Rockgate drills 10 m of 0.53% U3O8, 307 g/t Ag

2009-09-08 08:29 ET – News Release

and

Mr. Karl Kottmeier reports

DIAMOND DRILLING CONFIRMING HIGH GRADE MINERALIZATION AT NORTH ZONE, FALEA U-AG-CU PROJECT, MALI WEST AFRICA

Rockgate Capital Corp. has released uranium, silver and copper results received from eight diamond drill holes completed in the North zone of the Falea project, located in Mali, West Africa. The summer campaign focused on infill and step-out drilling of the southeast area of the North zone.

 

                                     HIGHLIGHTS

Infill hole     DF-168       0.18% U3O8          2,645 g/t silver over 7.0 metres
Step-out hole   DF-169       0.53% U3O8           307 g/t silver over 10.0 metres

 

Infill holes DF-165 to DF-168 tested mineralization in the North zone, within the area of the Golder Associates resource estimate reported in May, 2009. These infill holes were drilled at 50-metre centres around hole DF-145, reported in Stockwatch news on Oct. 1, 2008, which contains 0.04 per cent U3O8, 668.7 grams per tonne Ag over 7.19 metres, including 0.08 per cent U3O8, 1,197.6 grams per tonne Ag over 3.60 metres.

The Golder resource estimate outlined indicated resources of 871,000 pounds U3O8 and 1,116,000 ounces of silver for an average grade of 0.07 per cent U3O8 and 61 grams per tonne silver. The inferred resources total 19,381,000 pounds of U3O8 and 30,484,000 ounces of silver with an average grade of 0.09 per cent U3O8 and 92.0 grams per tonne silver. The calculation is based on uncapped values using a cut-off grade of 0.03 per cent U3O8.

 

                           RESULTS OF NORTH ZONE INFILL DRILL HOLES

Hole name        From (m)         To (m)   Length (m)    U3O8% XRF       Ag (g/t)   Ag (oz/t)    Cu%

DF-165            199.00         200.00         1.00          0.05             7        0.20   0.15
DF-166            202.00         206.00         4.00          0.08           652       19      0.02
DF-167            212.00         213.00         1.00          0.10           709       21      0.35
DF-168            204.00         211.00         7.00          0.18         2,645       77      0.17
including         205.00         208.00         3.00          0.41         6,056      177      0.05
including         206.00         207.00         1.00          1.15        17,932      523      0.13

All reported lengths are estimated to be true widths. Silver values are rounded to nearest gram per
tonne or ounce per ton.

 

DF-165 tested the Kania sandstone 50 metres north of DF-145, the favourable sandstone unit in this location is highly silicified which locally restricts the unit’s ability to host higher concentrations of uranium. DF-166 tested the Kania sandstone 50 metres west of DF-145, and the sandstones were oxidized with minimal silicification resulting in good uranium and silver mineralization. DF-167 was drilled between DF-145 and DF-146 and had good uranium and silver mineralization over only one metre due to sporadic silicification of the sandstones. DF-168 was drilled 50 metres east of DF-145, and encountered good uranium mineralization and the highest-grade silver mineralization found on the property so far, at 1.15 per cent U3O8 and 1.79 per cent silver over one metre.

North zone exploration drilling

Four exploration holes were drilled on the south side of the North zone over the course of this program. Two other holes were abandoned before reaching their target. The holes were drilled on a 50-by-50-metre grid between, and to the east of, DF-146 and DF-147. Holes DF-146 and DF-147 were completed in the spring of 2008.

 

                         RESULTS OF NORTH ZONE EXPLORATION DRILL HOLES

Hole name     From (m)       To (m)    Length         U3O8%        Ag          Ag     Cu%
                                           (m)         XRF       (g/t)      (oz/t)

DF-169         205.00       215.00       10.0         0.53        307        9      0.13
including      212.00       214.00        2.0         2.00        699       20      0.29
DF-170         207.00       213.00        6.0         0.09         35        1      0.03
DF-172         218.00       219.00        1.0         0.05          2        0.06   0.11
DF-177         211.00       220.00        9.0         0.05         36        1      0.32
including      219.00       220.00        1.0         0.16        143        4      1.39

 

Reported widths are estimated to be true width. Holes DF-171 and DF-176 were abandoned before reaching target depths due to technical problems with the reverse circulation drill. DF-176 was completed by hole DF- 172.

Hole DF-169 was drilled midway between DF-146 and DF-147, at the edge of the area covered by the resource estimate. It encountered 0.53 per cent U3O8 over 10 metres, including 2.00 per cent U3O8 over two metres, as well as excellent silver mineralization. DF-170 was drilled 50 metres east of DF-169 and encountered good uranium and minor silver mineralization over six metres within the Kania sandstone. DF-172 was drilled 100 metres east of DF-147 and encountered only weak uranium and silver mineralization. DF-177, drilled 50 metres east of DF-147 (midway between DF-147 and DF-172) encountered good uranium mineralization over nine metres, including 0.16 per cent U3O8 over one metre.

Closing notes

Final assay results from exploration holes DF-173 to DF-175 completed 400 metres north of the defined North zone resource area are still pending. The next phase of drilling is anticipated to total at least 15,000 metres, commencing in October and continuing into the middle of 2010. The program will focus on infill and step-out drilling around the North zone and will also begin to evaluate the numerous downhole radiometric anomalies encountered by Areva’s (previously Cogema) exploration of the property in the 1970s which have yet to be tested by Rockgate. The Falea exploration permit covers 150 square kilometres of the Falea North Guinea Senegal basin, a Neoproterozoic sedimentary basin marked by significant radiometric anomalies.

Lorne Warner, PGeo, director and vice-president, exploration, is the qualified person for the company under National Instrument 43-101. All core samples are sawed in half on site and sent to ALS Chemex in Bamako for sample preparation. Pulps are then sent to ALS Chemex in Johannesburg, South Africa, for ICP-MS and XRF analysis. The company inserts a standard and blank, and requests a duplicate sample be run in every batch of 20 samples. In addition, the lab inserts in-house blanks, standards and duplicates with each shipment. Data that fall outside the control limits are checked and repeated as necessary.

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