Athabasca Uranium completes spring drill program
VANCOUVER, May 16, 2012 /CNW/ - Athabasca Uranium Inc. ("Athabasca" or
the "Company") is pleased to report the completion of its spring 2012
diamond drilling program at the Keefe Lake (Phase 2) and Volhoffer
Uranium Projects in the Athabasca Basin, Saskatchewan. Continuing
November 2011's Keefe Phase 1 drilling, four Keefe Phase 2 holes (1,648
meters total) were drilled to test the dimensions of the Keefe Lake
Alteration Zone, bringing the total Keefe Lake drilling to 3,293 metres
in nine holes. An additional four holes (894 meters total) were
completed on the adjacent Volhoffer property, bringing the total
drilled for the Spring 2012 program to 2,542 meters. Samples of
interest, several of which tested positive for anomalous gamma
radiation with a hand scintillator, have been sent to the lab for
assay. Results are expected shortly.
In addition to the drilling, downhole geophysical surveys (including
sonic, gamma and magnetics) were completed on Holes KEF-12-08 (552
meters) and KEF-12-09 (357 meters) by SEMM Logging. The sonic data,
which tests the acoustic properties of rock types in situ, is of
special interest as it will be used to help refine the Company's
historic 2D seismic dataset, the primary tool used to develop the drill
targets that intersected the Keefe Lake Alteration Zone and the uranium
mineralization reported in the Company's first Keefe Lake hole.
Comprehensive modeling of the Zone and the surrounding area is to begin
immediately.
Gil Schneider, President, commented, "While these are early days, the
Company is extremely pleased with the results of the program, as it is
quite rare to encounter radioactivity on a first pass program. We
attribute our success to the excellent preparatory and interpretative
work performed by USASK's Dr. Hajnal and our exploration team."
Dr. Peter Born, P.Geo, Athabasca Uranium's qualified person, is
responsible for the geological content of this news release.
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 60,000 hectares strategically located in
the uranium-rich Athabasca Basin region of northeast Saskatchewan. The
Company's stated vision is to explore the region using leading-edge
technology to become a world-class uranium mining company. Additional
information on Athabasca Uranium and its vision is available on the
Company's website at www.athabascauranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Gil Schneider"
Gil Schneider, President & CEO
FORWARD LOOKING STATEMENTS: This press release may contain
forward-looking statements. Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Forward-looking statements are based on
the beliefs, estimates and opinions of the Company's management on the
date such statements were made. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
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(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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