Vancouver, BC, January 14, 2015 -- Roughrider Exploration Limited (TSX-V: REL) ("Roughrider") -- is pleased to announce it has acquired through staking the Fire Eye Lake property in northeast Saskatchewan at a cost of $1,597.
The Fire Eye Lake property hosts a zone of silicified radioactive metasediments that produced historic grab sample results of:
• 0.34%, 0.27%, 0.08% and 0.03% U3O8.
The 2,662 hectare Fire Eye Lake uranium property is located 65 kilometres southwest of Roughrider's Genesis Property along the south margins of the Wollaston Domain. The property overlies repeated northeast trending Paleoproterozoic belts of Wollaston Domain metasediments and Peter Lake Domain granitic rocks.
Roughrider's CEO Scott Gibson commented: "We continue to cost effectively add to our portfolio of uranium assets separate from our joint venture, without taking our focus away from the Genesis Property area."
In 1977, CDW Investments conducted geological mapping and scintillometer survey work leading to identification of a mineralized zone along the south bank of Blondeau River at the northeast tip of Middle Lake (assessment report 64E14-0017). The CDW showing is reportedly comprised of two 0.6m and 0.9m wide silicified zones exposed along the west margin of a northeast trending granite ridge. The granite is reported to cut the zones off to the northeast. Less than 5 metres to the southwest, the mineralized zones are obscured under thick overburden.
An electromagnetic survey (EM-16) completed in 1978 identified a conductive zone coincident to the zone of mineralized alteration. A second set of sub-parallel conductors were identified following the length of Fire Eye Lake roughly a kilometre to the southeast (assessment report 64E14-0021). Fire Eye Lake is surrounded by numerous fields of weakly radioactive granitic boulders.
Metasediments were identified up to a kilometre northeast of the Blondeau River showing during an earlier 1969 scintillometer prospecting survey by Great Plains Development (assessment report 64E11-0016).
Roughrider's focus is on the 200,677 hectare (495,883 acre) Genesis uranium project located in the Wollaston-Mudjatik trend extending northeast from Saskatchewan's Athabasca Basin. The results of the 2014 work program were published in a news release dated December 1, 2014.
David W. Tupper, P.Geo, V.P. of Exploration and a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information contained in this release.
Neither the 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.
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Chief Executive Officer
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.