Outer Ring drilling narrows exploration focus and confirms surface geochemical signatures
August 22 2011 - 8:45AM
PR Newswire (Canada)
CALGARY, Aug. 22, 2011 /CNW/ -- TSXV: UVN CALGARY, Aug. 22, 2011
/CNW/ - Uravan Minerals Inc. (Uravan) recently completed a five (5)
hole diamond drilling program totaling 4237 meters drilled on
its Outer Ring (OR) project in the Pasfield Lake area of the
Athabasca Basin(1) [view map]. The OR drill program was
reconnaissance in nature that targeted select surface signatures
identified from a multifaceted surface geochemical sampling program
completed over the OR property in 2010. This surface geochemical
program capitalized on new innovative geochemical technologies
developed by Uravan's technical group and collaborative research
partners from a pilot study conducted on the Cigar West uranium
deposit (Cigar West Study)( 2). First indications of potential
uranium-bearing intersections from drill-holes OR11-01 to OR11-05
were obtained from down-hole Natural Gamma surveys (description
below). All drill holes intersected zones of high radioactivity
(levels 7.5 times background) occurring over significant intervals
in the Athabasca Sandstone(1) at the unconformity(3 )and over broad
zones below the unconformity in the underlying basement rocks. All
zones of high radioactivity intersected were systematically sampled
and will be assayed for their uranium concentrations; analytical
results will be announced when available. The following table
summarizes the significant intersections as determined from
down-hole Natural Gamma surveys:
_______________________________________________________________
|Drill Hole|From (m)|To (m)|Interval (m)|API (cps)*| Occurrence |
|__________|________|______|____________|__________|____________| |
OR11-01 | 662.45 |672.35| 9.90 | 432 |unconformity|
|__________|________|______|____________|__________|____________| |
OR11-02 | 724.58 |737.98| 13.40 | 349 |unconformity|
|__________|________|______|____________|__________|____________| |
| 763.18 |772.93| 9.75 | 475 | basement |
|__________|________|______|____________|__________|____________| |
OR11-03 | 780.12 |781.07| 1.00 | 640 |unconformity|
|__________|________|______|____________|__________|____________| |
OR11-04 | 764.41 |770.51| 6.10 | 707 |unconformity|
|__________|________|______|____________|__________|____________| |
OR11-05 | 742.26 |754.16| 12.00 | 288 |unconformity|
|__________|________|______|____________|__________|____________| |
| 756.46 |795.36| 39.00 | 402 | basement |
|__________|________|______|____________|__________|____________|
*Note: An API (American Petroleum Institute) unit is a standard
measurement of gamma radiation encountered in borehole surveying by
Natural Gamma probes. The radioactivity levels indicated in the
table above are considered significant, albeit not quantitative,
and represent the presence of uranium concentrations that are
several levels above normal background radioactivity. Coincident
with these zones of high radioactivity, some drill-holes
intersected other geological features suggestive of a geochemically
and structurally active unconformity surface; key features required
for uranium mineralization: -- Persistent sandstone bleaching above
the unconformity coincident with broad zones of secondary hematite
alteration; -- the presence of illite( )clay alteration occurring
over varying thicknesses at and above the unconformity, and; -- The
presence of major fracturing radiating up into the Athabasca
Sandstone and faulting in the underlying basement units; all
suggestive of structural reactivation. The combined assessment of
all data collected at this preliminary stage has allowed Uravan's
technical team to significantly advance and refine favourable
target areas for future diamond drill programs. Mr. Larry Lahusen,
CEO of Uravan states: "Although a lot of data analysis is still in
progress, the intersection of high radioactivity, coincident
structure, and clay alteration arising from the OR drill program is
highly encouraging and tells me we are in the right
neighbourhood. Most importantly, this reconnaissance drill
program validates the surface geochemical signatures tested and
strongly supports our surface geochemical approach". All drill
holes (OR11-01 to OR11-05) were probed using a suite of
high-resolution (10cm or 5cm increments) down-hole geophysical
survey tools consisting of: Natural Gamma, Neutron, Gamma-Gamma
Density and Electric Resistivity/Spontaneous Potential. The
logging equipment and operational expertise was provided by DGI
Geoscience Inc. based out of Toronto. This suite of borehole survey
tools has provided accurate and continuous down-hole logs of
physical rock properties allowing Uravan's technical group to link
the geophysical data to other critical whole-rock analytical data,
spectral clay mineralogy and lithological data collected from core.
