TSXV: UVN
CALGARY,
Dec. 16, 2013 /CNW/ - Uravan Minerals
Inc. (Uravan), in collaboration with Cameco Corporation (Cameco),
the Queen's Facility for Isotope Research (QFIR), and Environmental
BioTechnologies Inc. (EBT), completed 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 Basin, Saskatchewan [map link]. The Centennial
deposit is a high-grade unconformity-type uranium deposit occurring
at a depth of approximately 800 m 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 capitalized on our cumulative knowledge obtained from
previous surface studies, including the Cigar West Study and
similar surface geochemical surveys conducted over five (5) of
Uravan's active exploration projects. The purpose in developing
these surface geochemical techniques is to provide a means of
rapidly evaluating under-explored basin environments with the goal
to get to mineral discovery more quickly and cost effectively (i.e.
fewer drill-holes to discovery). The objective of this survey is to
advance our remote sensing geochemical technology by (a)
determining if we can identify unique geochemical and isotopic
signatures in the surface environment (soils and trees) that
support element migration from a high-grade uranium deposit at
depths >800m; and (b) investigating if these elements and
isotopic signatures can be characterized as distinct,
deposit-sourced geochemical signals or derived from the natural
geochemical variations related to surficial geology and/or
environmental effects.
The survey was completed in June 2013 and managed by Uravan's technical
group. The sampling grid of 533 survey stations: (a) a primary
sampling grid covering a 600 x 950 m area was centered over the
surface projection of the Centennial uranium deposit. The central
grid included 230 sample stations distributed on an offset 50 m
grid. An additional 303 survey stations were distributed on 100,
200 and 500 m spacing extending further into background away from
the deposit [map link].
Sample Media Collected
- 495 B- and C-horizon soil samples;
- 478 tree-core samples from black spruce and/or jack pine
trees;
- 557 MET samples from A2-horizon soils and;
- 45 bulk B-horizon soil samples.
Sample Preparation and Analysis
Sample preparation of the tree-cores and
separation of the clay-sized fraction (<2μm) from the
B-and C-horizon soils were completed by QFIR. All clay-sized
sample material from the B-and C-horizon soil samples were 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 undertook the preparation and analytical
work on all tree-cores. Selected tree-ring intervals underwent
total digestion and analysis using high resolution ICP-SFMS for
fifty (50) elements and Pb isotopes.
A separate A2-horizon soil sample from each
survey station was collected for analysis using EBT's Microbial
Exploration Technology (MET) process. Conceptually, the MET
analysis measures the population 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 deposit at
depth.
Survey Results - Data Analysis and
Interpretation
The combined anomalous surface geochemical
signals obtained from the various surface media analyzed
(tree-cores, clay-sized fractions of soils, and MET samples) have
clearly defined the surface projection of the Centennial uranium
deposit, which occurs at depths greater than 800 m [map link]. The
spatial relationship and surface distribution of certain pathfinder
elements, lead (Pb) isotopic ratios
(207Pb/206Pb), and MET microbial values in
the media analyzed, provide a compelling, coincident surface
anomaly that, when displayed with other known geophysical survey
data and interpreted structural patterns, would certainly vector
drilling to a deposit at 800 meters depth in a 'green-fields'
exploration setting.
These anomalous surface geochemical signals are
interpreted to be the result of the migration of gaseous compounds,
mobilized metals, and distinct isotopic compositions from the
deposit at depth. The movement of these distinct elements and
gaseous compounds to the surface environment (soils and trees) is
interpreted to occur preferentially along fractures and fault
systems, as well as along grain boundaries through the Athabasca
Sandstone. The structural pathways extending upward through the
overlying Athabasca Sandstone are a result of basement structural
reactivation and concurrent hydrothermal activity, both of which
are key components necessary for all unconformity-related uranium
deposits in the Athabasca
Basin.
Proof of Concept
A drilling program on the Stewardson Lake
project is the next step in Uravan's objective to apply our
cumulative knowledge from these surface geochemical surveys to
active projects. In July 2011 a
surface geochemical program was completed over the Stewardson
project followed by an airborne ZTEM geophysical survey in
June 2013 [map link]. A program and
budget for the Stewardson project for 2014 is currently under
review by Cameco Corporation (Cameco). Cameco has an
exclusive option to earn a 51% interest in Uravan's 100% owned
Halliday Lake and Stewardson Lake projects. Uravan is currently the
operator with the responsibility to plan and implement the
exploration programs on the Stewardson project in consultation with
and on behalf of Cameco. Details of the approved 2014 program and
budget will be announced in the near future.
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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. |
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.