Uravan Signs $22 Million Uranium Exploration Agreement
April 25 2012 - 10:30AM
PR Newswire (Canada)
CALGARY, April 25, 2012 /CNW/ - Uravan Minerals Inc. ("Uravan ")
and Cameco Corporation ("Cameco") have signed a "Term Sheet
Memorandum" agreement whereby Uravan granted Cameco the exclusive
option ("Option") to earn an aggregate 70% interest in Uravan's
100% owned Halliday and Stewardson uranium projects (the "Mineral
Properties"), Athabasca Basin(1), Northern Saskatchewan [map link]
by Cameco funding a cumulative twenty-two million dollars
($22,000,000) in exploration expenditures. The agreement consists
of two Options: (1) the first option grants Cameco the exclusive
right to earn a 51% interest in the Mineral Properties by funding
seven million dollars ($7,000,000) in exploration expenditures over
four years and (2) a second option grants Cameco the exclusive
right to earn an additional 19% in the Mineral Properties by
funding an additional fifteen million dollars ($15,000,000) in
exploration expenditures. Upon Cameco earning either a 51% or 70%
interest in the Mineral Properties, Cameco and Uravan (collectively
the "Parties") shall enter into a joint venture agreement to form a
joint venture in relation to the Mineral Properties, with the
Parties funding their pro-rata share of future exploration
expenditures. Uravan shall be the operator for the first four years
of the Option, after which Cameco may elect to become the operator.
The Halliday property consists of a single mineral disposition
(S-107299) totaling 2,169 hectares, located approximately 18
kilometers northwest of McArthur River uranium mine in the eastern
Athabasca Basin [map link]. Historically, six (6)
widely-spaced diamond drill holes were completed on the property
amounting to 5,176 metres drilled with drill depths averaging about
850 meters. This reconnaissance drilling targeted three coincident
EM conductors within an east-west oriented magnetic low. Based on
core analysis and interpretation, the conductive zones coincide
with an east-west trending graphite-bearing metasedimentary unit
and structural zone. Core analysis identified high boron
concentrations within basement samples, strong illite clay
alteration in the Athabasca sandstone above the unconformity and
anomalous uranium mineralization occurring at the unconformity in
drill hole EL-09 assaying 0.12% U3O8 (1.0 meters). The Stewardson
property consists of five (5) contiguous mineral dispositions
(S-107738, S-108181 to S-108184 inclusive) totaling 21,349
hectares, located approximately 20 kilometers north of Cameco's
Centennial uranium deposit in the south-central portion of the
Athabasca Basin. The Stewardson property overlies the
northeast-southwest trending Dufferin fault. Historical
electromagnetic (EM) and magnetic surveys over the property
indicate a broad magnetic low hosting several conductors and
interpreted faults sub-parallel to the Dufferin Lake fault on the
western portion of the property, transitioning to a magnetic high
on the eastern side of the Dufferin Lake fault. In 2004 one diamond
drill hole (VR-01) was completed, intersecting the unconformity at
1,135 meters. VR-01 targeted a broad boron anomaly defined by
boulder and outcrop sampling completed in 1995. Although no
significant uranium mineralization was encountered in VR-01, the
drill hole intersected a wide interval of illite clay alteration in
sandstone above the unconformity and 15 meters of chlorite clay
alteration directly above the unconformity. The illite and
coincident chlorite clay alteration in the sandstone above the
unconformity is indicative of favourable hydrothermal activity in
the area, a key ingredient necessary for uranium mineralization. In
the summer of 2011, Uravan completed multifaceted surface
geochemical sampling programs on the Halliday and Stewardson
projects [Press Release Link]. These surface programs
capitalized on new surface geochemical technologies developed from
a geochemical remote sensing study conducted over 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. 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 in
tree-cores. These coincident radiogenic Pb anomalies also
correlate strongly with other anomalous uranium pathfinder elements
occurring in the same media. Based on positive results from the
Halliday surface geochemical program, a five hole diamond drill
program is planned and anticipated to commence in July 2012. In
preparation for finalizing drill targets, additional ground
geophysics and structural mapping is being considered to be
completed over the anomalous east-west geochemical trend and EM
conductor. More details on these surveys and the subsequent drill
program will be announced in future press releases. Data analysis
and interpretation of the surface geochemical data from the
Stewardson project highlighted the south-central portion of the
property as having favourable correlation and clustering of
anomalous radiogenic Pb isotope values ((207)Pb/(206)Pb isotopic
ratios) in soil and in tree core samples [map link]. Multiple
correlations between anomalous radiogenic Pb isotopic signatures
and other element geochemical enrichment with interpreted
structural trends suggest preferential element migration from depth
through high permeability fluid conduits and may serve as important
indicators to structurally controlled subsurface
mineralization. In 2012, an airborne EM survey is being
considered to be flown over the south-central claim blocks to
better defined conductive trends that are supported by key surface
geochemical data. Uravan is looking forward to working with
Cameco's exploration group. Uravan is committed to
working to bring the highest level of technical knowledge and
uranium exploration experience into our exploration programs on the
Halliday and Stewardson projects. 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 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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