El Nino Reports on Uranium Exploration Program, Bancroft Uranium Properties, Bancroft, Ontario
view PDF
ELN News Feb 16, 2006
February 16, 2006, Vancouver, BC -- El Nino Ventures Inc. (TSX.V: ELN) has completed its initial two-phase exploration program on its uranium properties in the Bancroft region of Ontario, and is pleased to announce that the Company has received the report from consulting geologist, T.J. Beesley, P.Eng., on the second phase of exploration, on six of the properties.  The Bancroft Uranium Project is comprised of eight properties which cover approximately 9,765 acres, and under the terms of two separate option agreements, El Nino may earn up to 100% interest. 
2005 Exploration - Phase 1
During the first phase of exploration, carried out in May 2005, each of the eight properties were examined and sampled.  More detailed exploration was concentrated on the two properties with the largest historically estimated tonnages and grade of uranium mineralization, the Halo Northwest and Lake Zones in Cardiff Township (472,000 tons grading 0.112% U3O8 -- not 43-101 compliant, as described in news release of April 12, 2005)  and the No. 2 Shaft area of the Amalgamated 
El Nino Ventures -- Activity Highlights
Global Acquisition Program

     An aggressive, global acquisition program for new projects is underway

Bancroft Uranium Project

  • 2 -- Phase Initial Exploration at Bancroft Completed

  • Key Assays (U308)

Canadian All Metals:

<0.01 -- 3.02%
McLean-Hogan:                  <0.01 -- 0.31%
Silver Crater Showing #2: 0.02 -- 0.69%
  • 2 Follow Up Drill Programs Have Been Recommended

Seeking Joint Venture Partners to Assist in Development of Bancroft Uranium Project

Rare Earth Property in Monmouth Township (295,444 tons grading 0.095% U3O8 -- not 43-101 compliant, as described in news release of April 12, 2005).  These two properties were tested with backhoe outcrop stripping and overburden trenching, scintillometer surveying and chip and grab sampling of outcrop and dump material for assaying for uranium and thorium content.  The average uranium grades established during this program lie within historical ranges.
2005 Exploration -- Phase 2
The second exploration phase was completed in late 2005, during which the remaining six properties were each examined radiometrically.  Grids were established over the extent of the anomalous radioactivity, with 50 metre lines and 12.5 metre stations, and were then surveyed by scintillometer.  Previous workings and high radioactive anomalies were tied in and chip and grab samples taken for assaying for uranium and thorium content.  Based on the results (see Summary Chart below), the Company plans further work on three of the properties.   A 3.02% U3O8 result (apparently one of the highest U3O8 results recorded in this camp) was returned from an outcrop of limonitic coarse phlogopite-pyroxene pegmatite on the Canadian All Metals Property in Monmouth Township.  Results of 0.22% U3O8 were also returned.  On the Silver Crater #2 Showing in Faraday Township, anomalous radioactivity extends over an area 300 x 150 metres.  Highly anomalous radioactivity occurs within a 75 x 30 metre zone in the centre of the grid and is open to the west under overburden.  Results from five samples from throughout this zone range from 0.37% to 0.69% U3O8 and average 0.53% U3O8, in coarse-grained dark pink to red augite syenite pegmatite.  An assay of 0.31% U3O8 was obtained from coarse biotite-green pyroxene skarn on the McLean-Hogan Property grid in Cardiff Township. 
Phase 2 Summary Table
2006 Exploration

Based on the Phase 1 results, a follow up deep diamond drilling program totaling 1,800 metres, consisting of two opposing holes on each of the Halo and Amalgamated Rare Earth Properties has been recommended for late 2006 to test the potential for uranium mineralization beneath the present workings.  This has been budgeted at $150,000.
Based on the Phase 2 results, it has been recommended that trenches from the Canadian All Metals, Silver Crater (#2 Showing), and McLean-Hogan Properties be cleaned out with a backhoe to guide geological mapping, scintillometer surveying and diamond saw sampling for assay.  The high grade areas should be tested by vertical percussion drill holes on a 25-metre square grid, with sampling of radioactive cuttings, and drilling of approximately 90 15-metre holes.  The above program is budgeted at $150,000.
Contingent on the results from these programs, a diamond drilling program totaling 3,000 metres, including trenching and sampling, is recommended.  This program will have an all-inclusive budget of $300,000.
The Qualified Person for this Release is Consulting Geologist, T.J. Beesley, P.Eng.
About Bancroft Uranium
The Bancroft region of Ontario is renowned for its mineral resources and its history of uranium production, having supported four producing uranium mines for periods between 1956 and 1982.  El Nino's objective is to use technological advances to further explore and delineate mineralization in this past producing region.
About El Nino Ventures Inc.
El Nino is an exploration stage company currently developing an aggressive global acquisition strategy, particularly in Eastern Europe.  The Company is also focusing on developing its Bancroft Uranium Project and is actively seeking joint venture partners on to assist the company in developing its Bancroft projects.
On behalf of the board of directors
"Harry Barr"
Harry Barr, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
CUSIP# 28335E-10-6

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein 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 the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission. This email should not be construed as an offer to buy or sell securities of this company.


You can view the Next News Releases item: Mon Mar 6, 2006, $400,000 Non-brokered private placement completed

You can view the Previous News Releases item: Wed Feb 1, 2006, Non-brokered Private Placement

You can return to the main News Releases page, or press the Back button on your browser.