CALGARY, June 9, 2015 /CNW/ - Uravan Minerals Inc.
(Uravan) has finalized its strategy for positioning two (2) diamond
drill holes on its Stewardson project [map link]. The 2015 drill
program will test the C-conductor trend (Area B), where it is
highly supported by surface geochemical anomalies, for hosting
potential unconformity-type uranium mineralization.
The Stewardson project is located on the Virgin River structural
trend within the south-central portion of the Athabasca Basin1, Saskatchewan [map Link]. The 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.
The C-conductor, in anomalous Area B, is a major north-south
trending basement EM (electromagnetic) geophysical feature defined
by a 2013 airborne ZTEM2 geophysical survey [map
Link]. Two-dimensional (2D) and three-dimensional (3D)
inversion modeling of the ZTEM data was completed by Geotech Ltd.
and Computational Geosciences Inc. (CGI), respectively, with follow
up interpretation by Lawrence Bzdel,
an independent geophysical consultant.
The inversion of the ZTEM survey data displays the C-conductor
as a kilometer or more wide basement conductive corridor that
generally dips steeply to the west. The 3D inversion defines
a single conductive trace along strike, whereas the trace of the 2D
inversion appears multidimensional, displaying several parallel to
sub-parallel conductor traces, suggesting more structural
complexity. This structural complexity is defined where the
C-conductor trend appears to have been shifted in an east-west
direction by several prominent lineaments (L1, L5 and L8) [map
Link]. Also of note is the increased
conductivity just above the unconformity in the Athabasca Group
sandstone section along the C-conductor corridor. This enhanced
conductivity suggests the existence of an 'alteration chimney'
above the unconformity, potentially due to structural reactivation
and hydrothermal activity resulting in potential uranium
mineralization at depth [map Link].
The C-conductor (Area B) is highlighted by a number of
multifaceted surface geochemical anomalies [map link]. These
anomalous zones were determined by two (2) surface geochemical
surveys; (1) a 2011 property-wide survey completed on 500 m grid
spacing; and (2) an infill surface geochemical survey in 2014 that
was focused over the C-conductor in anomalous Area B. The
infill surface geochemical program was completed on 250 m grid
spacing designed to better resolve the surface geochemical
anomalies and anomalous trends identified in the 2011 survey.
The surface geochemical surveys completed in 2011 and 2014 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, high concentrations of potassium (K),
calcium (Ca), magnesium (Mg), rubidium (Rb) and beryllium (Be)
(elements representative of clay alteration), and anomalous
concentrations of nickel (Ni), copper (Cu), cobalt (Co) and arsenic
(As) (representative pathfinder elements). The lineaments, L1 and
L8, discussed above, appear to be bounding structural features with
respect to the anomalous surface geochemistry, thereby highlighting
a favorable EM conductor with a coincident anomalous surface
geochemical corridor [map link].
The strong correlation of anomalous K, Mg and Rb in the soil
clay-size fraction of surface samples, with previously reported
surface sandstone boulder samples containing anomalous levels of
boron (B), chlorite and kaolinite is significant. These elements
and clay minerals typically accompany hydrothermal alteration
associated with unconformity-type uranium mineralization at depth
in the form of illite (K, Rb), chlorite (Mg) and dravite (B). All
these anomalous surface alteration features cluster over the strike
of the eastern margin of the C-conductor trend and appear to be
bounded by the L1 and L8 lineaments [map link]. These
associated and coincident features are suggestive of a hydrothermal
'alteration chimney' (enhanced sandstone conductivity as described
above) to the surface from a potential unconformity uranium deposit
at depth.
The 2015 Stewardson project drill program is scheduled to
commence on June 15th. The
first drill hole, SL15-001, is located on Line 1330N, drilling west
at an -85o dip [map link]. SL15-001 is
targeting the interpreted foot wall of the C-conductor where it is
highly supported by anomalous surface clay-size fraction
geochemistry consisting of radiogenic lead
(207Pb/206Pb ratios), uranium (U), MET,
pathfinder elements (Ni, Co, Cu and As) and clay alteration
anomalies (Mg, K and RB), which is also supported by previously
reported surface sandstone boulder samples containing anomalous
levels of boron (B), chlorite and kaolinite is significant. This
target area is also considered structurally important where the
C-conductor structural corridor appears to be truncated or off-set
by the L8 structural lineament.
Drilling operations will be conducted by Major Drilling Group
International Inc. from Winnipeg,
MB. Uravan's technical group will be collecting drill
data and managing the program. Both drill holes will be surveyed
using a Mount Sopris Triple Gamma Probe (2GHF-1000) for detecting
radioactivity (suggesting potential uranium mineralization). We
anticipate reporting all elevated levels of radioactivity in
eU3O8 values. All drill cores will be
photographed and 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 Group. The drill core will be routinely
sampled and sent to ALS Canada Limited in Vancouver, BC, for whole rock (lithium borate
fusion) and ultra-trace aqua regia digestion with ICP-OES and
ICP-MS finish for 63 elements plus Pb isotopes. The Queen's
Facility for Isotope Research2 (QFIR) will conduct
additional weak acid leach (WAL) analysis of core samples using
High-Resolution ICP-MS for 63 elements and Pb isotopes.
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.
|
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.
2Geotech's natural sources Z-Axis
Tipper Electromagnetic (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.
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.
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.