TSXV: UVN
CALGARY,
June 18, 2013 /CNW/ - Uravan Minerals
Inc. (Uravan), in collaboration with Cameco Corporation (Cameco),
the Queen's Facility for Isotope Research (QFIR)1, and
Environmental BioTechnologies Inc. (EBT)2 are conducting
a multi-faceted surface geochemical sampling program over the
Centennial uranium deposit (Centennial Survey), located on the
Virgin River structural trend within the south-central portion of
the Athabasca Basin3,
Saskatchewan [map link]. The
Centennial deposit is a high-grade unconformity-type uranium
deposit occurring at a depth of approximately 800 meters that is
currently in the drill-developed stage by Cameco and its joint
venture partners, Areva Resources Canada Inc. (AREVA) and Formation
Metals Inc. (Coronation Mines).
The Centennial Survey is an applied research
study that will capitalize on our cumulative knowledge obtained
from previous surface studies, including the Cigar West
Study4 and surveys conducted over Uravan's active
exploration projects. The objective of this survey is to advance
our remote sensing geochemical technology by obtaining a better
understand of (a) the processes by which elements migrate from a
deposit at depth to the surface environment, and (b) how these
elements can be better characterized to determine whether they are
deposit-sourced geochemical signals versus the natural geochemical
composition of the surface environment.
The survey will be completed in June 2013 and managed by Uravan's technical
group. The sampling grid consists of 491 survey stations. A
primary sampling grid covering a 600 x 950 meter area centered over
the surface projection of the Centennial deposit will consist of
230 sample stations distributed on an offset 50 meter grid. An
additional 261 survey stations will be distributed on 100, 200 and
500 meter spacing extending farther into background away from the
deposit [map link].
The sample media collected will consist of B-
and C-horizon soils and tree-cores from black spruce and/or jack
pine trees. Sample preparation of the tree-cores and separation of
the clay-size fraction (<2μm) from the B-and C-horizon
soils will be completed by QFIR. All clay-size sample
material from the B-and C-horizons soil samples will be analysed at
Acme Laboratories in Vancouver 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. QFIR will also conduct analytical work on
tree-cores where they will undergo total digestion and analysis
using high resolution ICP-SFMS for fifty (50) elements and Pb
isotopes.
A separate A-horizon soil sample from each
survey station will be collected for analysis using EBT's Microbial
Exploration Technology (MET) process. Conceptually, the MET
analysis measures the level of hydrocarbon metabolizing microbes
living in the near surface aerobic environment. Elevated
populations of these micro-organisms in a soil sample may be
indicative of thriving microbial activity due to an increase in
hydrocarbon gas flux (primarily methane) that has migrated to the
surface from the redox environment of a uranium ore deposit at
depth.
Since 2008, Uravan and QFIR have collaborated on
several surface geochemical surveys and studies designed to develop
new geochemical and analytical technologies that will help identify
the surface expression of deeply buried unconformity-type uranium
deposits with the objective to vector drilling toward bedrock
sources of uranium mineralization. These studies have
identified specific element associations and isotopic compositions
in trees-cores and clay minerals from soils, which potentially
originated from uranium mineralization at depth.
In 2009, Uravan and QFIR completed a
collaborative research study with AREVA, involving a multi-faceted
surface geochemical sampling survey over the Cigar West uranium
deposit, a known high-grade unconformity-type uranium deposit
(Cigar West Survey4). Data analysis and interpretation
of the results of the Cigar West Survey clearly identified
anomalous pathfinder elements, lead (Pb) isotopic compositions
(207Pb/206Pb) and elevated microbial activity
(MET analysis) residing in the surface environment (soils and
vegetation) that were mobilized from the deposit below at depths
greater than 450 meters.
Based on the knowledge gained from the Cigar
West Study, in 2011 Uravan and QFIR entered into a Collaborative
Research and Development grant (CRD grant) funded by Uravan with
matching funds from the Natural Sciences and Engineering Research
Council of Canada (NSERC)
5 (press release dated April 26,
2011) These applied research studies included surface
geochemical surveys over Uravan's Johannson, Outer Ring,
Matheson, Halliday and Stewardson
projects in the Athabasca Basin.
Results from these studies revealed positive lead isotopic
(207Pb/206Pb) compositions and associated
pathfinder elements occurring in certain soil components
(clay-separates from B- and C-horizon soils) and tree-core samples
that potentially highlight bedrock sources of uranium
mineralization at depth.
As a result of these surface geochemical
surveys, drill programs were completed in 2011 and 2012 on the
Outer Ring, Matheson and Halliday
projects. Drill-holes from these programs were positioned to test
anomalous surface geochemical signatures that potentially
correspond to uranium mineralization at depth. Data analysis and
interpretation of the results of these drill programs clearly
suggests that certain pathfinder elements and isotopic compositions
that were active at the unconformity and underlying basement rocks
have migrated to the surface environment where their concentrations
have been measured. Although this drilling resulted in the
intersection of anomalous radioactivity at the unconformity and
underlying basement rocks, no economic uranium mineralization was
encountered.
Mr. Larry
Lahusen, CEO of Uravan states: "The results from our 2011
and 2012 drill programs suggest that a better correlation between
the anomalous surface signatures and drilling results is essential.
The sampling methodology and analytical protocols that will be
carried out during the Centennial Survey are designed to
potentially identify the geochemical signals in the soils and
trees-cores that are related to the Centennial uranium deposit
below versus the geochemical signature inherent from the surface
media."
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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. 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.
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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.
SOURCE Uravan Minerals Inc.