El Niño & CanAm - First to Revisit Bancroft Uranium District after 30 Years and Intercept up to 0.31 % (6.2 lbs/Ton) Uranium
First round of drilling on Halo confirms historical results by
intercepting average grade of 0.09 % (1.6 lbs)U308 over 8.9 meters (34
Including 0.31 % U3O8 ( 6.2 lb ton over 1.52 meters)
Drill program continues on second of seven other known historical targets
Bancroft is home to four past producing mines between 1956 and 1982
Total past production of the camp was over 14 million lbs
Uranium price reaches new high of $113 per lb
El Niņo is the project operator
Drilling continues and trenching program to begin for six other Projects
May 2, 2007, Vancouver, BC -- El Niņo Ventures Inc. ("El Niņo")
(TSX.V: ELN; OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce that
six holes have been completed to test the Halo property, with assay results
reported for the first four. Best results to date have been achieved in
DDH H-4, the upper hole on the second or easternmost section drilled. Eight
radioactive pegmatite dykes were intersected within an interval of 24 meters. Assays/width
ranged from 0.01% U308 (0.2 lb/ton) / 0.11 m to 0.31% U308 (6.2 lb / ton) / 1.52
meters. Average weighted grade of the dykes was 0.09% U308 (1.8
lb/ton) with a cumulative width of 8.9 meters. Anomalous amounts
of certain heavy rare earth elements have been noted. In Sample 8027 from
DDH H-4 18g/t Scandium was reported along with 0.10% U308 (2.0 lb/ton) across an
interval of 1.31 meters.
The objective of the second phase of drilling will be to define 43-101
compliant reserves, expand the length and depth of the project and reconfirm
historical values. Reserve estimates in 1957 were 472,000 tons, grading 0.112%
(2.24 lbs per ton U3O8). No exploration has been done over the last 30 years due
to lower uranium prices.
Second Drill Target
The drill is currently being moved to the second target which is the
Amalgamated Rare Earth Project (ARE). Between 1952 and 1957, diamond
drilling and underground development identified three zones of uranium
mineralization in pegmatite, and a shaft was sunk on the Main Zone to 440 feet,
with a total of 5,871 feet of underground development completed at three levels.
In 1957, the resource was estimated at 292,444 tons at a grade of 0.095% (1.9
lbs/ton) non 43-101 compliant.
Silver Crater -- Baumhour -- Campbell Occurrence
This property is composed of 5 claims totaling approximately 1,789 acres, and is
located in Faraday Township. Three uranium showings have been found on this
property. The first is a 200-foot long exposure, with uranium bearing
pegmatites 1 -- 5 feet wide and 20 feet long. The second showing consists
of uranium bearing pegmatites 6 -- 18 feet wide and 170 feet long, and the
third is a discontinuous pegmatite dyke which is at least 300 feet long. A
total of 15,452 feet of surface diamond drilling on the showings was conducted
between 1954 -- 56 and 1967 -- 69, as well as trenching. Geology and
geophysics were conducted in 1975 -- 77, with drill core samples averaging
0.06% (1.2 lbs/ton) U308, and a best assay of 0.31% (6.2 lbs/ton) over 6 feet.
Empire B Prospect
Located in Monmouth and Cardiff Township, this property represents 3 claim
units totaling approximately 1,087 acres. From 1954 -- 55, geophysics and 26
diamond drill holes (12,509 feet) were completed, and a further 11 diamond drill
holes (6,922 feet) were completed between 1968 -- 70. Prospecting for
fluorite occurred during the periods of 1971 -- 75 and 1976 -- 77, and
geophysics and 12 diamond drill holes (6,560 feet were also completed.
