MOORE LAKE, Saskatchewan Vancouver-based INTERNATIONAL URANIUM CORP. (IUC) has inked an agreement to acquire up to 75% of the Moore Lake property from JNR RESOURCES for $4.4 million. The Moore Lake property is located 35 km southeast of Cameco's McArthur River uranium mine. A separate, similar agreement has been signed covering the nearby Lazy Edward Bay property.
Drilling and other exploratory work to date at the Moore Lake project indicates a large and well mineralized northeast-trending structural corridor offering excellent potential for significant uranium mineralization. The project exhibits typical unconformity-type uranium mineralization in narrow ribbon-like bodies. The high grade discovery was made about a year ago in Hole ML-25 in the Maverick zone, which included an interval grading 12% U3O8 over 0.4 metres (total intercept returned 0.62% U3O8 over 9.1 m). A follow-up drill program is to begin this fall.
IUC is a uranium producer that holds significant uranium resources in Mongolia and in the United States including a fully-permitted 2,000-ton-per-day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.). The company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal. Learn more about IUC at www.intluranium.com.