CALGARY, July 20, 2015 /CNW/ - Uravan Minerals Inc.
(Uravan) intersected 6.3 m grading 0.025%
eU3O8 1 (maplink), in
drill-hole SL15-003 on the Stewardson project. The uranium
intersection occurs from 1154.87 m to 1161.17 m in the lower
Athabasca Group (MFa) sandstone, just above the unconformity with
basement lithologies. The thickness and level of radioactivity
intersected is considered highly anomalous and a favorable uranium
intersection given 1) the reconnaissance nature of this drill test;
and 2) the large area being tested for hosting potential
unconformity-type uranium mineralization. The uranium-bearing
intersection is coincident with a 30 m thick envelope of lower
sandstone clay alteration and bleaching, silicification, secondary
hematite and fracturing. These hydrothermal alteration features are
required indicators for finding potentially higher levels of
uranium mineralization nearby.
Drill-hole SL15-003 targeted the interpreted trace of the
C-conductor (Area B) based on the 2D and 3D inversion models of the
ZTEM2 geophysical survey, where they are highly
supported by surface geochemical anomalies. Below the uranium
mineralization described above, non-conductive altered basement
lithologies were intersected, suggesting the 2D and 3D geophysical
response is mapping lithological boundaries and is not related to
faulting or graphitic metasedimentary units. This interpretation
was confirmed following the completion of a borehole time-domain
electromagnetic (BHTEM) survey, which indicated no significant
in-hole or off-hole conductive response. This means the sandstone
hosted uranium mineralization intersected in SL15-003 is not
directly related to a conductor (commonly referred to as an
'off-conductor' uranium occurrence). The off-conductor
characteristics of this uranium intersection are directly
comparable to the Centennial3 uranium deposit that
occurs along the C-conductor within the Dufferin Lake structural
corridor located approximately 50 kilometers south (maplink).
The Centennial deposit model provides a means for vectoring our
second drill-hole (SL15-004), to be located further west along
L1330 and strategically positioned east of the interpreted strike
of the Dufferin Lake fault and coincident surface geochemistry
(maplink)
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.
1 The uranium intersection
discussed in the text above occurs from 1154.87m to 1161.17m
(continuous 6.3 m with gamma counts >100 cps and consisting of
1200 and 1400 peak CPS) in drill-hole SL15-003 and was
measured using a borehole Mount Sopris Triple Gamma
Probe (2GHF-1000) for detecting radioactivity and calculating
eU3O8
(a radiometric uranium oxide equivalent value).
The total raw gamma counts from the Triple Gamma Probe were
calculated using the Probe's instrument specific K-Factor after
being corrected for dead time, casing factor and water factor
using WellCad software developed by Advanced Logic Technology
(ALT).
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.
3 The Centennial deposit is a
high-grade sandstone hosted unconformity-type uranium deposit
occurring at a depth of approximately 800 m that is currently in
the drill-development stage by Cameco Corporation and its joint
venture partners, Areva Resources Canada Inc. (AREVA) and Formation
Metals Inc. (Coronation Mines).
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.