Halliday drilling commences
July 14 2012 - 6:09PM
PR Newswire (Canada)
CALGARY, July 18, 2012 /CNW/ - On July 17(th) Uravan Minerals Inc.
("Uravan ") commenced drilling operations on its Halliday Lake
project, Athabasca Basin(1), Northern Saskatchewan [map link]. The
technical program anticipates completing five (5) diamond
drill-holes positioned to test the potential occurrence of
high-grade uranium mineralization at depth along a prominent 5
kilometre long, east-west trending, 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 Halliday surface anomalies were identified by a
multifaceted geochemical sampling program completed by Uravan in
the summer of 2011[Press Release Link]. These 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,
which are indicative of uranium mineralization and alteration at
depth [map 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 mineralization in under-explored areas
in the Athabasca Basin. The favourable surface geochemical patterns
conform to a well-defined major EM conductor/structure (Conductor
A)( )and a magnetic low corridor [map link]. Conductor A is
interpreted to define a steeply south dipping reverse fault that
transects obliquely across the central part of an interpreted
graphite-bearing metasedimentary unit/magnetic low feature.
Conductor A was defined by previous operators through a succession
of fixed and moving loop TDEM geophysical surveys conducted in
1997/1998, and 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 drill program amounts to approximately 4500 meters of
drilling with an average drill depth of 900 meters per hole. All
drill-holes planned are inclined at -75(o )with an azimuth
perpendicular to the east-west oriented
conductive/structural/geochemical trend. The average vertical depth
to the unconformity(1) is approximately 765 meters. Each
drill-hole will take approximately 10 to 12 days to complete. Mr.
Larry Lahusen, CEO of Uravan believes "the alignment of highly
anomalous surface geochemical patterns with a coincident EM
conductor/structural feature defines a very favourable
corridor. These coincident anomalous signatures provide a
unique drilling opportunity, whereby surface geochemical anomalies
are vectoring drilling to the most probable location of a potential
uranium deposit at depth". 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 funding 100% of the 2012 exploration
expenditures to the extent of its earn-in obligations pursuant to
the Halliday/Stewardson 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 located in the Athabasca
Basin, Saskatchewan, and is a joint venture partnership between
Cameco Corporation, AREVA, Idemitsu Kosan Co. Ltd., and Tokyo
Electric Power Co. [TEPCO]). 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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