Drilling Planned for Halliday Lake Project
January 06 2012 - 3:58AM
PR Newswire (Canada)
CALGARY, Jan. 9, 2012 /CNW/ - In the summer 2011, Uravan Minerals
Inc (Uravan) completed multifaceted surface geochemical sampling
programs on the Halliday Lake, Math, OR Extension, and Stewardson
Lake projects [Press Release Link] in the Athabasca Basin(1),
Northern Saskatchewan [map link]. These surface programs
capitalized on new surface geochemical technologies developed from
a pilot study conducted at the Cigar West Uranium deposit (Cigar
Lake Study)(2 )for the detection of buried unconformity-related
uranium deposits in under-explored areas in the Athabasca Basin.
The surface sampling programs resulted in the collection of a total
of 3305 samples from all media over approximately 40,140 hectares.
The sample media collected are B- and C-horizon soils, vegetation
(from spruce and/or pine) and tree-cores (from spruce and/or pine).
All sample material collected (clay separates from the B-and
C-horizons soils and vegetation samples) were analysed using
multi-element ICP-MS for 52 elements plus all the REE and Pb
isotopes at Acme Labs in Vancouver. Sample preparation on the
tree-cores and separation of the clay fraction from the B-and
C-horizon soils were completed by the Queen's Facility for Isotope
Research(4) (QFIR) at Queen's University. QFIR will also
conduct further analytical work on tree-cores and clay separates by
a multi-element analysis for 52 elements plus all the REE and Pb
isotopes by High-Resolution ICP-MS. The analytical data resulting
from these geochemical surveys will be the focus of a collaborative
research study between Uravan and QFIR, and the Natural Sciences
and Engineering Research Council of Canada (NSERC)( 3) [Press
Release Link]. Data analysis and interpretation of the surface
geochemical data from the Halliday project identified an east-west
oriented highly anomalous geochemical signature that is coincident
with an EM (electromagnetic) geophysical conductor and magnetic low
corridor [map link]. The east-west geochemical signatures
consist of anomalous radiogenic Pb isotope values occurring in the
clay minerals separated from the soil media and
tree-cores. These radiogenic Pb anomalies also correlate
strongly with other anomalous uranium pathfinder elements occurring
in the same media. Based on the extremely positive results from the
Halliday surface geochemical program, a four (4) hole diamond drill
program is planned and anticipated to commence in June 2012. In
preparation for finalizing drill targets, additional ground
geophysics and structural mapping is anticipated to be completed
over the anomalous east-west geochemical trend. More details on
these surveys and the subsequent drill program will be announced in
future press releases. All future exploration expenditures are
conditional on securing project financing. The Halliday project is
located approximately 18 kilometers northwest of the McArthur River
uranium deposit in the eastern Athabasca Basin. The Halliday
property is owned 100% by Uravan and was acquired from Cameco
Corporation (Cameco) in December 2010 as part of a larger property
exchange agreement [Press Release Link]. Exploration work
previously conducted on the Halliday project by Cameco consists of
six (6) widely-spaced diamond drill holes amounting to 5167 meters
drilled with drill depths averaging 850 meters. This reconnaissance
drilling targeted three sub-parallel EM geophysical conductors
within an east-west oriented magnetic low. Based on drill core data
analysis and interpretation, the conductive zones coincide with an
east-west trending graphite structural zone. Drill core
analysis identified high boron concentrations within basement
samples, strong illite clay alteration in the sandstone and
anomalous uranium mineralization occurring at the unconformity,
which assayed 800 ppm to 0.12% U(3)O(8) over narrow intervals (1.0
meter). The data analysis and interpretation of the surface
geochemical results from samples previously collected on the OR
extension, Stewardson and Johannson lake projects are pending and
will be announced as this work is completed. 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
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. 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. (3) The goals of this applied research study, titled
'Exploration Geochemistry for Deep Uranium Deposits', are: (1) to
apply geochemical technologies recently developed by QFIR and
Uravan from a pilot study (the Cigar Lake Study)( )(1) for remotely
sensing deeply-buried deposits on Uravan's Outer Ring (OR) and
other Athabasca Basin projects; and (2) to develop new geochemical
technologies using isotope compositions (such as Li, C, N, Pb and
U) for more reliable and definitive indicators of mineralization at
depth in these highly prospective but under-explored sandstone
basin areas. NSERC aims to make Canada a country of discoverers and
innovators for the benefit of all Canadians. The agency 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 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. 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. Uravan Minerals Inc. CONTACT:
Larry Lahusen, CEOUravan Minerals Inc.Tel: 403-264-2630Email:
llahusen@uravanminerals.com,Website: www.uravanminerals.com
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