CALGARY, Oct. 6, 2014 /CNW/ - Uravan Minerals Inc.
(Uravan) recently completed a reconnaissance diamond drill-hole
program on its Stewardson Lake property. The Stewardson property is
located on the Virgin River structural trend within the
south-central portion of the Athabasca Basin1, Saskatchewan [map link]. The drill program
involved the completion of two (2) diamond drill-holes, SL14-001
and SL14-002, totaling 2785 meters drilled. The program was
reconnaissance in nature, designed to test the uranium-bearing
potential of the E-Conductor located in the south-central portion
of the property [map link]. The E-Conductor is interpreted to be a
significant basement conductive feature identified in a 2013
airborne ZTEM geophysical survey, and defined further by two (2)
surface geophysical surveys: (1) a SQUID Fixed Loop TDEM survey and
(2) IFG (AMT) survey (Press Release August
12, 2014).
The two (2) drill-holes were positioned along the 5 kilometer
long E-conductive corridor, where the best conductive response had
the highest coincidence with the most anomalous surface geochemical
signatures [map link]. The surface geochemical anomalies were
identified from a multifaceted infill surface geochemical sampling
program completed in June 2014 (Press
Release August 12, 2014).
The infill sampling grid was oriented directly over the
E-Conductor in Target Area 'A' [map link-4], having a 250 m
sample-spacing density. Data analysis and interpretation of
the infill surface geochemical results identified an anomalous
corridor that is coincident with the surface trace of the
E-Conductor. 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 MET2 analytical results.
These anomalous surface geochemical signatures, when displayed with
the E-Conductor and other interpreted geophysical and structural
patterns, potentially highlight the most probable location of
uranium mineralization at depth along the trace of the
E-Conductor.
The unconformity contact between the Athabasca Sandstone and the
underlying basement rocks in drill-holes SL14-001 and SL14-002 was
at 1162 m and 1193 m respectively. SL14-001 and SL14-002 were
completed to a substantial depth in basement lithology, with total
depths at 1295 m and 1490 m respectively. Both drill-holes were
surveyed using a Mount Sopris Triple Gamma Probe (2GHF-1000) for
detecting anomalous radioactivity (suggesting potential uranium
mineralization). The results from these down-hole radiometric
surveys found no significant radioactivity in either
drill-hole.
Based on the observations and preliminary interpretation by
Uravan's technical team, neither drill-hole intersected or
confirmed the conductive source of the E-Conductor. Although the
intensity of sandstone bleaching and clay alteration (illite and
chlorite) present just above the unconformity in both drill-holes
is favourable and provides encouraging signs of potential
mineralization, this alteration does not confirm the source of the
anomalous surface geochemical signatures previously
discussed. Therefore, our preliminary interpretation is that
the source of the conductor and the potential source of the surface
geochemical patterns is either: (1) deeper than originally
considered, which puts the potential uranium bearing target at
depths > 1500 m, or (2) is off-hole at some distance east or
west of the current collar locations of these drill-holes.
Obviously, these preliminary interpretations are subject to
change based on our on-going data evaluation.
To answer some of these technical questions and, particularly,
the potential off-hole location of the E-Conductive source, it was
our intention to probe SL14-001 and SL14-002 using bore-hole Pulse
EM and Resistivity geophysical methods. These two (2)
geophysical logging techniques can potentially help determine the
location of the E-Conductive source relative to the completion
depths of these drill-holes. The bore-hole Pulse EM and Resistivity
surveys were completed at the time of this writing. Very
preliminary results from the bore-hole EM survey on SL14-002
indicate a strong electromagnetic (EM) response off-hole to the
east of the collar location. Bore-hole blockage in SL14-001
resulted in acquiring no useful information from this survey. The
results of the bore-hole Pulse EM survey of SL14-002 will be
announced following the interpretation and evaluation of the
data.
Mr. Larry Lahusen, CEO with
Uravan states, "The preliminary results of drill-holes SL14-001 and
SL14-002 are technically challenging; however, when put into
perspective with other high potential exploration projects in the
Athabasca Basin, I believe the
completion of just two drill-holes in this frontier area has
effectively narrowed the exploration window. All of the key
requirements in Uravan's exploration strategy for vectoring to
uranium deposits under cover are still intact. Once our technical
team has had time to evaluate all data collected, particularly the
bore-hole Pulse EM, I am confident clarity will surface allowing
our technical group to refine our drill-targeting
strategy".
The Stewardson drill program was 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 and Cameco is funding
the program. Drilling operations were conducted by Major Drilling
Group International Inc. from Winnipeg,
Manitoba. All drill cores were systematically scanned using
ASD Terraspec instrumentation for determining clay mineralogy,
which provides a means of establishing the extent of hydrothermal
alteration in the Athabasca Sandstone section. The drill core was
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 Research3 (QFIR) will conduct
additional analysis of core samples using High-Resolution ICP-MS to
determine the concentration of certain isotopic signatures. The
bore-hole Pulse EM surveys (Geonics BH-43-3D TEM borehole probe)
were conducted by Discovery Int'l Geophysics Inc. from Saskatoon, Saskatchewan. Cameco provided the
technical support and equipment for completing the down-hole
Resistivity surveys.
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.
1The Athabasca Basin is an ancient
(Paleoproterozoic) sandstone basin located in northern Saskatchewan, Canada. The Athabasca
Sandstone (Manitou Falls (MF) Formation) hosts high-grade uranium
deposits at and below the unconformity between the sandstone and
the older crystalline basement rocks. These unconformity-type
uranium deposits occur in sandstones at the sandstone-basement
unconformity contact (sandstone-hosted mineralization) and within
the underlying structurally disrupted crystalline basement
(basement-hosted mineralization). These unconformity-type uranium
deposits account for about 25 percent of the world's primary
uranium production. The ore grades are high, typically grading 2%
to 20% U308.
2 The MET (Microbial Exploration
Technology) assumes that gaseous hydrocarbons (methane) migrate
from the redox environment at the surface of a uranium deposit at
depth to the surface environment. These hydrocarbons serve as a
nutrient source that promotes the growth of soil-based
micro-organisms that exist in the aerobic zone of the surface
environment. The MET process then measures the increased microbial
activity from each soil sample
collected.
3The Queen's Facility for Isotope
Research (QFIR) at Queens's University, Ontario is a state-of-the-art research
facility, comprising a group of highly experienced research
geochemists. The QFIR lab contains some of the most technologically
advanced analytical equipment in Canada. Under the direction of Dr.
Kurt Kyser, the QFIR research team
is working collaboratively with Uravan's technical group to develop
new exploration technologies using applied research.
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.