CALGARY, Dec. 10, 2015 /CNW/ - Uravan Minerals Inc.
("Uravan ") has presented a 2016 exploration program and budget for
its Stewardson Project to Cameco Corporation (Cameco). The 2016
exploration drill-hole targeting strategy has been discussed and
initial drill targets have been identified in Area B [map link].
The Stewardson Project budget is being reviewed by Cameco. Uravan
anticipates a definitive answer will be provided in early
January 2016.
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. Cameco has until April
2018 to complete the First Option. Uravan is the operator
and Cameco is funding the program.
HIGHLIGHTS – 2015 Stewardson Exploration Program
- Two diamond drill-holes (DDHs), SL15-003 and SL15-004, were
completed in Area B (C-conductor) along section L1330N (ZTEM flight
line) totaling 2576 meters drilled [map link].
- SL15-003 tested the interpreted 2D and 3D inversion-modeled
conductor traces based on the 2013 airborne ZTEM2
geophysical survey focusing on where these conductive features were
strongly supported by surface geochemical anomalies, such as
radiogenic lead (207Pb/206Pb ratios), uranium
(U) and other pathfinder elements in the soil clay-size fraction,
and elevated MET3 values.
- SL15-003 intersected anomalous uranium mineralization grading
0.025% eU3O8 over 6.3
m4 in the basal Athabasca Group sandstone (MFa) at
the unconformity. The thickness and level of radioactivity
intersected is considered indicative of potentially higher-grade
uranium mineralization nearby.
- Following the completion of SL15-003, a borehole time-domain
electromagnetic (BHTEM) survey determined that no significant
in-hole nor off-hole conductive response could be detected
nearby. The off-conductor characteristics of the uranium
intersection in SL15-003 could be analogous to the Centennial
uranium deposit; commonly referred as 'off-conductor' uranium
mineralization.
- SL15-004, positioned east of the interpreted Dufferin fault,
targeted the western edge of the 2D inversion defined conductive
unit [map link]. This vectoring strategy was based on Cameco's
experience knowing the analogous position to the
Centennial5 deposit.
- SL15-004 intersected above background radioactivity (173 CPS
over 3.65 m with several values >300 CPS) occurring 33 m above
the unconformity, hosted by a conglomerate sequence of the basal
Athabasca Group sandstone (MFa).
- Both drill-holes intersected alteration 'chimneys' extending
>300 m into the sandstone section above the unconformity [map
link]. This significant hydrothermal alteration feature is defined
by:
- Visual observations of drill core, such as sandstone bleaching
and secondary hematite alteration over broad intervals;
- Systematic drill core lithogeochemical analysis identifying
substantial radiogenic 207Pb/206Pb ratios of
<0.41 through the sandstone section, and consistent U >1 ppm
throughout the lower sandstone (>240m) coincident with several
pathfinder elements;
- Systematically scanned drill core with SWIR instrumentation to
determine clay mineralogy, highlighting moderate to intense
chlorite + kaolinite + dravite clay alteration, coincident with
secondary hematite alteration;
- Well-developed fracturing extending from the basement into the
overlying sandstone section, indicative of post-Athabasca basement fault reactivation
and;
- The presence of smoky-quartz in sandstone fractures and veins
suggestive of radiation-induced defects from uranium-bearing
fluids.
Larry Lahusen, CEO for Uravan,
states, "The technical highlights discussed above are
understandably complex. However, to add perspective, all of the
significant alteration features described in SL15-003 and SL15-004
are consistent with the same level of alteration intensity found in
drill-holes proximal to major unconformity-type uranium deposit in
the Athabasca Basin. 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 potential
discovery. Our strategy and time-lines for more drilling in 2016
will be announced in January
2016".
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 QFIR6 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.
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.
4The uranium intersection 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).
5The 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).
6The 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 deposits in under-explored
areas. Our exploration focus in uranium is for potential high-grade
unconformity-type uranium deposits in the Athabasca Basin in Canada. 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.