URAVAN PLANS TWO DRILLING PROGRAMS IN 2011
November 02 2010 - 9:40AM
PR Newswire (Canada)
CALGARY, Nov. 2 /CNW/ -- (TSVX: UVN) CALGARY, Nov. 2 /CNW/ - Uravan
Minerals Inc. ("Uravan") has completed data analysis on their
Outer Ring uranium project and Rottenstone Ni-Cu-PGE +Au
(nickel-copper-platinum group elements + gold) project. As a
result of the positive data analysis both properties are fully
expected to be "drill ready" by early 2011. The Outer Ring property
is owned 100% by Uravan and located in the Athabasca Basin along
the Cable Bay shear zone in the Pasfield Lake area. The Outer
Ring property was acquired by Uravan in December 2009. A
surface geochemical program was completed in July 2010. The
preliminary geochemical data analysis was concluded in October
2010. The geochemical data from the Outer Ring sampling program
capitalized on new technology developed from a pilot study
conducted on the Cigar West uranium deposit (Cigar West Study)( 1).
The Cigar West Study was a collaborative applied research program
conducted by Uravan and QFIR (Queen's Facility for Isotope
Research) in 2009 over a known high-grade uranium deposit. The
study was designed to develop new surface geochemical techniques
that can better identify bedrock sources of uranium mineralization
at greater depths. This research clearly identified
distinctive elements and isotopic compositions that have been
mobilized from the deposit to the surface media from depths 450
meters. Based on our knowledge gained from the Cigar Lake Study,
encouraging results have been obtained from the Outer Ring
geochemical program that revealed positive lead (Pb) isotope
compositions and associate pathfinder elements found in certain
soil components, vegetation and tree-core samples. These
surface anomalies are trending and coincide positively with
regional geophysical survey data and other interpreted structural
features. Uravan's technical group are now working on defining
specific drill targets. Five (5) diamond drill-holes are planned
for early 2011. The Rottenstone property is owned 100% by Uravan
and located in the Rottenstone Domain in northern Saskatchewan. The
Rottenstone Ni-Cu-PGE deposit was a focus of Uravan's exploration
efforts from 1998 through 2004. The deposit was mined in the
mid-late 1960's, producing approximately 40,000 tons of high-grade
ore grading 3.28% Ni, 1.83% Cu and 9.63 g/t PGE + Au. The
high metal content of this small deposit implies that a much larger
deposit exists nearby. Based on a 2008 airborne geophysical survey
(VTEM), a new interpretive model was justified and has been
completed using newly developed modeling technology. The results of
this interpretive work, along with the existing historical
database, strongly indicate several new drill targets in the
vicinity of the previously known Rottenstone mineralization.
The geophysical images and connecting patterns supports a
significant, developing mineral trend. As a result of the recent
interpretive work, ten (10) diamond drill holes have been selected
to test several highly prospective targets. This drill program is
planned for early 2011 and represents a first step in advancing the
project to discovery using a much clearer geological-geophysical
model. Ian Fraser, P. Geo., Senior Geologist for Uravan, is the
Qualified Person for the purposes of NI 43-101 with respect to the
technical information in this press release. For more information
on the technical details of these projects, please visit:
http://www.uravanminerals.com/properties/outer_ring_project/
http://www.uravanminerals.com/properties/rottenstone_nu_cu_pgm/
(1)The Cigar Lake deposit is on the Waterbury/Cigar uranium
property; a joint venture partnership between Cameco Corporation,
AREVA, Idemitsu Kosan Co. Ltd., and Tokyo Electric Power Co.
[TEPCO]) located in the Athabasca Basin, Saskatchewan. Uravan
thanks both AREVA and Cameco for their collaboration and gracious
support for the Cigar West Study; and the support provided by the
Cigar Lake facility during our field operations. The Queen's
Facility for Isotope Research (QFIR) at Queen's University, Ontario
is a state-of-the-art research facility, comprising a group of
highly experienced research geochemists. The QFIR lab contains some
of the most technologically advanced analytical equipment in
Canada. Under the direction of Dr. Kurt Kyser, the QFIR research
team is working collaboratively with Uravan's technical group to
develop new exploration technologies using applied research. Dr.
Colin Dunn, an independent specialist in biogeochemistry, is
working closely with Uravan's technical group and QFIR to advance
the interpretation of biogeochemical results. Dr. Kurt Kyser and
Dr. Colin Dunn are key technical advisors for Uravan. Uravan is a
Calgary Alberta based R&D mineral exploration company
specializing in developing new uranium exploration technologies.
Our vision is to get to discovery faster and more cost effectively
in under-explored frontier areas. Uravan is pursuing exploration
for potential high-grade unconformity-related uranium deposits in
the Athabasca and Thelon Basins in Canada and other basin
environments globally. Uravan is a publicly listed company on the
TSX Venture Exchange under the trading symbol UVN. All of the
mineral properties Uravan owns are considered in the exploration
stage of development. This press release may contain forward
looking statements including those describing Uravan's future plans
and the expectations of management that a stated result or
condition will occur. Any statement addressing future events or
conditions necessarily involves inherent risk and uncertainty.
Actual results can differ materially from those anticipated by
management at the time of writing due to many factors, the majority
of which are beyond the control of Uravan and its management.
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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/November2010/02/c8082.html
pLarry Lahusen, CEObr/ Uravan Minerals Inc.br/ Tel: 403-264-2630br/
Email: a
href="mailto:llahusen@uravanminerals.com"llahusen@uravanminerals.com/a,br/
Website: a
href="http://www.uravanminerals.com"www.uravanminerals.com/a/p
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