilling along the Red Fault will be required to follow-up
these two holes and some other holes along the Red Fault that also have zones of
elevated radioactivity.
Finally, with respect to holes 07RB1-014 and 07RB1-015, these two holes were
drilled to test the Schmoo Fault - St. Louis Fault intersection. Results for
07RB1-014 include 0.069% U3O8 across 8.50 m core length from 127.50 to 136.00 m,
including a narrower intercept that grades 0.17% U3O8 across
2.00 m core length from 128.00 to 130.00 m. Assay results are pending for hole
07RB1-015, but the smaller intervals of elevated radioactivity centered on about
170 m core length in 07RB1-015 indicates the uraniferous zone in hole 07RB1-014
may rake either northerly or southerly; further drilling to the north and south
along the Schmoo Fault locale will be required to test this hypothesis.
Table 2: Drilling Highlights from Red Rock Energy Inc. Drill Campaign #2
(holes 07RB1-010 to 07RB1-014, but with results for 07RB1-010 previously
reported on Oct. 24, 2007)
----------------------------------------------------------------------------
Core Average Results
Hole From (m) To (m) Length (m) Grade U3O8 Received
----------------------------------------------------------------------------
07RB1-011 47.00 52.00 5.00 0.079% Complete
----------------------------------------------------------------------------
Including
07RB1-011 47.00 49.00 2.00 0.130%
----------------------------------------------------------------------------
Including
07RB1-011 47.00 48.00 1.00 0.214%
----------------------------------------------------------------------------
07RB1-011 58.50 64.50 6.00 0.044% Complete
----------------------------------------------------------------------------
Including
07RB1-011 57.00 61.50 4.50 0.054%
----------------------------------------------------------------------------
Including
07RB1-011 58.50 60.50 2.00 0.083%
----------------------------------------------------------------------------
07RB1-011 157.00 157.50 0.50 0.155% Complete
----------------------------------------------------------------------------
07RB1-011 163.40 163.70 0.30 0.113% Complete
----------------------------------------------------------------------------
07RB1-011 246.40 246.90 0.50 0.644% Complete
----------------------------------------------------------------------------
----------------------------------------------------------------------------
07RB1-012 62.50 63.40 0.90 0.062% Complete
----------------------------------------------------------------------------
07RB1-012 167.70 169.30 1.60 0.061% Complete
----------------------------------------------------------------------------
07RB1-012 173.50 173.80 0.30 0.101% Complete
----------------------------------------------------------------------------
07RB1-012 175.60 176.40 0.80 0.066% Complete
----------------------------------------------------------------------------
----------------------------------------------------------------------------
07RB1-013 59.30 59.70 0.40 0.051% Complete
----------------------------------------------------------------------------
07RB1-013 65.70 66.50 0.80 0.066% Complete
----------------------------------------------------------------------------
07RB1-013 414.00 415.50 1.50 0.051% Complete
----------------------------------------------------------------------------
----------------------------------------------------------------------------
07RB1-014 127.50 136.00 8.50 0.069% Complete
----------------------------------------------------------------------------
Including
07RB1-014 128.00 130.00 2.00 0.170%
----------------------------------------------------------------------------
Including
07RB1-014 128.00 129.00 1.00 0.281%
----------------------------------------------------------------------------
07RB1-014 145.00 146.00 1.00 0.069% Complete
----------------------------------------------------------------------------
07RB1-014 148.10 149.10 1.00 0.105% Complete
----------------------------------------------------------------------------
07RB1-014 154.00 155.50 1.50 0.188% Complete
----------------------------------------------------------------------------
07RB1-014 164.70 174.50 9.80 0.037% Complete
----------------------------------------------------------------------------
Including
07RB1-014 168.00 169.00 1.00 0.119%
----------------------------------------------------------------------------
Reg A. Olson, Ph.D., P. Geol., a Qualified Person under NI 43-101 and supervisor
of the 2007 field exploration and drill program, has reviewed and is in
agreement with the contents of this release.
READER ADVISORY
Statements in this press release may contain forward-looking information
including expectations of future production, operating costs, commodity prices,
administrative costs, commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income taxes,
regulatory changes, and other components of cash flow and earnings. The reader
is cautioned that assumptions used in the preparation of such information may
prove to be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, a result of numerous known and unknown
risks, uncertainties, and other factors, many of which are beyond the control of
the company. These risks include, but are not limited to, the risks associated
with the mining industry, commodity prices and exchange rate changes. Industry
related risks could include, but are not limited to, operational risks in
exploration, development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates, health and safety risks and
the uncertainty of estimates and projections of production, costs and expenses.
The reader is cautioned not to place undue reliance on this forward-looking
information.
The reader is further cautioned that the preparation of financial statements in
accordance with generally accepted accounting principles requires management to
make certain judgements and estimates that affect the reported amounts of
assets, liabilities, revenues and expenses. Estimating reserves is also critical
to several accounting estimates and requires judgments and decisions based upon
available geological, geophysical, engineering and economic data. These
estimates may change, having either a negative or positive effect on net
earnings as further information becomes available, and as the economic
environment changes.
Red Rock Energy Inc. (TSXV:RRK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Red Rock Energy Inc. (TSXV:RRK)
Historical Stock Chart
From Jul 2023 to Jul 2024