Past drilling indicated 2,179,166 tons of U308, grading 0.036% (0.726 lbs/ton),
non 43-101 compliant and this occurs in the southwest part of the claim group in
2 claims have been staked on this property, totaling approximately 691 acres,
located in Monmouth Township. From 1954 -- 56, a 150-foot open cut with
32 drill holes for 7286 feet were done by Saranac Uranium Mines Limited, and in
1973, a geological survey and 4 drill holes for 643 feet were completed by
Imperial Oil Limited. The most recent work on the property was a
scintillometer survey, by Imperial Oil Limited in 1975. Drill core samples
on the property assayed from 0.018% to 0.36% U308, (0.36 -- 7.2 lb/ton) and a
grab sample over a 1,500 foot zone of 15 -- 20% zircon mineralization assayed
McLean -- Hogan Occurrence
This property consists of 2 claims (approximately 691 acres) located in
Cardiff Township. Trenches on the property expose a complex of mica
metamorphicpyroxenite, hornblende gneiss, pegmatite, leucogranite and patches of
marble, striking north and dipping east. Activity began on the property in 1953,
with 11 trenches created by E. T. Hogan, and additional short drill holes by
Cope Lake Mines Limited. In 1954 -- 55, scintillometer and geological
surveys were conducted, as well as bulk sampling, and 69 diamond drill holes
totaling 1585 feet, by Anuwon Uranium Mines Limited. Further surveys were
conducted in 1968 by Cope Lake Mines Ltd., and in 1975, two diamond drill holes
of 332 feet were completed by Canadian Nickel Company Ltd. Grab samples
assayed 0.019 -- 0.540% U3O8 (2.62 -- 10.8 lb/ton), and the best bulk sample
assayed 0.10% U3O8.
Canada Radium Occurrence
This property is composed of three claims of approximately 840 acres, and is
located in both Cardiff and Faraday Townships. Work on this property began
as early as 1936 -- 36, when Canada Radium Corporation sunk a 400-foot shaft
with levels of 125 -- 375 feet, as well as conducting 1810 feet of lateral
work. Between 1939 -- 1942, 200 tons of feldspar pegmatite was milled at
a separate mill. In 1954 -- 55, geological surveys were conducted, as
well as 90 diamond drill holes totaling 43,184 feet. During this period,
five radioactive zones, the largest over 400 feet long, were outlined by diamond
drilling. Further drilling in 1968 -- 69 of 3 diamond drill holes for 869
feet by Cam Mines Ltd. intersected numerous narrow uraniferous pegmatites which
assayed up to 0.116% U3O8 (2.32 lb/ton) over 1 foot. The last work to be done on
the property was a radon gas survey, by Kerr Addison Mines Ltd. 2 additional
claims, totaling approximately 296 acres, were staked on this property under
this Option Agreement, in addition to the six claims discussed above.
Option Agreement Signed
On November 2, 2006 El Nino entered in an option agreement with Boulder Creek
Explorations Inc. ("Boulder") now CanAm Uranium, a company
incorporated under the laws of Nevada.
This agreement will finance the Bancroft properties through the next stages
of exploration. Under the terms of this agreement, El Niņo will receive
275,000 shares of CanAm Uranium, and cash payments totaling CDN $125,000.
CanAm Uranium can earn in a 60 percent interest by committing CDN $1,000,000
over the next two years and could earn up to eighty percent of the project
by issuing an additional further 300,000 shares and spending an additional CDN
El Niņo will remain the operator for the first two years of this
agreement and will receive a management fee of 10 percent of Exploration
Expenditures and cash payments of CDN $40,000 a year for the second year and CDN
$20,000 per year thereafter.
CanAm is currently funding a $500,000, 3,900-m drilling program to extend
historic reserves on the two developed properties of the eight, the Halo
property in Cardiff Township and the Amalgamated Rare Earth No. 2 property, 10
km to the southwest in Monmouth Township. The drill programs on the two
properties have been designed to test the uranium and rare earth element
potential in drill sections spaced at 60-m intervals down to depths of 1,000
feet (305 m).
The drill is currently being moved to the Amalgamated Rare Earth No.
2 property. This property was developed underground on three
levels from a 440-ft. 3-compartment vertical shaft in 1956. The current
program will test beneath and along strike from the underground workings to
depths of 1,000 ft (305 m).
Known as "the Mineral Capital of Canada" (Bancroft & District
Chamber of Commerce) due to the abundance of minerals found in the area.
Bancroft was host to four past producing uranium mines that produced a total of
14,862,653 lbs U3O8 between 1956-1982. This excellent infrastructure is still in
place to this day and could be easily accessed.
About El Niņo Ventures Inc.
El Niņo Ventures is an exploration stage company whose corporate objective
is to revisit former mining regions and apply the latest technologies to
advanced stage exploration targets. In June 2007 El Niņo will commence a
25,000 meter drill program on the Bathurst Mining Camp and move into Phase
two in the Bancroft Uranium District.
2303 West 41st Avenue, Vancouver, BC Canada V6M 2A3
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