Afternoon Movers: Fronteer's Aurora Delivers Resource Estimates for Uranium Deposits

• Published in: M2 Presswire p. 1
• Format: Newsletter
• Language: English
• Published: Coventry Normans Media Ltd 13.02.2007
• Subjects: Balance sheets; Copper; Drilling; Energy resources; Engineering firms; Feasibility studies; Inuit; Mineral resources; Mineralization; Uranium

The Michelin database is made up of a combination of historic diamond drill holes both from surface (221 holes) and underground (50 holes). In 2005, 9 diamond drill holes were completed and the following year, in 2006, 35 holes were drilled. In addition, there are 597 historic underground samples. Assays for U308 were capped at 3.9 % U308. A geologic model was created that outlined a Main Zone and two smaller hanging wall zones. Composites 2.5 metres in length that honoured these mineralized domains were used to interpolate grades into blocks by ordinary kriging. An average bulk density of 2.71 was used to convert volumes to tonnes. The resource was classified into Measured, Indicated and Inferred using semi- variogram ranges applied to search ellipses. Aurora has applied for drill permits to both the Nunatsiavut government and the province of Newfoundland and Labrador. Subject to permit approval and weather, Aurora anticipates beginning its drill program at Melody Lake and Jacques Lake by mid-March. In addition, Aurora will be conducting a Titan Induced Polarization survey at Michelin to further delineate the deposit. Winter drilling permits for Michelin, which is located on Labrador Inuit Land, are expected once the Standards for Mineral Exploration and Quarrying for Labrador Inuit Lands have been finalized. To the best of its knowledge, the earliest Aurora anticipates the Nunatsiavut and provincial governments to finalize these standards is March 31, 2007. In addition to the Michelin Uranium Deposit, the portfolio of Aurora Energy Resources Inc. also contains four other occurrences known as Gear, Nash, Inda and Rainbow. The historical estimates for these occurrences are documented in the Mineral Occurrence Data System (MODS), a website sponsored by the Geological Survey of Newfoundland and Labrador, and are stated to be based upon reports and references dated between 1967 and 1984 (none of which are available to the Corporation). Accordingly, these estimates are historical in nature and do not meet the definition of Mineral Resources as contained in National Instrument 43-101 of the Canadian Securities Administrators. Furthermore, neither the Corporation nor the Qualified Person have reviewed any of the reports or exploration results underlying such estimates and accordingly, such estimates (and any assumptions underlying such estimates) have not been independently verified. As a result, there can be no assurance that such historic estimates are reliable, or that such estimates are indicative of any mineralization which would meet the criteria of Mineral Resources as defined in accordance with National Instrument 43-101. Consequently, no reliance should not be placed upon these historical estimates. However, the Corporation believes that these historical estimates may be indicative of the potential for mineralization on these properties.