Halliday Drilling Update
September 06 2012 - 9:30AM
PR Newswire (Canada)
CALGARY, Sept. 6, 2012 /CNW/ - On September 3, 2012 Uravan Minerals
Inc. ("Uravan ") completed drilling operations on its Halliday Lake
project, Athabasca Basin(1), Northern Saskatchewan [map link]. The
technical program consisted of completing five (5) diamond
drill-holes (HL-01, -02, -03, -05 and -06) and one abandoned
drill-hole (HL-04)(2) totaling 4,836 meters drilled [map link]. All
drill-holes were positioned to test the potential occurrence of
uranium mineralization at depth along a prominent 5 kilometre long,
east-west trending corridor [Press Release Link]. This corridor was
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 anomalies consist of 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(3). These coincident radiogenic Pb isotopic anomalies
also strongly correlate with other anomalous element signatures
occurring in the same media which are indicative of uranium
mineralization and alteration at depth [map link]. All drill-holes
were surveyed using a Mount Sopris Triple Gamma Probe (2GHF-1000)
for detecting anomalous radioactivity (suggesting potential uranium
mineralization). The results from these down-hole radiometric
surveys disclose anomalous radioactivity in most drill-holes,
occurring predominantly in the underlying structurally disrupted
basement rocks (granites and metasediments). The levels of
radioactivity intersected, ranging from 400 cps to 1200 cps (counts
per second) are considered anomalous, albeit not quantitative. This
anomalous radioactivity indicates the presence of mineralizing
processes; however, based on the triple-gamma probe data, no
economic uranium mineralization was encountered during this drill
program. All zones of anomalous radioactivity were systematically
sampled and will be analyzed for uranium content. Analytical
results will be announced when available. Key characteristics
required for uranium mineralization were intersected in all
drill-holes, including: -- Pervasive sandstone bleaching over broad
areas above the unconformity and moderately pervasive throughout
the Athabasca Sandstone section. These are coincident with broad
zones of secondary interstratified hematite alteration; --
Significant hydrothermal activity from the basement environment; --
The presence of graphitic metapelitic rocks at the unconformity in
contact with the overlying Athabasca Sandstone; -- The presence of
illite and chloriteclay alteration occurring over significant
thicknesses at and above the unconformity; in certain drill-holes
illite alteration is persistent in the sandstone from the
unconformity to the surface. -- The occurrence of major basement
faulting resulting in extensive fracture envelopes which radiate
upward into the Athabasca Sandstone; all suggestive of major
structural reactivation. The observations made and technical
information collected from all drill-hole data at this preliminary
stage confirm the source and positioning of the surface geochemical
anomalies (radiogenic (207)Pb/(206)Pb isotopic ratios) and EM
conductor surface traces tested. The favourable surface radiogenic
lead (Pb) isotope values in tree-core samples are believed to have
a basement uranium source that has migrated to the surface
environment (soils and trees) through structural conduits that
extend from the basement through the Athabasca Sandstone. The
reactivated basement faulting appears to be coeval with widespread
basement hydrothermal activity. Mr. Larry Lahusen, CEO of Uravan,
believes "the technical significance of this first phase of
drilling at Halliday cannot be emphasized enough. What we have
confirmed from this drill program is that the anomalous element
signatures and isotopic compositions obtained from sampling the
surface media (soils and trees) originated from the unconformity
below and have effectively mapped the source of anomalous
radioactivity intersected in this drill program at depths 800
meters. These observations combined with subsequent geochemical
data that will be obtained from the analysis of core samples will
allow Uravan's technical team to advance and refine its surface
geochemical technologies for future drill programs". All drill
cores were systematically scanned using ASD Terraspec
instrumentation for determining clay mineralogy which provides a
means of establishing the extent of hydrothermal alteration. The
drill core has been routinely sampled and will be assayed at Acme
Laboratories in Vancouver by multi-element ICP-MS for 52 elements,
plus all the REE and Pb isotopes. The Queen's Facility for Isotope
Research(5) (QFIR) will conduct additional analysis of core samples
using High-Resolution ICP-MS to determine the concentration of
certain isotopic compositions. The Halliday drill program was
managed and directed by Uravan's technical group. Drilling
operations were performed by Bryson Drilling Ltd. from Archerwill,
Saskatchewan. The summer 2012 drill program on the Halliday project
was 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]. Uravan
expects to announce further results and future plans on the
Halliday project as analytical results become available and the
technical data have been evaluated. 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 (Manitou
Falls Formation) 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)Drill-hole HL-04 was abandoned in the upper Athabasca Sandstone
section (250 meters) due to broken ground as a result of heavy
fracturing and faulting. (3)The Halliday surface anomalies were
identified by a multifaceted geochemical sampling program completed
by Uravan in the summer of 2011. 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)(4), which focused on the detection of buried
unconformity-related uranium mineralization in under-explored areas
in the Athabasca Basin (4)The Cigar West Study was a collaborative
applied research program conducted by Uravan and QFIR (Queen's
Facility for Isotope Research(5))( )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. (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. 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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