September 17, 2008
NQ Exploration Inc. (TSX VENTURE: NQE) is pleased to announce that five uranium-bearing pegmatite fields have been discovered on its Star Lake property in James Bay as a result of reconnaissance prospecting work carried out in the summer of 2008.
The goal of the two days of prospecting in 2008 was to locate the source of uranium anomalies identified by lake bottom sediment and till surveys conducted in 2005 and 2006. This work revealed five fields of uranium-bearing pegmatites ranging from 500 to 3,000 metres long and 200 to 400 metres wide, spread over a distance of 10 kilometres. The pegmatite fields were characterized by readings of 1,000 to 17,000 counts per second (Radiation Solution RS-120).The pegmatite samples taken in 2008 returned uranium and thorium values of up to 325 ppm and 1,310 ppm respectively. It should be noted that the Marjoulet showing, discovered in 1975, returned values of 0.19% U3O8 and 0.072% ThO2.
The reconnaissance work suggests that the pegmatite dykes are subhorizontal and at N360 degrees/90 degrees, and that they are grouped in essaim in fold hinges within the paragneiss belonging to the Laguiche Group. The geological context and type of mineralization suggest a potential for the deposition of a high-tonnage, low-grade Rossing-type uranium orebody. In the coming weeks, crews will begin detailed prospecting work to define the potential of these pegmatite fields. Preparations are also underway for a helicopter-borne magnetometer-radiometric survey.
"We are very encouraged by these initial results, as this is essentially only a preliminary reconnaissance phase. Furthermore, new, still-untested areas of interest for uranium have been identified on the property. This work has clearly demonstrated the uranium potential of the Star Lake property," said David Grondin, President.
The Star Lake property is in the James Bay territory in the province of Quebec, 120 km southeast of the town of Radisson. The property consists of 241 map-designated claims covering a total area of 124.56 km2. It is wholly owned by NQ Exploration Inc.
The samples were assayed by ALS Chemex Inc. of Val-d'Or, Quebec.
Daniel Bernard, a geological engineer and qualified person under National Instrument 43-101 on standards of disclosure for mineral projects, has reviewed and approved the technical content of this press release. Mr. Bernard will supervise the work to be performed on this project.
ABOUT NQ EXPLORATION INC.
NQ Exploration Inc. is a new mining exploration company with a large portfolio of 23 mining properties in the James Bay region of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold, base metal and uranium deposits.
This press release contains forward-looking statements subject to risks and uncertainties. Consequently, there is no assurance that such statements will prove to be accurate, and actual results and future events may differ considerably from those anticipated by such statements. Such risks and uncertainties are described in the quarterly management discussions and analyses and documents filed with regulatory authorities by NQ Exploration Inc. NQ Exploration Inc. does not undertake to publicly update or revise forward-looking statements on the basis of new information or future events or for any other reason.
The TSX Venture Exchange does not assume any responsibility for the adequacy or accuracy of this press release.
Contacts: NQ Exploration Inc. David Grondin President and Chief Executive Officer 514-206-7727 [email protected]
SOURCE: NQ Exploration Inc.