Uravan Commences Drilling at Outer Ring-MATH Projects
September 25 2011 - 2:06AM
PR Newswire (Canada)
(TSVX: )(UVN) CALGARY, Sept. 27, 2011 /CNW/ - Uravan Minerals Inc.
(Uravan) has commenced diamond drilling operations on its Outer
Ring (OR) and contiguous Mathison Lake (MATH) projects in the
Pasfield Lake area of the Athabasca Basin(1) [view map]. This is a
follow-up program based on encouraging information obtained from
Uravan's previously completed OR drill program [August 22, 2011
press release]. The OR-MATH program amounts to completing three (3)
diamond drill-holes totalling approximately 2100 meters of drilling
[view map]. Drill depths to the unconformity are estimated to be
700 meters. Completion of the program is estimated to be in late
October 2011. The OR-MATH drill program is targeting a geophysical
corridor coincident with anomalous surface geochemical signatures.
The surface anomalies were identified by Uravan's technical group
in collaboration with its research partners(3) arising from a
multifaceted surface sampling program completed over the projects
in 2010 and recently in June 2011. The favourable geophysical
features comprise a strong EM (electromagnetic) conductor that
correlates with a deep magnetic low. The geophysical data were
collected by Geotech Limited from an airborne ZTEM survey completed
over the MATH project in 2009 by ESO Uranium. The surface
geochemical programs capitalized on new innovative geochemical
technologies developed from a pilot study conducted on the Cigar
West uranium deposit (Cigar West Study)( 2). By using these
exploration techniques, verified from the Cigar West Study,
positive isotopic compositions and associated anomalous pathfinder
elements were identified in certain soil components, vegetation and
tree-core samples over the project area. These surface
anomalies correlate positively with regional geophysical survey
trends and other interpreted structural features, and potentially
represent signatures of mobile elements derived directly from
bedrock sources of unconformity-related uranium mineralization. The
interpretation of the ZTEM airborne geophysical survey displays a
strong NE-SW trending EM conductor (the "Pasfield Conductor") that
coincides with a linear low magnetic susceptibility feature. The
Pasfield Conductor and low magnetic feature form a corridor that
transects the Math project and extends to the SW onto the OR
project. The NE-SW trending Pasfield Conductor is interpreted as a
single NW-dipping conductor at the unconformity. The Pasfield
Conductor shows increasing conductive response with depth
suggesting alteration of the conductor at or near the unconformity.
The geophysical data also point to a related conductive zone above
the unconformity interpreted by Geotech Limited to represent a clay
alteration zone in the Athabasca sandstone. A thick basement
graphitic conductor, hosted in metapellitic basement metasediments,
within a coincident low magnetic susceptibility corridor,
associated with a possible clay alteration halo above the
unconformity are key requirements for potential
unconformity-related uranium mineralization. The OR-MATH drill
program will be managed and directed by Uravan's technical group.
Drilling operations are being performed by Bryson Drilling Ltd.
from Archerwill, Saskatchewan. All whole-rock analytical work on
core samples collected will be analyzed 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(3) (QFIR) will
conduct additional analytical work and studies on core samples to
determine the concentration of certain isotopic compositions using
High-Resolution ICP-MS. 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 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). (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)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. (3)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. 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. Uravan
Minerals Inc. CONTACT: Larry Lahusen, CEOUravan Minerals Inc.Tel:
403-264-2630Email: llahusen@uravanminerals.com,Website:
www.uravanminerals.com
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