Halliday Drill Program to Commence
June 30 2012 - 3:17PM
PR Newswire (Canada)
TSXV: UVN CALGARY, July 3, 2012 /CNW/ - Uravan Minerals Inc.
("Uravan ") will commence a five (5) hole diamond drill program in
mid July 2012 on its Halliday Lake project, Athabasca Basin(1),
Northern Saskatchewan [map link]. The drill-holes will be
positioned to test specific targets along trend of a 5 kilometre
long, east-west oriented highly favourable corridor. This corridor
has been defined by a linear clustering of anomalous surface
geochemical signatures( )that are coincident with a major EM
(electromagnetic) geophysical conductor and a linear magnetic low
[map link] The surface geochemical signatures were identified by a
multifaceted geochemical sampling program completed by Uravan in
the summer of 2011[Press Release Link]. This surface program
capitalized on new geochemical technologies developed from a
geochemical remote sensing study conducted over the Cigar West
Uranium deposit (Cigar Lake Study)(2), which focused on the
detection of buried unconformity-related uranium deposits in
under-explored areas in the Athabasca Basin. The Halliday surface
anomalies consist of highly favourable radiogenic lead (Pb) isotope
values ((207)Pb/(206)Pb isotopic ratios) in clay separates taken
from B-and C-horizon soils and in tree-core samples. These
coincident radiogenic Pb isotopic anomalies strongly correlate with
other anomalous element signatures, occurring in the same media
that are indicative of uranium mineralization and alteration
occurring at depth [map link]. The favourable surface geochemical
patterns conform to a well-defined, east-west trending major EM
conductor (Conductor A)( )and a magnetic low corridor [map link].
Conductor A was defined by previous operators through a succession
of fixed and moving loop TDEM geophysical surveys conducted in
1997/1998 and more recently in 2010 with a moving loop SQUID
(Slingram) TDEM survey. The magnetic low corridor was defined by a
regional airborne magnetic survey completed by the Saskatchewan
Geological Survey. The linear magnetic low is interpreted (based on
historical drilling) to represent a graphite-bearing
metasedimentary unit occurring in basement rocks at the
unconformity. This graphitic metasedimentary unit appears to be
tightly folded on its eastern extension and flattens westward
forming the nose of an antiform structural feature. Conductor A is
interpreted to define a steeply dipping reverse fault that
transects obliquely across the central part of the graphite-bearing
metasedimentary unit/magnetic low feature. The Halliday project
consists of a single mineral disposition (S-107299) totaling 2,169
hectares, located approximately 18 kilometres northwest of the
McArthur River uranium mine in the eastern Athabasca Basin [map
link]. Previous operators completed six (6) widely-spaced
diamond drill-holes on the property amounting to 5,176 metres
drilled, with drill depths averaging about 850 meters. Core
analysis from this drilling 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). Mr. Larry Lahusen, CEO of Uravan
believes "the anomalous surface geochemical patterns and coincident
Conductor A (EM geophysical-structural feature), defines a
favourable geological/structural corridor made up of key features
required for the occurrence of potential uranium mineralization at
depth. Clearly, the positioning of the Conductor A and the
conformable surface geochemical patterns provides a unique drilling
opportunity, whereby surface geochemical anomalies are vectoring
drilling to the most probable location of a potential uranium
deposit at depth along a significant EM conductor/structure in this
under-explored area of the Athabasca Basin." The summer 2012 drill
program on the Halliday project is a joint exploration effort by
Uravan and Cameco Corporation (Cameco). Uravan is currently the
operator with the responsibility to plan and implement the
exploration program on behalf of Cameco. Cameco is expected to fund
100% of the 2012 exploration expenditures pursuant to an option
agreement [Press Release link]. 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 sandstone hosts
high-grade uranium deposits at and below the unconformity between
the sandstone and the older crystalline basement rocks. These
unconformity-type uranium deposits occur in sandstones at the
sandstone-basement unconformity contact (sandstone-hosted
mineralization) and within the underlying structurally disrupted
crystalline basement (basement-hosted mineralization). These
unconformity-type uranium deposits account for about 28 percent of
the world's primary uranium production. The ore grades are high,
typically grading 2% 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)(3 )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-type uranium deposits in the
Athabasca and Thelon Basins in Canada and other basin environments
globally. 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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