TSXV: UVN
CALGARY, Aug. 12, 2014 /CNW/ - Uravan Minerals Inc.
(Uravan) has commenced core drilling operations on its Stewardson
Lake property. The property is located on the Virgin River
structural trend within the south-central portion of the
Athabasca Basin, Saskatchewan [map link 1]. The drill
program is targeting the potential occurrence of high-grade
unconformity-related uranium mineralization at depth. Specific
drill targets have been established based on the cumulative results
of previously completed airborne and ground geophysical surveys and
surface geochemical sampling programs. These remote sensing
surveys have identified a highly anomalous northeast - southwest
trending electromagnetic (EM) conductive corridor (E-Conductor)
that is coextensive with a significant anomalous surface
geochemical signature [map link-2].
The Stewardson drill program is a joint exploration effort
between Uravan and Cameco Corporation (Cameco) [press release
link]. Uravan owns 100% of the Stewardson property and Cameco is
earning an interest. Uravan is the operator with the responsibility
to plan and implement the technical program in consultation with
and on behalf of Cameco, who is funding the 2014 exploration.
The 2014 drill program will consist of two (2) 1400m diamond
drill-holes (DDHs) designed to test the uranium-bearing potential
of the E-Conductor located in the south-central portion of the
property [map link-3]. This significant conductive 'bright spot' is
a basement conductive feature previously identified in a 2013
airborne ZTEM geophysical survey, and defined further by two (2)
recently completed surface geophysical surveys: (1) a SQUID Fixed
Loop TDEM survey completed by Patterson Geophysics Inc of
La Ronge, SK and (2) IFG (AMT)
survey completed by EMpulse Geophysics Ltd. of Dalmeny, SK. These geophysical surveys have
proven to be effective in detecting conductive sources in deeper
terrain.
In June 2014 a multifaceted infill
surface geochemical sampling program was completed. This program
was designed to provide detail to the 2011 property-wide
multifaceted surface geochemical sampling program. The infill
sampling grid was oriented directly over the E-Conductor in Target
Area 'A' [map link-4]. The infill sampling program consisted
of 481 survey sites for collecting tree-cores, B- and C- horizon
soil samples for analysis of the clay-size fraction, and A2-horizon
soil samples for MET analysis. Soil sample preparation and
elemental analysis was completed by Acme Laboratories in
Vancouver, B.C. The
clay-size fraction (<2 μm) from soil samples was separated
and then 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 were analyzed by Environmental BioTechnologies Inc.
(EBT) in Lodi, California, using
their MET analytical method. The infill sampling program was
completed by Uravan's technical group.
Drilling operations are being conducted by Major Drilling Group
International Inc. from Winnipeg,
Manitoba. It is anticipated that the 2 DDHs will be
completed by late September 2014.
Each DDH will be surveyed using a Mount Sopris Triple Gamma Probe
(2GHF-1000) for detecting and measuring radioactivity (suggesting
potential uranium mineralization). All drill cores will be
systematically scanned using ASD Terraspec instrumentation for
determining clay mineralogy, which provides a means of establishing
the extent of hydrothermal alteration. The drill core will be
routinely sampled and will be prepared and assayed at Acme
Laboratories in Vancouver by
multi-element ICP-MS for 59 elements, plus Pb isotopes. The Queen's
Facility for Isotope Research (QFIR) will conduct additional
analysis of core samples using High-Resolution ICP-MS to determine
the concentration of certain isotopic compositions.
Final drill-hole positioning was based on the direct correlation
of the 2014 infill surface geochemical sampling results with the
surface trace of the E-Conductor. Data analysis and interpretation
of the infill surface geochemical results identified a significant
anomalous corridor that is both conformable and coextensive with
the surface trace of the E-Conductor [map link-5]. Of
particular interest are the radiogenic lead (Pb) isotopic ratios
(207Pb/206Pb) and uranium anomalies in the
soil clay-size fraction, which are supported by anomalous MET
analytical results. These anomalous surface geochemical
signatures, when displayed with the E-Conductor and other
interpreted geophysical features and structural patterns, highlight
the most probable location of potential uranium mineralization at
depth along the trace of the E-Conductor.
Mr. Larry Lahusen, CEO with
Uravan states, "I believe the E-Conductor represents a significant
conductive 'bright spot' that correlates amazingly well with
surface geochemical anomalies, a key requirement in Uravan's
exploration strategy for vectoring to uranium deposits under cover.
Since 2008, Uravan and QFIR have pursued innovative surface
geochemical techniques that help define prospective exploration
targets associated with positive geophysical, structural and
geological features. Following two surface geochemical sampling
studies over known high-grade uranium deposits at Cigar West and
Centennial, and five (5) 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 or blind conductors that transect the Athabasca Basin. The E-Conductor 'bright spot'
correlates well with anomalous surface geochemical patterns that
has defined a unique drilling opportunity 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 surface geochemical
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.