VANCOUVER, BRITISH COLUMBIA (AMEX: CXZ) is pleased to announce
the addition of 300 metres (m) of strike length to the southwest
portion of the C Zone on the Company's Central Mineral Belt (CMB)
Uranium Project in Labrador.
With the completion of its 2007 drilling campaign, Crosshair has
now added a total of 400m of strike length (300m to the southwest
and 100m to the northeast) to the uranium mineralization at the C
Zone, which currently has a defined strike length of over 1.1
kilometers and remains open in both directions as well as down dip.
One of the company's main goals for 2008 will be to link the C Zone
with Area 1 where Crosshair has proven continuity of mineralization
over a 600m strike length, thereby potentially adding a further 2
kilometres of strike length to the C Zone.
Assay results from the final nineteen holes (ML-155 to ML-173)
of the 2007 drill program are highlighted by:
- 0.42% U3O8 over 5.8 metres (98.2 to 104.0 m) as part of a
wider zone grading
0.19% U3O8 over 13.8 metres (98.2 to 112.0 m) from hole
ML-157,
- 0.21% U3O8 over 2.0 metres (66.0 to 68.0 m) as part of a wider
zone grading
0.11% U3O8 over 4.5 metres (64.0 to 68.5 m) from hole
ML-156,
- 0.05% U3O8 and 0.19% V2O5 over 11.3 metres (40.4 to 51.7 m),
including
0.10% U3O8 and 0.36% V2O5 over 4.3 metres (45.8 to 50.1 m) from
hole ML-160,
- 0.10% U3O8 over 4.0 metres (49.6 to 53.6 m) from hole ML-170,
and
- 0.05% U3O8 and 0.31% V2O5 over 7.4 metres (38.7 to 46.1 m)
from hole ML-163.
Sixteen of the holes tested the southwest extension of the C
Zone, including hole ML-157, which was collared 150 metres beyond
the southwest margin of the currently defined resource and
represents one of the best intercepts to date from the property.
Hole ML-170, which was collared 150 metres beyond ML-157,
intersected mineralization grading 0.10% U3O8 over 4.0 metres,
effectively extending the C Zone resource by 300 metres to the
southwest, where it remains open.
"Our success from the current program, particularly in the
southwest portion of the C Zone, continues to expand the zone and
demonstrates once again the potential to add considerably to the
current resource with our 2008 program. In addition, the further we
march our drills to the southwest towards Area 1, the stronger the
evidence that the C Zone has a total potential strike length of
over 2 kilometres," says Mark J. Morabito, President and CEO of
Crosshair.
In the northeast portion of the C Zone, previously released hole
ML-141 intersected 0.10% U3O8 over 18.3 metres, including 0.35%
U3O8 over 5.1 metres. The hole was drilled 100 metres northeast of
the currently defined resource, where it also remains open.
Complete assay highlights, including the most recent holes, along
with current drill sections and maps are posted on the Company
website at: http://www.crosshairexploration.com/s/CZone.asp.
Crosshair is currently preparing for an aggressive 2008
exploration program that will see three drills operating on the
property throughout the winter. The winter program is slated to
begin in mid-January. Further details on the program will be
released shortly.
Crosshair has also acquired an additional 20 claims through
staking, bringing the number of claims that form the CMB Uranium
Project to 3,019 covering 754.75 square km. The new claims are
contiguous with the eastern property boundary and cover prospective
felsic to intermediate volcanic rocks of the Sylvia Lake
Formation.
About Crosshair
Crosshair is a dominant player in the exploration for uranium in
the Central Mineral Belt of Labrador-Canada's most promising
emerging uranium district. The 755 sq km Central Mineral Belt
Uranium Project is host to potentially three types of uranium
mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam),
structurally controlled/shear zone and unconformity types of
mineralization.
The Company's exploration work on the Central Mineral Belt
Uranium Project is supervised by J. Wayne Pickett, P.Geo., a member
of the Professional Engineers and Geoscientists of Newfoundland and
Labrador, the Vice President Exploration of the Company and a
Qualified Person as defined in NI 43-101. Mr. Pickett has verified
that the results presented above have been accurately summarized
from the official assay certificates provided to the Company. A
QA/QC program has been implemented consisting of standard, blank
and duplicate samples.
Split drill core samples are sent to Activation Laboratories in
Ancaster, ON for analyses. Uranium analysis is performed by the
delayed neutron counting (DNC) method, while multi-element analysis
is performed using Inductively Coupled Plasma Mass Spectrometry
(ICP-MS). Samples that exceed the upper limit for uranium are
re-assayed using X-ray fluorescence (XRF).
For more information on the Company and its properties, please
visit the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
Mark J Morabito, President and CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this
context, forward-looking statements often address a company's
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. 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; and
tax consequences to U.S. Shareholders. 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.
Investors are cautioned against attributing undue certainty to
forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
Contacts: Crosshair Exploration & Mining Corp. Dan McIntyre
(604) 681-8030 (604) 681-8039 (FAX) Email:
dan@crosshairexploration.com Website:
www.crosshairexploration.com
(TSXV:CXX)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
(TSXV:CXX)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
