Crosshair Finds Additional Uranium Mineralization on Its Central Mineral Belt Joint Venture Project, Labrador
15 Diciembre 2011 - 9:30AM
Marketwired
Crosshair Energy Corporation (TSX:CXX)(NYSE Amex:CXZ) is pleased to
announce that it has identified additional uranium mineralization
on its Central Mineral Belt Joint Venture Project ("CMB JV")
located in Labrador, Canada. One of the highest priority target
areas of the 2011 CMB JV program was the Two Time property. Seven
diamond drill holes, totaling 2,961 metres, were completed on this
property, with the aim of investigating the down dip extension of
the NI 43-101 compliant resource previously reported. Results from
this most recent drilling confirmed uranium mineralization to
depths of over 500 metres. Assay highlights include:
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From To Length
Drill Hole (metres) (metres) (metres) U3O8%
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CMB-11-43 546.5 551 4.5 0.069
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CMB-11-44 229 233 4 0.059
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including 239.5 241 1.5 0.057
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245.5 246.5 1 0.047
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including 245.5 246 0.5 0.063
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281 282.5 1.5 0.055
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298 299.5 1.5 0.069
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including 299 299.5 0.5 0.150
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CMB-11-45 219 220.5 1.5 0.048
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CMB-11-47 144 145 1 0.056
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466.5 473.5 7 0.033
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476.5 477 0.5 0.055
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CMB-11-48 280.5 281 0.5 0.079
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including 325.5 326 0.5 0.069
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458.5 490 31.5 0.031
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including 470.5 472.5 2 0.067
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and 483.5 487 3.5 0.051
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and 499.5 502.5 3 0.061
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"We are very pleased with the results of this year's drilling,
as our data indicate the mineralization has been extended beyond
the current resource envelope," stated Stewart Wallis, President
and CEO of Crosshair. "Our next task will be to combine these new
results with the existing dataset to upgrade the resource."
In June, 2009 an initial NI 43-101 compliant report outlined an
indicated uranium resource of 2.33 M lbs (1.82 MT grading 0.058%
U3O8) and an additional inferred uranium resource of 3.73 M lbs
(3.16 MT grading 0.053% U3O8) on the Two Time property. This
initial resource was based on data above 300 metres of depth.
A second component of the 2011 drilling program was to
investigate a number of coincident airborne radiometric geophysical
and rock geochemical anomalies outside the Two Time property.
Fourteen diamond drill holes, totaling 1,245 metres, were completed
on four separate prospects within the CMB-JV project area. Three of
the fourteen drill holes intersected thin uranium mineralized
zones. The most notable being from the Firestone prospect, where
drill hole FS-11-007 intersected a three and a half metre interval
that returned 0.084% U3O8. Contained within this interval was a 0.5
metre interval that returned 0.519% U3O8. Drilling at the Firestone
prospect, as well as the three eastern-most prospects of South
Brook, Running Man and Big Bear, was preliminary, with the program
cut short due to inclement weather. Mr. Wallis stated, "We are
pleased that with only limited drilling on these eastern properties
there is sufficient encouragement to continue further work."
The true width of the mineralized zone is 60% to 90% of the
lengths stated above. Uranium analysis was carried out by
Activation Labs of Ancaster, Ontario utilizing the delayed neutron
counting (DNC) method, while multi-element analysis was performed
using Inductively Coupled Plasma Mass Spectrometry (ICP-MS).
Samples that exceeded the upper limit for uranium were re-assayed
using X-ray fluorescence (XRF). Standards, blanks, and duplicate
assays were included at regular intervals in each sample batch
submitted from the field as part of Crosshair's ongoing Quality
Assurance/Quality Control program.
Complete assay highlights with drill plan maps and additional
information on the CMB JV Uranium Project can be found on the
Crosshair website at:
http://www.crosshairenergy.com/s/CMBJointVenture.asp and in the
Technical Report on the CMBNW Property, Labrador, Canada prepared
for Crosshair and Silver Spruce dated June 22, 2009 and filed on
SEDAR at www.sedar.com. The CMB JV is a joint venture with Silver
Spruce Resources, whereby Crosshair retains a 63% ownership and
Silver Spruce 37%.
Stewart Wallis, P.Geo., President and CEO of Crosshair and a
Qualified Person as defined by NI 43-101, has reviewed and approved
the technical information contained in this news release. Mr.
Wallis has verified that the results disclosed in the news release
have been accurately summarized from the official assay
certificates provided to Crosshair.
About Crosshair
Crosshair is a prominent player in the exploration and
development of uranium, vanadium and gold in the US and Canada. Its
flagship projects, Bootheel and Juniper Ridge, are both located in
uranium mining friendly Wyoming. Bootheel has the potential to be
mined using in-situ recovery methods. The CMB Uranium/Vanadium
Project and the CMB JV Uranium Project are located in Labrador,
Canada and have four currently defined resources - C Zone, Area 1,
Armstrong and Two Time Zone. The Crosshair team is comprised of
knowledgeable and experienced professionals with both exploration
and mining backgrounds.
For more information on Crosshair and its properties, please
visit the website at www.crosshairenergy.com.
ON BEHALF OF THE CROSSHAIR BOARD
Mark J. Morabito, Executive Chairman
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. Forward-looking statements or
information relate to, among other things, the details of the drill
program, the exploration potential of the Company's properties and
the production potential of Bootheel. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following
risks: the risks associated with outstanding litigation, if any;
risks associated with project development; the need for additional
financing; operational risks associated with mining and mineral
processing; fluctuations in uranium, gold and other commodity
prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume; tax
consequences to U.S. shareholders and other risks and
uncertainties, including those described in the Risk Factors
section in the Company's Annual Report on Form 20-F for the
financial year ended March 31, 2011 filed with the Canadian
Securities Administrators and available at www.sedar.com.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and the
Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by law. Investors
are cautioned against attributing undue certainty to
forward-looking statements.
Contacts: Crosshair Energy Corporation Mark J. Morabito
Executive Chairman 604-681-8030 604-681-8039
(FAX)info@crosshairenergy.comwww.crosshairenergy.com
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