CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") - Calypso
President Stephen Barley is pleased to announce the second significant discovery
of surface uranium mineralization at its San Jorge Basin Project, Argentina. The
Company has also received additional positive results from the follow up program
at the first discovery zone announced in August. These discoveries were the
results of the initial prospective field programs at the Bella Vista and La
Flecha prospects, both included in the San Jorge Basin Project, confirming the
exploration potential of this uranium district. Calypso is currently advancing
an intensive regional summer exploration program at this Project, including a
3,000 meter RC drill program. Calypso's exploration activity in Argentina is led
by Energia Mineral with the participation of Cameco Global Exploration under the
joint venture Option Agreement signed in September 2010.


"The discoveries achieved by our exploration team in just a few field campaigns
confirm the uranium exploration potential of the district and support the
upcoming drill program, which should contribute to further identifying uranium
mineralization at this highly prospective San Jorge Basin project," said
Guillermo Pensado, Vice President of Exploration and President of Calypso's
subsidiary Energia Mineral. 


The San Jorge Basin Project includes property tenures for about 148,000ha
(1,480km2) within the primary uraniferous district in Argentina. This district
includes the Cerro Solo deposit, one of the two known Argentine uranium
resources. Cerro Solo, a uranium sandstone type deposit, is controlled by the
National Atomic Energy Commission (CNEA) and contains geological resources of
12,207 tonnes U3O8 using 0.01% U308 cut off (CNEA, 2005). These resources are
not NI 43-101 compliant but are believed to be reliable This strongly
uranium-mineralized basin is the site of the most concentrated uranium
exploration activity in Argentina.  


BELLA VISTA PROSPECT 

Geological mapping and geochemical sampling has been completed for a 3,500ha
area at the Bella Vista Prospect. The sampling was mainly collected over altered
fine tuff of the Cerro Barcino Formation, a unit that overlaps the prospectable
Los Adobes Formation that comprises the Cerro Solo uranium deposit to the north.
Four channel sampling sections were conducted normal to a stratiform altered and
mineralized horizon along a 200-meter distance. The average thickness was 9.7
meters with an adjusted grade of 322 ppm U3O8 (or 0.64 lb/ton U3O8; samples
#11,798 to #11,839), included in channel #1 9.5 meters grading 613ppm U3O8 (or
1.22 lb/ton U3O8; samples #11,806 to #11,814). The Company expects to complete
the surface field work at this discovery prospect with a RC drill program during
the current summer field season. 


LA FLECHA PROSPECT 

The follow up exploration program at this Prospect exposed more uranium
mineralization than originally mapped. A limited number of soil samples
collected in a new area with scarce outcrops yielded values between 397 ppm and
6,907 ppm U3O8 (or 0.78 and 13.80 lb/ton U3O8; samples 11,752 & 11,748,
respectively). Those samples showed pathfinder anomalies such as Vanadium, up to
4,987 ppm (#11,749); and Molybdenum, up to 190 ppm (#11,753). These values could
be indicating multi-metal feeder brines and the presence of a wider system than
originally observed. 


FOLLOW UP EXPLORATION & DRILLING PROGRAM 

The exploration team is currently focused on the La Bombilla prospect,
internally ranked as highly prospectable since the Los Adobes formation outcrops
in the area and shows high radiometric anomalies on surface, as well as strong
alteration. Field work includes mapping, geochemical sampling and geophysics
surveys in order to select drilling targets.  


A 3,000-meter RC drilling program is scheduled to begin on March 1st. The
program will test the targets previously defined at the Bella Vista and La
Bombilla prospects. The RC program will take samples every meter and bore hole
surveys will be run by the in-house geophysics team. 


QAQC 

The Company conducts QAQC protocols at every exploration phase. The surface
prospecting and exploration geochemical sampling includes approximately 12%
control samples, while every drill program includes approximately 20% control
samples. They include twin samples, fine and coarse certified blanks, fine and
coarse duplicates and internal certified standards. 


The technical information contained in this document has been reviewed and
approved by Dr Jon P. Thorson, PhD, CPG #10944 (AIPG), an independent Consulting
Geologist, as the qualified person as defined by NI 43-101.


About Calypso

Calypso Uranium Corp. is a mineral exploration company whose principal focus is
the exploration and development of uranium properties in Argentina and in the
United States. Calypso is active in Argentina with more than 460,000 hectares or
4,600km2 of claims and mineral concessions in the provinces of Chubut, Mendoza
and Neuquen. In September 2010, Calypso signed an Option Agreement with Cameco
Global Exploration Ltd., to explore and develop Calypso's uranium projects in
Argentina with the exception of the Huemul property in the Province of Mendoza
which is being retained by Calypso. Through the Argentine branch of its
subsidiary Energia Mineral Inc., the Company has an exploration office located
in Mendoza working closely with local communities and local, provincial and
national authorities while operating to the highest national and international
safety, environmental and ethical standards. While maintaining its principal
focus on the development of the Argentine uranium projects, Calypso has a 51.4%
interest and is operator of the Sage Creek properties located in Converse
County, Wyoming. Calypso is well-funded to advance all exploration projects and
has the technical team and management structure for this effort. Further
information is available at the website, www.calypsouranium.com, or filed under
the Company's profile at www.sedar.com.


CALYPSO URANIUM CORP. 

Stephen Barley, President & CEO

Shares Outstanding: 50,630,819

This news release may contain forward-looking statements based on assumptions
and judgments of management of the Company regarding future events or results.
Such statements are subject to a variety of risks and uncertainties which could
cause actual events or results to differ materially from those reflected in the
forward-looking statements. The Company disclaims any intention or obligation to
revise or update such statements except as may be required by law.
Calypso Uranium Corp. (TSXV:CLP)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Calypso Uranium Corp. Charts.
Calypso Uranium Corp. (TSXV:CLP)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Calypso Uranium Corp. Charts.