CALGARY,
March 2, 2015 /CNW/ - An exploration
program and budget for 2015 was approved by Cameco Corporation
(Cameco) on Uravan Minerals Inc. ("Uravan") Stewardson project. The
Stewardson project is located on the Virgin River structural trend
within the south-central portion of the Athabasca Basin1, Saskatchewan [map link]. The Stewardson
project is a joint exploration effort between Uravan and Cameco
pursuant to the Halliday/Stewardson Option Agreement [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.
2014 STEWARDSON EXPLORATION PROGRAM REVIEW
In 2014, Uravan completed 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 (Area A) located in the south-central
portion of the property. Both drill holes targeted the footwall of
the E-conductor in areas highly supported by surface geochemical
anomalies [map link] [press release 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
in 2014: (1) a SQUID Fixed Loop TDEM survey and (2) IFG (AMT)
survey. In addition to the follow up surface geophysical surveys,
two (2) infill surface geochemical programs were completed over
Area A (E-Conductor) and Area B (C-Conductor) [map link]. The
objective of the infill surface geochemical programs was to better
resolve the surface geochemical anomalies and anomalous trends
identified in the 2011 surface geochemical program.
2014 DRILL PROGRAM RESULTS – OBSERVATIONS
1.
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Neither drill hole,
SL14-001 nor SL14-002, intersected nor confirmed the conductive
(graphite lithology) source of the E-Conductor (Area A) as
portrayed by the geophysical surveys (ZTEM, SQUID and IFG). To
better understand the positioning and location of the E-conductor
relative to the borehole trace of SL14-001 and SL14-002, a Borehole
Transient Electromagnetic (BHTEM) survey was conducted on both
holes. Only the west loop was surveyed on SL14-001 due to borehole
blockage at the unconformity, therefore the data collected were
insufficient to provide a reliable interpretation. The BHTEM survey
was completed using all three loops on SL14-002. The data collected
on this survey were good, indicating a strong conductor located
approximately 75 meters west of the drill hole, dipping steeply to
the west. This interpretation is consistent with the positioning
and dip of the E-conductor based on Maxwell Plate models of the
SQUID TDEM survey [map link].
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2.
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The down-hole
radiometric surveys (Mount Sopris Triple Gamma Probe, 2GHF-1000) on
both SL14-001 and SL14-002 found no significant radioactivity at
the unconformity or in the basement lithology
intersected.
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3.
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The lithogeochemical
data from samples obtained in SL14-001 and SL14-002, collected in
the upper and lower Athabasca Sandstone sections in faults and
fracture zones (interpreted to be emanating from basement
structures), appear to confirm the anomalous surface geochemical
signatures of radiogenic lead (Pb) isotopic ratios
(207Pb/206Pb) and uranium anomalies. These
are supported by anomalous MET2 analytical results and
other pathfinder element concentrations present in the soil
clay-size fraction and tree cores in the area of both drill holes
[map link].
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4.
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The high intensity of
sandstone bleaching and clay alteration (illite and chlorite) that
exists just above the unconformity in both drill holes provide
encouraging signs of potential uranium mineralization proximal to
both drill holes, albeit potentially deeper in the
basement.
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5.
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Based on the SQUID
TDEM and BHTEM geophysical surveys, SL14-001 and SL14-002
potentially tested the footwall of the projected steeply west
dipping structure (E-conductor), which is the optimum target area
at the unconformity that typically would have displayed the
strongest alteration response from a mineralized zone.
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6.
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Uravan's
preliminary evaluation of SL14-001 and SL14-002 is that the source
of the basement conductive 'bright spot' of the E-conductor and the
potential source of the surface geochemical patterns is deeper than
originally considered, which puts any uranium-bearing target at
depths greater than currently drilled.
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Drilling operations for 2014 were conducted by Major Drilling
Group International Inc. from Winnipeg, MN. All drill cores were
systematically scanned using an ASD TerraSpec SWIR (short wave
infrared) instrument 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 was prepared and assayed at Acme Laboratories
in Vancouver, BC using both
lithium borate fusion (method LF200; whole rock) and aqua regia
digestion (method AQ250) for which 63 elements and Pb isotope
ratios are determined by ICP-MS. The Queen's Facility for Isotope
Research2 (QFIR) conducted additional weak acid leach
(WAL) analysis of core samples using High-Resolution ICP-MS for 63
elements and Pb isotope ratios. The surface SQUID Fixed Loop TDEM
geophysical survey completed by Patterson Geophysics Inc. of
La Ronge, SK and the IFG (AMT)
survey was conducted by EMpulse Geophysics Ltd. of Dalmeny, SK. The BHTEM surveys (Geonics
BH-43-3D TEM borehole probe) were conducted by Discovery Int'l
Geophysics Inc. from Saskatoon,
SK. Cameco provided the technical support and equipment for
completing the down-hole Resistivity surveys. The infill surface
geochemical programs and management of the drill program were
completed by Uravan's technical group.
2015 STEWARDSON DRILL PROGRAM
The 2015 budget allocated for the Stewardson project is
estimated to fund the completion of two (2) 1500 meter diamond
drill holes (DDH) on the Stewardson Project. Based on the
current evaluation of SL14-001 and SL14-002, as summarized above,
Uravan recommended to defer drilling on the E-conductor (Area
A) at this time and focus on the C-conductor (Area B). This drill
program will consist of drilling two (2) diamond drill holes to
test the C-conductor on ZTEM lines L1330, L1350 or L1370
illustrated in the attached figure [map link]. Drill holes
will be positioned to test the highest conductivity supported by
2014 infill surface geochemical anomalies. It is anticipated the
drill program will commence in June
2015.
The surficial geochemical media collected over the C-conductor
(Area B) reveal a number of compelling multi-element and
multi-media anomalies. Radiogenic lead
(207Pb/206Pb ratios) and uranium (U)
anomalies in the soil clay-size fraction are supported by elevated
MET3 values and high concentrations of K, Ca, Mg, Rb,
Be. The strong correlation of anomalous K, Mg and Rb in the
soil clay-size fraction with a historic surface boron (B) anomaly
is significant as these elements accompany hydrothermal alteration
associated with unconformity-type uranium mineralization in the
form of illite (K, Rb), chlorite (Mg) and dravite (Mg) clay
alteration. A correlation of Na with B in the tree cores is also
compelling as these are chemical constituents of dravite clay
alteration [map link]. All of these anomalous surface
alteration features cluster over the eastern margin of the
C-conductor, which is highly suggestive of a hydrothermal
'alteration chimney' breach to the surface from a potential uranium
deposit at depth.
1
The 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.
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 evaluation and interpretation of surface geochemical
data.
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2The 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.
3The MET (Microbial Exploration
Technology) assumes that gaseous hydrocarbons (methane) migrate to
the surface environment from the redox environment at the surface
of a uranium deposit at depth. 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.
Uravan is a Calgary,
Alberta-based diversified mineral exploration company that
utilizes applied research to develop new innovative exploration
technologies to identify buried uranium 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.