CALGARY, Mar. 2, 2016 /CNW/ - In 2016, Uravan Minerals
Inc. ("Uravan") will focus its exploration efforts on its 100%
owned Outer Ring property located within the Cable Bay structural
corridor, east-central Athabasca
Basin1, Saskatchewan
(map link). A financing partner is sought to advance this
project by defining drill targets on the established ORX surface
geochemical anomaly (ORX Anomaly) (web link).
Early development of Uravan's innovative multifaceted surface
geochemical sampling techniques was undertaken on (among other
projects) the Outer Ring, Mathison2 and OR Extension
projects (web link). In 2010 and 2011, two such sampling programs
were completed with follow up infill sampling completed in 2015 on
the OR Extension (ORX) project. These initial programs consisted of
collecting samples of tree-cores, twigs and needles from black
spruce and jack pine trees, and B- and C- horizon soil samples for
separation and analysis of the clay-size fraction (<2μm), on a
pre-defined 500 m-spaced (GPS) grid. Twig and needle samples and
<2 μm soil samples were sent to Acme Laboratories in
Vancouver, BC., where they were
analyzed for 53 elements plus all rare earth elements (REEs) and
lead (Pb) isotopes by ICP-MS and ICP-ES. Tree core samples were
prepared by QFIR3 (Queen's Facility for Isotope
Research) where they underwent total digestion and analysis using
high resolution ICP-SFMS for 50 elements and Pb isotopes.
Of particular interest is the surface program completed on the
ORX project in 2011 that identified a discrete southwest-trending
corridor of anomalous concentrations consisting of radiogenic
207Pb/206Pb ratios4 (<0.60)
occurring in the clay-size fraction from the soils (ORX Anomaly).
These low radiogenic Pb anomalies also correlate strongly with
anomalous enrichments of uranium pathfinder elements (most notably
U) in the same media and also by radiogenic
207Pb/206Pb ratios in tree cores (map
link).
To define the ORX Anomaly more precisely, an infill-sampling
program was completed in 2015. This involved the collection of
tree-cores from black spruce and jack pine trees, and B- and C-
horizon soil samples directly over the ORX Anomaly on a 250
m-spaced grid. The tree cores and clay-size fraction from the soils
were prepared and analyzed as described above.
The analytical results of the 2015 infill program support and
add significant resolution to this southwest-trending cluster of
radiogenic 207Pb/206Pb anomalies (ORX
Anomaly), now measuring about 9 kilometers long and 2 kilometers
wide (map link). The next requirement to advance this project is to
complete a high-resolution airborne EM (electromagnetic) survey to
identify specific drill targets along this anomalous trend.
Larry Lahusen, CEO for Uravan,
states, "The ORX Anomaly is a well-defined potentially significant
uranium target. Our experience tells us that discrete
linear-trending surface geochemical anomalies are a precondition
for identifying drill targets along coincident EM
conductors. This strategy has proven successful at Stewardson
in 2015 with the intersection of anomalous uranium mineralization
at the unconformity, and sandstone alteration intensities
comparable to those found proximal to other major
unconformity-related uranium deposits in the Basin (press release
link). To move the ORX project forward Uravan is seeking a
financing partner. I have discussed our exploration strategy with
several potential financing entities. All progress will be
announced in a timely manner."
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 QFIR3 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 Group
sandstone and the underlying crystalline basement rocks host
high-grade uranium deposits, either at the sandstone-basement
unconformity (sandstone-hosted mineralization) or within the
underlying structurally disrupted crystalline basement lithologies
(basement-hosted mineralization). These unconformity-related
uranium deposits account for about 20 percent of the world's
natural uranium production. The ore grades are high, typically
grading 2% to 20% U308.
2Mathison property has since been
evaluated and allowed to lapse.
3The 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.
4Natural uranium is primarily
composed of two isotopes: 235U = 0.72% and is the
fissile fraction and 238U = 99.284% and is the
non-fissile fraction. Lead (Pb) isotopes 207Pb and
206Pb are the radioactive (radiogenic) decay products of
natural uranium: 235U decays to 207Pb and
238U decays to 206Pb. The
presence of
low 207Pb/206Pb
isotopic ratios (<0.60) is used to identify
possible U deposits because this ratio is unique and distinctively
low for Pb coming from a U deposit relative to any other geological
source.
Uravan is a Calgary,
Alberta-based diversified 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-related 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 to be 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.