TSXV: UVN
CALGARY, Dec. 23, 2013 /CNW/ - In June 2013, a property-wide helicopter-borne
electromagnetic (EM) geophysical survey was completed over the
Stewardson Lake project (Stewardson project), Athabasca Basin, Northern Saskatchewan [map link]. The
survey was conducted by Geotech Ltd. (Geotech) using their natural
source Z-Axis Tipper Electromagnetic (ZTEM) system. The
property wide airborne ZTEM survey resulted in the collection of
779 line-kms of geophysical data at 500 m line-spacing.
Geotech's ZTEM system is considered ideal for imaging basement
conductors where the unconformity depths are greater than 800 m in
the Athabasca Basin. The key
features of the ZTEM system, which provided high quality EM data
collected over the Stewardson Project, are: (1) its high spatial
resolution (8 to 10 m), (2) excellent resistivity discrimination
for detection of conductive basement anomalies, and (3) low
frequency penetration through the overlying conductive Athabasca
Sandstone, resulting in depth resolution greater than 1500 m. The
30 Hz frequency is the lowest frequency used, which provides the
greatest depth of investigation.
Three-dimensional (3D) inversion modeling of the ZTEM data was
completed by Computational Geosciences Inc. (CGI) from Vancouver, BC, in collaboration with
Lawrence Bzdel, an independent
geophysical consultant from Saskatoon,
SK.
The 3D inversion modeling of the ZTEM data resulted in
identifying two (2) prominent basement conductive features that
transect the Stewardson project [map link]. These conductive
features are interpreted to be the northern extension of the C- and
E-conductors identified on Cameco's Virgin River project, which
adjoins the Stewardson Project to the south. Among other
features, the 3D modeling identified three (3) significant target
areas associated with these conductors , identified as A, B and C.
These prominent target areas are considered major basement
conductive features that warrant further ground geochemical and
geophysical follow-up to vector drilling.
Conductive areas 'A' and 'B' are closely associated with
positive surface geochemical anomalies identified in Uravan's 2011
multifaceted surface geochemical sampling program complete over the
Stewardson Lake project [web link]. Area 'A' outlines the
most conductive portion of the E-conductor and is supported by
significant geochemical anomalies and interpreted structural
lineaments. The coincident surface geochemical anomalies include
radiogenic lead (Pb) isotopic ratios
(207Pb/206Pb) in tree-cores and the clay-size
fraction of soil samples, and uranium anomalies in the clay-size
fraction of soil samples [map link].
Area 'B', located along trend the C-conductor also correlates
with a prominent northeast-trending group of radiogenic
207Pb/206Pb samples in clay-size fraction of
soils and some coincident radiogenic lead anomalies in
tree-cores. Area 'C', also located along trend the
C-conductor near the northern property boundary, and coincides with
a broad boron anomaly (>99 ppm) defined by surface boulder
sampling in 1994-1995. Area 'C' also coincides with a tipper
anomaly identified in a 2004 AMT survey.
The interpreted strength of the E-conductor in area 'A' combined
with the strong correlation with the anomalous surface geochemical
signatures and associated structural lineaments; highlight this
area as extremely prospective and the focus for Uravan's 2014
exploration program.
At the time of this writing, a proposed program and budget for
the Stewardson project for 2014 is currently under review by Cameco
Corporation. Cameco has an exclusive option to earn a 51% interest
in Uravan's 100% owned Stewardson Lake projects [press release
link]. 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.
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About 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 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
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.