European Uranium Files Technical Report for the Mustang Gold Project, Nevada
ACCESS Newswire
VANCOUVER, BC / ACCESSWIRE / April 8, 2015 / European Uranium Resources Ltd. (TSX-Venture:EUU; Frankfurt:TGPN) (the "Company") has filed a technical report regarding the Mustang gold project, Nevada ("Technical Report") to support the acquisition of the Mustang property as announced on March 2, 2015. The Technical Report was authored by Mr. Warner Gruenwald of Geoquest Consulting Ltd, an independent Qualified Person as defined by NI 43-101.
The highlights of the Technical Report include:
- The Mustang gold project is a high sulphidation epithermal gold target, located 17 kilometres southeast of the former Paradise Peak gold-silver mine that produced 1.5 million ounces gold;
- Mustang has a geologic setting similar to Paradise Peak, although mineralization at the Paradise Peak property is not necessarily indicative of the mineralization on the Mustang property;
- Surface rock chip samples from Mustang have assayed from background levels to 29.7 grams per tonne gold (gpt Au) and 5,314 gpt Ag;
- Multi-element geochemical anomalies typical of epithermal gold deposits occur along a multi-kilometre, north-south trending corridor that extends through most of the Mustang project area;
- Two holes drilled on the property by a previous operator gave encouraging results: 9.1 metres of 0.866 gpt Au in one drill hole (from 102.1 to 111.2 metres, including 4.6 metres of 1.565 gpt Au) and 12.2 metres of 1.17 gpt Au (from 54.9 to 67.1 metres, including 7.6 metres of 2.6 gpt Au);
- The mineralization identified in these drill holes is open to depth and laterally, and testing for extensions will be the focus of the initial drill program;
- An initial drill programme of 5,000 metres of reverse circulation drilling at an estimated cost of US$150,000 is recommended to test for extensions of the recognized mineralization and for initial testing of additional targets; and
- In addition to the volcanic-hosted epithermal potential on the property, there is the potential for sediment-hosted ("Carlin-type") gold mineralization in the sediments underlying the volcanic rocks.
The report titled "Technical Report on the Mustang Property, Nye County, Nevada" is dated effective April 3, 2015, is filed on the Company's profile on www.sedar.com.
The pending acquisition of the Mustang project is part of a reorganization and restructuring of the Company as described in a news release dated March 2, 2015, and all remains subject to Exchange approval of all elements of these transactions on terms acceptable to the parties and the closing of all of the transactions is each conditional on the closing of the other.
Qualified Person
This release has been reviewed and approved by Mr. Warner Gruenwald of Geoquest, Consulting Ltd., the author of the Technical Report, who is a Qualified Person as defined by NI 43-101. This release has also been reviewed and approved for the Company by Dorian L. (Dusty) Nicol, President and CEO of the Company, also a Qualified Person as defined in NI 43-101.
About European Uranium Resources Ltd.
With the pending acquisition of four gold exploration properties from Miranda Gold Corp., the Company will be diversifying both geographically, Slovakia and Nevada, and by commodity uranium and gold. On August 29, 2014, the Company signed an agreement with Forte Energy NL to allow Forte to earn a 50% interest in the Company's Ludovika Energy and Ludovika Mining, which hold the mineral licenses comprising the Kuriskova and Novoveska Huta uranium projects. To retain its 50% interest, Forte must sole fund a minimum of $350,000 a year on the Ludovika entities over the next ten years with the first year's expenditure of $350,000 being an obligation.
EUROPEAN URANIUM RESOURCES LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
For further information please contact: Dorian (Dusty) Nicol (604) 536-2711 or visit www.euresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement:
This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate," "suggest," "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
