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UUC Karoo Exploration Corporation

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Share Name Share Symbol Market Type
Karoo Exploration Corporation TSXV:UUC TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
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Star Uranium Corp. and United Uranium Corp. Complete Ground Magnetic Survey on Fort a La Corne Diamond Properties

02/06/2011 11:00am

Marketwired Canada


United Uranium Corp. (TSX VENTURE:UUC) and Star Uranium Corp. (TSX VENTURE:SUV)
(collectively the "Companies") today announced that they have completed a ground
magnetic survey on their Fort a la Corne diamond properties (the "Claims"). The
Claims are situated immediately adjacent to the eastern border of the Shore Gold
Inc. ("Shore") Fort a la Corne project. The survey was completed by Apex
Geoscience ("Apex") of Edmonton, Alberta, and included an analysis of the
jointly held Fort a la Corne diamond properties in Saskatchewan (the "Claims"). 


The survey was designed to analyze existing airborne magnetic anomalies and more
precisely locate and define the anomalies through ground work prior to
commencing a diamond drilling program.


Based upon the 2010 review by Apex of 2004 airborne magnetic data, a total of
361 geophysical anomalies were selected as being of potential interest for
future kimberlite exploration. A total of seven anomalies were identified as
Priority-2 anomalies and selected as being of high interest for future
kimberlite exploration. A total of 36 anomalies were selected as Priority-3
anomalies that require follow-up exploration and a total of 55 anomalies were
selected as Priority-4 anomalies, which may or may not require follow-up
exploration for kimberlites. 


Based upon the data review and ground truthing, a total of 17 magnetic anomalies
on Star's Fort a la Corne Property were selected for ground geophysical surveys
in order to evaluate them for potential kimberlites. Two anomalies, Star 179 and
Star 352, warrant drill testing for kimberlite. Four additional magnetic
anomalies may warrant a drill test and further ground geophysics are being
considered to determine their future exploration and drill testing. A total of
25 Priority-2 and Priority-3 airborne magnetic anomalies were not the subject of
the current group of ground geophysical surveys. The majority of these
additional targets are considered by Apex and the Companies to be good
kimberlite targets and warrant future ground geophysical surveys followed by
possible drill testing.


Star 500, a very strong north-south linear basement magnetic anomaly was ground
geophysically surveyed over a portion of the anomaly to evaluate whether it
could be the result of a deep seated magnetite iron formation with gold and/or
iron potential or a mafic intrusive such as a differentiated gabbro with nickel
potential. The ground geophysical survey confirmed the presence of a very strong
north-south linear magnetic feature that is likely rooted in the basement
crystalline rocks at a depth of between 600m and 1,100m. The anomaly could be
representative of a magnetite iron formation or a mafic intrusive complex such
as a gabbro. 


Apex have recommended a two stage exploration program, with stage one consisting
of further ground magnetometer geophysical surveying on all of the remaining
Priority-2 and Priority-3 magnetic anomalies, infill ground magnetic surveys at
certain existing targets and a further review of the Star 500 target. Further,
Apex have recommended a Stage 2 reverse circulation or core drilling program to
test two to three kimberlite targets on the Claims, as well as one deep basement
hole to test the possible banded iron formation. 


Kyle Kozuska, President of United Uranium Corp. and Star Uranium Corp. stated,
"We are very pleased with the results to date. Apex has further defined the
Claims and we have gained valuable information to move our project forward." 


The Claims are owned 50/50 by United Uranium Corp. and Star Uranium Corp., and
include the claims that were formerly disputed by Shore Gold Inc. and awarded to
the Companies in a decision by the Saskatchewan Court of Queen's Bench in 2007
and upheld by the Saskatchewan Court of Appeal in 2008.


The technical information in this press release has been reviewed and approved
by Mike Dufresne, M.Sc., P.Geol., who is a Qualified Person as defined by
National Instrument 43-101.


Certain information set out in this News Release constitutes forward-looking
information. Forward-looking statements (often, but not always, identified by
the use of words such as "expect", "may", "could", "anticipate" or "will" and
similar expressions) may describe expectations, opinions or guidance that are
not statements of fact and which may be based upon information provided by third
parties. Forward-looking statements are based upon the respective opinions,
expectations and estimates of management of the Companies as at the date the
statements are made and are subject to a variety of known and unknown risks and
uncertainties and other factors that could cause actual events or outcomes to
differ materially from those anticipated or implied by such forward-looking
statements. Those factors include, but are not limited to, the results
exploration programs and risks, uncertainties and other factors that are beyond
the control of the Companies, risks associated with the industry in general,
commodity prices, operational risks associated with exploration, development and
production operations, delays or changes in plans, risks associated with the
uncertainty of reserve or resource estimates, health and safety risks and the
uncertainty of estimates and projections of production, costs and expenses. In
light of the risks and uncertainties associated with forward-looking statements,
readers are cautioned not to place undue reliance upon forward-looking
information. Although the Companies believe that the expectations reflected in
the forward-looking statements set out in this press release or incorporated
herein by reference are reasonable, they can give no assurance that such
expectations will prove to have been correct. The forward-looking statements of
the Companies contained in this News Release, or incorporated herein by
reference, are expressly qualified, in their entirety, by this cautionary
statement.


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