TSXV: UVN
CALGARY,
Aug. 19, 2015
/CNW/ - Uravan Minerals Inc. (Uravan) recently completed
the second diamond drill-hole (SL15-004) of a two (2) drill-hole
program on its Stewardson project. The first hole, SL15-003,
intersected anomalous uranium mineralization grading
0.025% eU3O8 1 over 6.3 m,
occurring at the basal unconformity2 of the Athabasca
Group (MFa) sandstone, suggesting the presence of a major
hydrothermal system nearby [Press Release July 20, 2015].
Based on this positive result, SL15-004
(270O AZM at -80o)
was positioned west of SL15-003 to test the interpreted edge
of the conductive metasedimentary basement unit (Virgin River
Schist) and east of the interpreted trace of the Dufferin Lake
fault [maplink]
Following the completion of a borehole time-domain
electromagnetic (BHTEM) survey on SL15-003, which indicated no
significant off-hole or in-hole conductive response, the vectoring
strategy for positioning SL15-004 was based on the geological and
geophysical similarities to the "off-conductor" uranium
mineralization that occurs at the Centennial3 uranium
deposit [maplink].
The positioning of SL15-004, to test the western edge of
the conductive metasedimentary unit, was a valuable and necessary
step in narrowing the exploration window
[maplink]. Our preliminary
evaluation of SL15-004 is considered positive with the intersection
of numerous broad alteration sections throughout the Athabasca
Group (MF) sandstone, displaying pronounced bleaching,
silicification, smoky-quartz alteration (suggesting radiation
damage) and illite/chlorite/kaolinite clay alteration. Although
there was no significant uranium mineralization at the
unconformity, these hydrothermal alteration features, along with
coincident well-developed faulting and fracturing are required
indicators for finding potentially higher levels of uranium
mineralization nearby.
Larry Lahusen, CEO for
Uravan, states "The preliminary results of drill-holes SL15-003 and
SL15-004 are technically very positive, confirming that the right
hydrothermal and structural components are present in Area B to
host a major unconformity-type uranium deposit.
All of the key requirements in Uravan's exploration strategy for
vectoring to uranium deposits under cover are
intact. More drilling is certainly required in
Area B as we move closer to discovery. Our
strategy for more drilling will be announced in the coming months".
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 to advance the evaluation and
interpretation of surface geochemical data.
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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).
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2The 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.
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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).
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Uravan is a Calgary, Alberta-based mineral
exploration company that utilizes applied research to develop
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 to be in the exploration stage of
development.
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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.
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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.
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SOURCE Uravan Minerals Inc.