🕐28.10.09 - 15:11 Uhr
Virginia Energy Delineates Radioactive Zone in Bedrock, Otish Mountains, Québec
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Re: News Release - Wednesday, October 28, 2009
Virginia Energy Delineates Radioactive Zone in Bedrock, Otish
Mountains, Qubec
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NR: 09-21
Virginia Energy Resources Inc.
(TSX.V: VAE) and Big Red Diamond
Corporation (TSX.V: DIA) are pleased to announce the identification of
a highly radioactive, uranium-mineralized zone in basement bedrock on
the Strategis property, located on the margin of the Otish Basin in
central Qubec.
Twenty-one radioactive rock samples (18 from bedrock and 3 boulders)
were collected over a 425 m long by 85 m wide area.
The sample sites
averaged 19,738 counts per second (range of 5000 to 49,500 cps) using a
hand-held RS-125 spectrometer.
The radioactivity is thought to be
primarily caused by uranium mineralization as indicated by
semi-quantitative spectrometer analyses and the presence of yellow
secondary uranium minerals.
The mineralized zone is the extension of
the Lorenz Gully southwest zone on the adjacent Lorenz property, where
Virginia is earning up to 100% from Xemplar Energy Corp.
(see Virginia
News Releases of May 11 and September 21, 2009).
The mineralized trend
has now been traced for approximately 900 m strike length on the two
properties, and is located 300 to 500 m laterally from outcropping
sandstones sitting above the Otish basin unconformity.
Big Reds field consultant, IOS Services Geoscientifiques Inc.
completed a two-week field program consisting of prospecting, 405 soil
samples and a 25 line-km ground magnetic survey.
The program was
hampered by very poor early winter weather conditions that restricted
the fieldwork to only one of the three prime exploration targets.
Mineralization is hosted in intensely hematite-altered basement
granitoid, and consists of fractures and veins carrying hematite,
yellow secondary uranium minerals, pyrite, copper sulphides and an
unidentified barium mineral, as indicated by portable XRF analyzer.
Additional petrographic studies are planned.
Rock samples have been
sent to SRC Geoanalytical Laboratory for uranium and gold assays and
multi-element ICP analyses; soil samples will be sent to ALS Chemex for
analyses.
In 1979, Uranerz Exploration and Mining Ltd.
drilled two drill holes
from a single set-up within the Strategis portion of the mineralized
trend.
Hole LG-34 is reported to have intersected 2.0 metres grading
1260.7 ppm U3O8, including 0.5 m grading 3440 ppm U3O8 (Quebec
assessment report GM36332).
Big Red completed an airborne
radiometric-magnetic survey in 2007, which identified several promising
anomalies for follow-up, including the area covered by this program.
Under the terms of an option agreement signed on September 15, 2009,
Virginia can earn a 100% interest in the 5100-hectare Strategis
property from Big Red, subject to a 2% Net Smelter Royalty interest in
favour of Big Red and certain underlying vendors, of which 1.5% can be
bought back at any time by payment of $1.5 million.
To earn its
interest, Virginia paid $50,000 on signing and must issue $180,000 in
shares within four months after signing.
Big Red is financing the
current work program.
Sample Security & Quality Control
A strict program of sample security and quality control has been
implemented, including the use of blanks and certified standards.
Mr.
Rejan Girard, P.Geo., of IOS Services Geoscientifiques Inc.
based
in Chicoutimi, Quebec, is the qualified person responsible for the
current exploration program at Strategis and has verified the data
reported above.
The technical information in this news release has been
reviewed by Michael S.
Cathro, P.Geo., Virginias Vice-President of
Exploration and a Qualified Person as defined in National Instrument
43-101.
On Behalf of the Board of Directors
VIRGINIA ENERGY RESOURCES INC.
"Norman Reynolds"
Norman Reynolds, President & CEO
Neither TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
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Copyright (c) 2009 VIRGINIA ENERGY RESOURCES INC.
(VAE) All rights
reserved.
For more information visit our website at
http://www.santoy.ca/ or send mailto:
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