CALGARY,
AB, Nov. 23, 2022 /CNW/ - Further
to Uravan Minerals Inc.'s (TSXV: UVN) ("Uravan"
or the "Corporation") recent acquisition of Prime Fuels Corp
("Prime") and Prime's 100% owned LS mining claim group, plans
consist of conducting a 3D seismic survey on the LS claims to
establish off-set drill targets to existing uranium mineralization
(described below). Uravan is also considering applying other
remote sensing techniques developed and used successfully on its
previously owned Athabasca Basin
uranium projects (MODEL).
In a September 10, 2007
press release, Mesa Uranium Corp reported significant uranium
mineralization intersected in drillhole L-15 amounting
to 17.5 feet (5.33 meters) of 0.11% U3O8 (including 3.5 feet of
0.28% U3O8). The uranium bearing intervals in drillhole L-15
were produced by Jet West Geophysical Services of Farmington, New Mexico using a gamma down-hole
logging tool calibrated at the US Department of Energy (DOE)
uranium-industry standard pits located in Grand Junction, Colorado. In situ uranium
values, expressed as equivalent U3O8 (eU3O8), were calculated using
the digital gamma ray values acquired by the down hole logging tool
and uranium industry standard techniques for gamma log
interpretation. Drillhole L-15 is in the area now covered by
the LS claims.
Pursuant to a NI 43-101 technical report titled the
"Lisbon Valley Project", a 3D seismic survey was recommended to be
centered over drillhole L-15 and designed to direct off-set drill
targets. The technical report provides detailed information with
respect to the technical data covered by the LS claims and the
Lisbon Valley District. The Lisbon Valley Report recommends a
two-phase work program totaling US$550,000 in expenditures on the claims.
Uravan has sufficient cash on hand to complete phase one of the
recommended work program over the next 12 months. The Lisbon Valley
Project technical report is available on Uravan's SEDAR page
(www.SEDAR.com) or Uravan's website
(www.uravanminerals.com).
The LS claim group is located just southeast and adjacent
to the Lisbon Mine, on the downthrown side of the Lisbon Valley
anticline. Drillhole L-15 is collard about 8,500 feet (2,590
meters) southeast of the Lisbon Mine. The Lisbon Mine was owned and
operated by Rio Algom Mines Ltd, with production between 1972 –
1988, producing approximately 22 million pounds U3O8
(Lisbon Valley Uranium Project, NI43-101 Technical Report
by B. Fleshman, October 2005)
*.
The Lisbon Valley Uranium District is in the Colorado
Plateau Region of the western US, located about 35 miles (56
kilometers) south-east of Moab,
Utah. The district has historic uranium production from 1948
to 1988 of approximately 78 million pounds U3O8 (William L. Chenoweth; July 1990, Lisbon Valley, Utah's Premier Uranium Area, A Summary of
Exploration and Ore Production, Utah Geological and Mineral Survey,
Open-File Report
188)*. The
uranium mineralization in the Lisbon Valley District is primarily
hosted by the Moss Back Member of the lower Chinle Formation of
Triassic Age. The Moss Back sandstone has the unique distinction of
hosting some of the highest-grade uranium and vanadium
mineralization in the Colorado Plateau Region.
Larry Lahusen, CEO of
Uravan comments:
"I believe it is a pivotal
time to be involved in uranium exploration due to several recent
positive developments. For example, the
EU has classified nuclear power as "green energy ",
and, because of the Russian - Ukrainian conflict the US has become
re-focused on domestic uranium production, with the US Congress
recently authorizing NNSA to purchase domestically produced U3O8 to
establish a secure US strategic natural uranium
reserve.
Another potential tailwind, supporting uranium
market prices, is the on-going development and potential new
built-out of the Small Modular Reactor (SMR). SMR technology can
provide safer dependable high energy capacity with zero carbon
emissions, thereby, potentially giving a green-light for meaningful
new nuclear power plant development decisions.
Early in my career, I was lucky enough to find two
significant deposits, the Velvet – Section 2 Uranium Deposits in
the south Lisbon Valley area. With Uravan's recent property
acquisitions in the Lisbon Valley Uranium District, I am pleased to
be active again in this highly prolific uranium producing domain.
Uravan will be investigating additional mining claim acquisitions
in the Lisbon Valley area."
The scientific and technical information contained in
this news release has been reviewed and approved by Mr.
Derrick Strickland, P. Geo,
(1000315), a "Qualified
Person" ("QP") as defined in National Instrument 43-101 – Standards
of Disclosure for Mineral Projects.
*Please note the qualified person has not verified the
information on the adjacent properties and the information
disclosed is not necessarily indicative of mineralization on the
Property that is the subject of the technical
report.
Further Information
All the technical reports referenced above can be found on
Uravan's website:
www.uravanminerals.com.
Uravan also wishes to announce that the Board of Directors
of Uravan (or the "Corporation") has approved the granting of
300,000 common share options (the "Stock Options") to directors,
officers, employees, consultants, and advisers of the Corporation,
pursuant to the Corporation's rolling share option plan (the "Share
Option Plan"). The Share Option Plan is administered by the Board
of Directors of the Corporation. Each Stock Option can be exercised
by the optionee into common shares (the "Shares") of the
Corporation, issued from treasury, at an exercise price of
$0.25 per share. The term of the
stock options granted under the Share Option Plan will be for five
years from the date of this announcement. The Vesting Date is the
date of grant of Stock Options.
The Corporation currently has 5,532,901 Shares issued and
65,000 stock options outstanding. The stock options granted are in
accordance with regulatory policy as determined by the TSX Venture
Exchange. The proposed granting of these stock options is
subject to the TSX Venture Exchange approval.
Cautionary Statements
This press
release may contain forward looking statements including those
describing Uravan's 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, including Uravan's work plans and the timing thereof
and the status and future of the uranium market as a whole, and as
such should be viewed as forward looking statements. Actual
results can differ materially from those anticipated by management
at the time of writing due to many factors, much 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. 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, Inc. nor its
Regulation Services Provider (as that term is defined in the
polices of the TSX Venture Exchange) has approved or disapproved of
the contents of this press release.
SOURCE Uravan Minerals Inc.