Eros Resources Corp. (“Eros”) (TSX.V: ERC) is pleased to report on the summer 2015 exploration activities on its Murphy Lake joint venture property, in the shallow eastern portion of the Athabasca Basin of Saskatchewan, which is held in its wholly owned subsidiary Anthem Resources Incorporated. Denison Mines Corp., the operator of the joint venture, reports that drill hole MP-15-03 intersected 0.25% U3O8 over 6.0 metres from 270.0-276.0 metres at the sub-Athabasca unconformity.
As previously reported in the Company’s news release of July 29, 2015, Hole MP-15-03, the first drill hole of the summer 2015 program intersected a new zone of uranium mineralization grading 0.2 per cent eU3O8 over 6.9 metres (eU3O8 is radiometric-equivalent uranium from a total gamma downhole probe). Newly received chemical assays for this intersection returned a slightly higher uranium grade over a slightly shorter interval of 0.25% U3O8 over 6.0 metres from 270.0 to 276.0 metres.
The mineralization at Murphy Lake is located at the sub-Athabasca unconformity and is associated with a zone of strong sandstone alteration including desilicification and clay over a hematite cap (cross section). Basement rocks immediately below the mineralization consist of graphitic pelitic gneisses cut by faults. As the mineralization is interpreted to be horizontal and the drill holes are steeply inclined, the true thickness is expected to be at least 75% of the intersection length. Murphy Lake is a joint venture between Denison, the operator (58.9% interest) and Eros Resources Corp. (41.1% interest).
Three additional drill holes have been completed to follow up on the mineralization in MP-15-03. While none of the holes intersected mineralization, alteration and structure suggest a highly prospective system, which is open to the west and likely to the east. The summer drilling for 2015 is complete and follow up drilling is being planned for January, 2016. The Murphy Lake property is located approximately 30 kilometres northwest of the McClean Lake mill.
The positive results at Murphy Lake are in addition to previously reported positive results from the neighbouring Hatchet Lake JV properties in which significant uranium, gold and base metals have been obtained during drill investigations (see news releases of June 4, 2015; April 3, 2014; February 20, 2014; January 10, 2014; and May 16, 2013, available under the Anthem Resources Inc. profile on SEDAR). Due to the corporate restructuring that has been completed, Eros is in a position to consider participation in ongoing exploration of our joint venture properties with Denison.
The technical information in this news release has been reviewed and approved by Michael S. Cathro, MSc, PGeo, a qualified person as defined by National Instrument 43-101 and a consultant to the Company.
Eros Resources Corp. is a well-financed Canadian public company focused on the exploration and development of mineral deposits in North America. Eros also holds a $1.5 million investment in Skeena Resources which is exploring their high-grade Spectrum Gold Property in the Stikine Arch of northwestern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS OF
EROS RESOURCES CORP.
Ron Netolitzky, President & CEO
Neither 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.
For further information contact: Ron Netolitzky, President/CEO or Tony Perri - Investor Relations, Manager
Suite 650, 1021 W. Hastings Street Vancouver, British Columbia, Canada V6E 0C3
Tel: (604) 688-8115 Fax: (604) 568-7695 Website: www.erosresourcescorp.com