CALGARY, Jan. 8, 2014 /CNW/ - An exploration
program and budget for 2014 was recently approved by Cameco
Corporation (Cameco) on Uravan Minerals Inc. ("Uravan") Stewardson
Lake project, Athabasca Basin,
Northern Saskatchewan [map link].
The Stewardson Lake project is a joint exploration effort between
Uravan and Cameco pursuant to the Halliday/Stewardson Option
Agreement [press release link]. Uravan is currently the operator
with the responsibility to plan and implement the technical program
on the project in consultation with, and on behalf of, Cameco.
Data modeling of the 2013 airborne ZTEM
geophysical survey resulted in identifying two (2) prominent
basement conductive features that transect the Stewardson project
[press release 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. The data modeling identified three (3) major
basement conductive features associated with these conductors,
identified as target areas A, B and C [map link].
Conductive target area 'A' is associated with
positive surface geochemical anomalies resulting from Uravan's 2011
surface geochemical sampling program completed over the Stewardson
project [web link]. Area 'A' outlines the most conductive portion
of the E-conductor and is supported by significant surface
geochemical anomalies consisting of radiogenic lead (Pb) isotopic
ratios (207Pb/206Pb) in tree-cores and in the
clay-size fraction of soil samples, and uranium anomalies in the
clay-size fraction of soil samples [map link].
The interpreted conductive strength of target
area 'A' combined with the strong correlation with anomalous
surface geochemical signatures and associated structural
lineaments, highlight area 'A' as being extremely prospective and
the focus for Uravan's 2014 exploration program. The program
planned consists of three (3) components:
- Follow-up ground geophysical surveys
- Infill surface geochemical survey
- Diamond drilling
Ground Geophysical Surveys
Two
ground geophysical systems are considered suitable for imaging
basement conductors at depth: (1) SQUID fixed loop TDEM and (2)
Internal Field Gradient (IFG). The SQUID fixed loop TDEM survey
will consist of nine (9) lines positioned perpendicular to target
'A' (E-conductor) and surveyed at a frequency of 5 Hz. Three lines
of IFG will be surveyed, positioned concordant with the three
central lines of the SQUID profiles. The IFG survey will
supplement the SQUID fixed loop TDEM survey data to provide maximum
resolution for drill targeting [map link].
The SQUID fixed loop TDEM survey will be
completed under winter conditions by Patterson Geophysics form
Saskatchewan. The Internal Field
Gradient (IFG) AMT survey will be completed in early summer by
EMpulse Geophysics from Saskatchewan.
Infill Surface Geochemical
Survey
Uravan's experience from previous surface
geochemical studies over know uranium deposits (e.g. Cigar West and
Centennial) indicates that positive surface geochemical anomalies
and anomalous trends that define the surface projection of deposits
at depths >800 m are better resolved with increased sampling
density. Accordingly, an infill surface geochemical sampling
program will be completed and oriented directly over the conductive
anomaly in target area 'A'. The infill surface geochemical program
will consist of collecting tree-cores, B- and C- horizon soil
samples for analysis of the clay-size fraction, and A2-horizon soil
samples for MET analysis at approximately 450 survey sites. The
sampling grid is designed to integrate the 2011 surface geochemical
data to give an effective sampling density of approximately 200 m
[map link].
Soil sample preparation will be by the Queen's
Facility for Isotope Research (QFIR) in Kingston, Ontario. Clay fractions of soil
samples (<2 μm) will be separated at QFIR and forwarded to Acme
Laboratories in Vancouver, B.C.,
where they will be analyzed for 53 elements plus all rare
earth elements (REEs) and lead (Pb) isotopes, by ICP-MS and ICP-ES.
The A2-horizon soil samples will be analyzed by Environmental
BioTechnologies Inc. (EBT) in Lodi,
California, using their MET analytical method. The infill
sampling program will be operated by Uravan's technical group and
commence in early June, 2014.
Diamond
Drilling
Two diamond drill-holes are proposed to
test the E-conductor in the target 'A' area. Final drill-hole
positioning will be determined based on the combined results and
correlation of the ground geophysical survey and infill surface
geochemical data. From our review of historical drilling in the
area (DDH VR-01 and DDH VT09-01) and regional geophysical surveys,
drill depths through the Athabasca Group sediments into the
unconformity with the underlying crystalline basement rocks are
estimated to be between 1200 m to 1400 m. Mobilization of drilling
equipment to the Stewardson project will commence under early 2014
winter conditions. Drilling operations will commence in late
summer and be conducted by Major Drilling Group International Inc.
from Winnipeg, Manitoba.
Mr. Larry Lahusen,
CEO with Uravan states, "I believe the E-conductor at target 'A'
represents a significant 'conductive bright spot' that correlates
amazingly well with surface anomalous lead (Pb) isotope values
(207Pb/206Pb isotopic ratios) and uranium
anomalies resulting from our 2011 geochemical program. The planned
2014 follow-up ground geophysical surveys and infill surface
geochemical program will further define and resolve this major
conductive feature, thereby assisting in vectoring drilling to the
most probable location for intersecting uranium mineralization at
depth. Since 2008, we have been pursuing innovative surface
geochemical techniques that define fertile exploration targets
associated with positive geophysical, structural and geological
features. Following two surface geochemical studies over known
high-grade uranium deposits at Cigar West and Centennial, and five
other surface geochemical programs on Uravan's active projects, we
are now starting to understand what a mineralized conductor looks
like geochemically versus the many barren conductors that transect
the Athabasca Basin. The
'conductive bright spot' at target 'A' that is so well correlated
with positive anomalous surface geochemical patterns is a unique
drilling opportunity at Stewardson and a potential 'game changer'
for uranium exploration."
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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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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
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.