All drill cores were systematically scanned using ASD Terraspec
instrumentation for determining clay mineralogy; a means of
establishing the presence or lack of hydrothermal alteration. The
drill core has been routinely sampled and will be assayed by
multi-element ICP-MS for 52 elements plus all the REE and Pb
isotopes at Acme Labs in Vancouver. The Queen's Facility for
Isotope Research(4) (QFIR) will conduct further analytical
techniques on core samples to determine the concentration of
certain isotopic compositions using High-Resolution ICP-MS. The
analytical data resulting from the core recovered from the OR
drilling program will be the focus of a new collaborative research
study between Uravan and QFIR, and the Natural Sciences and
Engineering Research Council of Canada (NSERC)( 4) [PR dated April
26, 2011]. The OR drill program was managed and directed by
Uravan's technical group. Drilling operations were performed by
Bryson Drilling Ltd. from Archerwill, Saskatchewan. Dr. Colin Dunn,
P. Geo., technical advisor for Uravan, is the Qualified Person for
the purposes of NI 43-101 with respect to the technical information
in this press release. (1)The Athabasca Basin is an ancient
(Paleoproterozoic) sandstone basin located in northern
Saskatchewan, Canada. The Athabasca Basin hosts high-grade
unconformity-type uranium deposits that account for about 28
percent of the world's primary uranium production. These
unconformity-type uranium deposits occur in sandstones (Athabasca
Sandstone) at the basement-sandstone unconformity contact
(sandstone-hosted mineralization) and within the underlying
structurally disrupted crystalline basement (basement-hosted
mineralization). The ore grades are high, typically grading 5% to
20% U(3)0(8).The interior of the Athabasca Basin, which includes
the OR property, is under-explored relative to the high-grade
unconformity-related uranium deposits currently being exploited
near the eastern margin of the basin. The OR drill program is one
of the first significant exploration effort conducted in this more
basin-ward region and even more significant considering the
drilling is targeting surface geochemical anomalies versus
conventional blind geophysical (EM) conductors. (2)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 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 in the Athabasca Basin. The study was designed to
develop new surface geochemical techniques that can better identify
bedrock sources of uranium mineralization at depth. This
research clearly identified distinctive elements and isotopic
compositions that have been mobilized from the deposit (geosphere)
to the surface media (plants and soils) from depths 450 meters.
(3)Unconformity in this writing is defined as the contact between
the Athabasca Sandstone and the underlying crystalline basement
rocks. (4)The NSERC supports university students in their advanced
studies, promotes and supports discovery research, and fosters
innovation by encouraging Canadian companies to participate and
invest in postsecondary research projects. NSERC aims to make
Canada a country of discoverers and innovators for the benefit of
all Canadians. NSERC researchers are on the vanguard of science,
building on Canada's long tradition of scientific excellence.
(4)The Queen's Facility for Isotope Research (QFIR) at Queens'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. (4)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
diversified mineral exploration company that utilizes applied
research to develop new innovative exploration technologies to
identify buried uranium, rare earth elements (REE) and
nickel-copper-platinum group element (Ni-Cu-PGE) deposits in
under-explored areas. Our exploration focus in uranium is for
potential high-grade unconformity-related uranium deposits in the
Athabasca and Thelon Basins in Canada and other basin environments
globally. Uravan is expanding its acquisition efforts toward REE
geological domains in North America and specific areas globally.
The REE and uranium mineralization occur in related geological
environments thereby complementing Uravan's uranium exploration
efforts with a strategy to add diversification to its portfolio.
Further, Uravan is pursuing the exploration of its advanced- stage
Rottenstone Ni-Cu-PGE project supported by the development of new
drill targets defined by recent geophysical
re-interpretation. 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.
In particular, this news release contains forward-looking
statements pertaining, directly or indirectly, to the use of
proceeds of the Offering. Readers are cautioned that the
foregoing list of risk factors should not be construed as
exhaustive. These statements speak only as of the date of this
release or as of the date specified in the documents accompanying
this release, as the case may be. The Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements except as expressly required by applicable securities
laws. Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the 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/August2011/22/c5215.html
p Larry 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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