Uravan Athabasca Project Update and 2012 Drilling
March 10 2012 - 2:17PM
PR Newswire (Canada)
TSXV: UVN CALGARY, March 13, 2012 /CNW/ - In 2011, Uravan Minerals
Inc (Uravan) completed 5834 meters of drilling in seven (7) diamond
drill holes on its Outer Ring-Mathison (OR-MATH) projects and
conducted four (4) multifaceted surface geochemical sampling
programs on the Halliday, MATH, OR Extension, and Stewardson
projects in the Athabasca Basin(1), Northern Saskatchewan
[map link]. The 2011 OR-MATH drill programs were reconnaissance in
nature, targeting selected surface geochemical signatures
identified from a multifaceted sampling program completed over the
OR-MATH projects in 2010 and 2011. Based on down-hole Natural Gamma
survey results, all drill holes intersected zones of high
radioactivity (levels 7.5 times background) averaging 350 - 707
API(cps) occurring over significant intervals (10 to 13 meters) in
the Athabasca Sandstone at the basal unconformity( )and over broad
zones (20 metres) below the unconformity in the underlying
crystalline basement rocks. All zones having high radioactivity
were systematically sampled and assayed. Analytical results
indicated that drill-hole OR11-03 intersected the most significant
section of uranium mineralization, assaying returned 89.9 ppm
U(3)O(8)( )(~0.01% U(3)O(8)) over 0.5 meter at the unconformity at
a depth of 781 meters. All other intervals of high radioactivity
suggest substantial uranium mineralization in the area.
Coincident with the zone of elevated uranium mineralization in
OR11-03, at the unconformity is an 18 meter sandstone section
showing illite (clay) alteration and secondary hematite. This
favourable section of clay-hematite alteration is overlain by a
broad zone of sandstone bleaching. The occurrence of these
alteration features are key indicators that there is potential
uranium mineralization and hydrothermal activity in the area. In
2012 several drill holes are planned on the OR-MATH project to
further test the favourable mineralization intersected in OR11-03
and coincident alteration features. This drilling will target
selected surface geochemical signatures within a
northeast-southwest trending magnetic low corridor [map link]. The
surface geochemical programs completed in 2011 on the Halliday,
MATH, OR Extension, and Stewardson projects capitalized on
new surface geochemical technologies developed from a pilot study
conducted at the Cigar West Uranium deposit (Cigar Lake Study)(2
).( )These sampling programs resulted in the collection of
3305 samples from all media (soils, vegetation and tree-cores)( 3)
over approximately 40,140 hectares. Data analysis and
interpretation of the surface geochemical data from the Halliday(4
)project identified a significant 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 ratios occurring in tree cores and
in clay minerals extracted from the soils. These radiogenic
Pb isotopic anomalies also correlate strongly with other anomalous
uranium pathfinder elements occurring in the same sampling media.
Based on the extremely positive results from the Halliday surface
geochemical program, a five (5) hole diamond drill-hole program is
planned and anticipated to commence in June 2012. In preparation to
finalize drill targets, additional ground geophysics (Horizontal
Loop TDEM survey) and structural mapping (RADARSAT imagery) are
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. Mr. Larry
Lahusen, CEO of Uravan states: "Although it is early times in the
development of our new surface geochemical techniques, there is
strong evidence, based on our recent drilling at OR-MATH, that the
geochemical indicators measured from the surface environment are
mapping basement mineralization at depths 800 meters. Going
forward, the interpretation and refinement of these new surface
geochemical techniques by Uravan's technical group working in
collaboration with the team at QFIR(5) clearly has the potential to
be a 'game changer' with respect to vectoring drilling to the most
probable location of uranium deposits at depth in under-explored
areas of the Athabasca Basin". The data analysis and interpretation
of the surface geochemical results from samples previously
collected on the OR Extension, Stewardson and Johannson projects
are pending and will be announced as this work is completed.
Funding for the planned drill programs on the OR-MATH and Halliday
projects is anticipated to be in place in the near future. Dr.
Colin Dunn(6), 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 (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 sample
media collected are B- and C-horizon soils, twigs and foliage 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 53 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(5) (QFIR) at
Queen's University. QFIR will also conduct further
analytical work on tree-cores and clay separates by a multi-element
analysis and selected 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)( 7 ) (4)The Halliday project is located
approximately 18 kilometres 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 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
861 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 0.08% to 0.12%
U(3)O(8) over narrow intervals (1.0 meter). (5)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. (6)Dr. Colin Dunn,
an independent specialist in biogeochemistry and other surface
geochemical exploration methods, is working closely with Uravan's
technical group and QFIR to advance the interpretation of the
geochemical results. Dr. Kurt Kyser and Dr. Colin Dunn are key
technical advisors for Uravan. (7)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)(2) 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. ------------------------------ 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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