Monroe Minerals Reports Positive Results From Airborne Geophysical Survey at Alexis River Uranium Property
September 27, 2007 at 13:57 PM EDT
CALGARY, ALBERTA--(Marketwire - Sept. 27, 2007) - Monroe Minerals Inc. (TSX VENTURE:MMX) ("Monroe") announced today encouraging results from the helicopter borne radiometric and magnetometer survey that was completed in late July at the Alexis River uranium property in south-eastern Labrador, Canada.
The Alexis River property was staked by Altius Resources Inc. (TSX:ALS) ("Altius") in 2004 based on a Geological Survey of Canada ("GSC") lake sediment sample from a small lake (hereafter called Anomaly Lake) that contains 926 to 1030 parts per million (ppm) uranium (fluorimetric versus INAA analysis). This site was the most anomalous of 18,640 lake sediment samples taken by the GSC in Labrador, in which the average uranium content is 3.8 ppm uranium.
The airborne geophysical survey results reveal the following:
- There are several radiometric anomalies within the Alexis River property. These include a strongly positive, broad (approximately 0.8 by 1.0 km) radiometric anomaly that exists immediately to the east of Anomaly Lake, plus several other smaller unexplained radiometric anomalies.
- Magnetics data indicates the Alexis River property is underlain by a diverse assemblage of lithologies. As well, there exist numerous faults with various orientations, including a possible north-north-westerly trending fault beneath Anomaly Lake.
A field crew will be mobilized to the Alexis River property during September to conduct follow-up prospecting, reconnaissance geological mapping and preliminary systematic lake sediment sampling of Anomaly Lake.
Monroe has entered into an option agreement with Altius allowing it to earn up to a 60% interest in the Alexis River uranium property. The terms of the option agreement were announced on July 24, 2007.
Lawrence Winter, M.Sc., P.Geo., Vice President, Exploration for Altius, is the designated Qualified Person for Altius and Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Monroe on the Alexis River project mentioned herein.
Altius Resources Inc. is a wholly owned subsidiary of Altius Minerals Corporation. Altius Minerals Corporation's principal business activities include the generation and acquisition of projects related to natural resource opportunities in the Province of Newfoundland and Labrador, Canada. For more information please visit www.altiusminerals.com.
Monroe is engaged in the exploration and development of gem quality diamond properties in Southern Africa and the assembly of an international portfolio of uranium projects. Its strategy is well defined: enhancing shareholder value by combining Monroe's recognized twin strengths of technical expertise and professional management to advance mining projects to profitable long term production. Monroe's shares trade on the TSX Venture Exchange under the symbol MMX. For more information please visit www.monroeminerals.com.
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