CALGARY, May 7, 2013 /CNW/ -
Stewardson Lake Project
In June 2013, a
property-wide heliborne electromagnetic (EM) geophysical survey
will commence over the Stewardson Lake project, Athabasca Basin1, Northern Saskatchewan [map link]. The
survey will be conducted by Geotech Ltd. using their Z-Axis
Tipper Electromagnetic (ZTEM) system and will total 779
line-kilometres at 500 meter line spacing.
The ZTEM system is considered ideal for
furthering the exploration of the Stewardson Lake project where the
underlying basement is locally overlain by low resistivity
Athabasca Group sediments and unconformity depths range from an
estimated 900 m in the south to greater than 1100 m in the north.
The key features of the ZTEM system that will provide high quality
data collection over the Stewardson Lake project, are 1) its high
spatial resolution (8 to 10 meters), 2) excellent resistivity
discrimination for detection of conductive anomalies, and 3) low
frequency penetration (as low as 30 Hz) through the conductive
Athabasca sediments, resulting in
depth resolution to >1500 meters..
Following the completion of the ZTEM survey,
follow-up ground EM survey(s) and infill surface geochemistry over
prospective areas are anticipated. This work will focus on key EM
geophysical targets that are supported by anomalous surface
geochemical signatures.
A multifaceted surface geochemical sampling
program (1663 sample sites at about 500 meter spacing) over the
Stewardson Lake project area was completed by Uravan in
July 20112 and identified
several anomalous zones The program consisted of collecting B- or
C-horizon soil samples, along with vegetation and tree core samples
from black spruce and jack pine trees3. The southwest
and south-central portion of the Stewardson Lake property is
highlighted by correlations of low radiogenic lead (Pb) isotope
values (207Pb/206Pb ratios) between clay and
tree core samples that are preferentially distributed in proximity
to interpreted structural trends [map link]. The airborne ZTEM
survey could potentially highlight conductive features that are
supported by anomalous surface geochemical trends thereby refining
future drill targets.
The Stewardson Lake property overlies the
Dufferin Lake Fault, which extends northeast-southwest across the
central portion of the property. Most of the historical geophysical
surveys conducted by previous operators are considered test surveys
to determine which techniques were effective to define conductors
in the basement at depths >1100 meters. In 1997 diamond
drill-hole VR-01 was completed at 1180 meters (unconformity at 1135
meters) and positioned near the center of a previously identified
boron-rich surface anomaly suggestive of intense hydrothermal
alteration centered on Stewardson Lake. The results of this
drill-hole were positive, intersecting highly anomalous boron
concentrations in the upper 700 m, followed by predominantly illite
and chlorite clay alteration (>80%) below 700 meters, local
uranium enrichment up to 3.78 ppm U308 in the sandstone, and
anomalous (Pb) isotope values (207Pb/206Pb
isotopic ratios) below 500 meters.
Halliday Lake Project
In July and August
2012, five (5) diamond drill-holes (DDH HL-01, -02, -03, -05
and -06) were completed on the Halliday project totalling 4,836
meters drilled [press release link]. Drill-holes were
positioned to test the potential occurrence of uranium
mineralization at depth along a prominent 5 kilometre long,
east-west trending corridor. This corridor was defined by an EM
geophysical conductor (Conductor A), which cross-cuts a prominent
linear magnetic low and was supported by a concordant distribution
of anomalous surface geochemical signatures2, 3 [map
link].
Although no economic uranium mineralization was
encountered during this drill program, the intersection of
structurally disrupted graphitic pelites and narrow (<0.65m
thick) anomalous uranium mineralization (487 to 733 ppm U) in
basement rocks was encouraging. Additionally, drill-hole HL-01
intersected pervasive illite clay mineral alteration and sandstone
bleaching throughout the Athabasca Sandstone section and
well-developed chlorite clay alteration from 10 meters above the
unconformity. These key alteration components, which are coincident
with elevated pathfinder elements and REEs through the Athabasca Sandstone section, suggest that a
more advanced hydrothermal and structural system potentially exists
toward the untested western end of the Conductor A corridor.
Positive surface geochemical anomalies (soils and trees) also
highlight an area west of DDH HL-01 and EL-10 along Conductor
A.
In March 2013, Aurora Geosciences Ltd. (Aurora),
in collaboration with Uravan and Cameco Corporation, conducted a
'test' EM ground geophysical survey over Conductor A, west of DDH
HL-01 [map link]. The test survey was completed by Aurora using
their extremely low frequency electromagnetic (ELF-EM)
system (Link to technical report). The ELF-EM system is a
ground-based geophysical technique/instrument that is easily
transported and does not require cut lines. The system calculates
the tilt angle (tipper) of the magnetic fields from 11 Hz to 1440
Hz and is designed to image resistivity from depths of 10 meters to
2 kilometers.
The ELF-EM test survey area comprised five (5)
lines, totaling 19.8 line-kilometers at approximately 600 meter
line-spacing [map link]. Two of the lines surveyed were centered
over previously identified conductive geophysical anomalies (to
include Slingram Moving Loop survey techniques) for data
orientation and comparison. Three additional lines were surveyed to
test the ELF-EM system where little or no geophysical data existed,
along the strike of Conductor A and west of DDH HL-01. The purpose
of the test survey was to compare the results from the ELF
(low-frequency) EM system to other more costly Moving Loop
geophysical techniques, and to evaluate the Conductor A west of DDH
HL-01 using a low-frequency geophysical technique. The results and
interpretation of the test survey are currently being completed by
Aurora.
The Stewardson Lake and Halliday Lake projects are a joint exploration
effort between Uravan and Cameco Corporation pursuant to the
Halliday/Stewardson Option Agreement dated effective June 21, 2012
[Press Release dated July 17, 2012]. Uravan is currently the
operator with the responsibility to plan and implement the
exploration programs on behalf of Cameco.
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.
1The Athabasca Basin is an ancient
(Paleoproterozoic) sandstone basin located in northern Saskatchewan, Canada. The Athabasca sandstone (Manitou Falls (MF)
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%
U308.
2The Stewardson and
Halliday project 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
3Clay-sized fractions
(<2μm) were extracted from the B- and C-horizon soil samples for
analysis, and vegetation samples underwent ashing prior to
analysis. The clay fractions and ashed vegetation tissues were
analyzed by Acme Laboratories in Vancouver, British Columbia by ICP-MS
following an aqua regia digestion for a suite of fifty-three (53)
elements, plus all rare earth elements (REE) and lead (Pb)
isotopes. Tree core samples were prepared by the Queen's
Facility for Isotope Research5 (QFIR) where they
underwent total digestion and analysis using high resolution
ICP-SFMS for fifty (50) elements and Pb isotopes.
4The Cigar West Study
was a collaborative applied research program conducted by Uravan
and QFIR (Queen's Facility for Isotope Research5) 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.
5The 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 (REEs) 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. 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
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foregoing list of risk factors should not be construed as
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SOURCE Uravan Minerals Inc.