US Symbol: ATURF
VANCOUVER, July 17, 2013 /CNW/ - Athabasca Uranium Inc. ("Athabasca" or the "Company") is pleased to report the preliminary
interpretive results of the multiphase airborne Mag/EM survey conducted
over portions of its Keefe Lake, Fisher River and McGregor Lake uranium
projects located on the southeastern margin of the Athabasca Basin,
Saskatchewan. The 736-line kilometer V-TEM survey was designed to
examine subsurface anomalies as well as magnetic features that may
control alteration and mineralization events.
KEEFE LAKE - Confirmation of D-ZONE drill targets
At the Company's flagship Keefe Lake Project, preliminary interpretation
has identified a series of subtle northwest-trending conductive
anomalies, lying within a wide magnetic low, between the Keefe Lake
Alteration Zone and Cameco's Harrigan Deposit. The presence of these
subtle conductors (possibly regions of alteration) supports the
hypothesis that these two aforementioned zones are related by an area
of dilation ("D-Zone"), observed in the magnetic data as a strong and
pronounced low. The subtle conductors were first identified in
electromagnetic data from a 2005 GEOTEM regional survey as an AdTau
anomaly. The VTEM anomalies correspond with two high-value targets that
have favourable basement lithology (biotite gneiss/pelitic) and are
related to the Tebbernor fault system. In addition, Illitic clays,
which often form in alteration halos around uranium deposits, and
boulder samples anomalous in uranium and pathfinder minerals such as
lead and boron have been discovered in the D-Zone. Data from the 2013
VTEM survey will be incorporated into the active interpretation matrix,
which includes 2D seismic and a host of downhole and historical
geophysics, to further refine targets for the Keefe Lake Phase 3
drilling program, slated for later this year.
FISHER RIVER - Large conductive subsurface anomaly identified
At Fisher River, a single large conductive zone, striking east-west and
covering an area of approximately 4500 meters x 1500 meters, was
identified. Resistivity depth imaging estimates depth to the top of
the conductor is approximately 200 meters, this being near or at the
unconformity. The conductive zone is considered to be a highly
prospective target for uranium as it lies within a magnetic low, at the
edge of a magnetic feature.
MCGREGOR LAKE - Large conductive subsurface anomaly identified
At McGregor Lake, a single clear local target was identified, situated
in the northeastern portion of the McGregor 2 block. Resistivity depth
imaging estimates the depth to the top of the conductor is
approximately 200 meters. There is good correlation with magnetic
anomaly sources and combined TEM-magnetic interpretation is recommended
for these areas. The McGregor property was surveyed with the Z-TEM
system in 2011, and the Company is in the process of collating the two
The positive results at Fisher River and McGregor Lake have upgraded the
prospectivity of these projects, and both may now be included in the
fall drilling program.
On the results of the survey, Gil Schneider, Athabasca Uranium's CEO
commented "Once again, we have used leading-edge science to advance our
projects - this VTEM survey appears to confirm our theory that the
subsurface formations of Keefe Lake mirror those of Cameco's Harrigan
Deposit area. We are now more excited than ever to begin our specific
Phase 3 drilling, to potentially uncover the next Basin deposit.
Adding to that these new developments at Fisher and McGregor means we
are very well-positioned to take advantage of the recent global
resurgence of uranium".
The Company is pleased to report that at its Annual General and Special
Meeting of Shareholders ("AGM") held yesterday, all resolutions
presented passed. By way of majority vote, the shareholders:
re-appointed each of the four incumbent directors to the Board,
including Gil Schneider, Paula Rogers, Kim Goheen and Barry Lee;
re-appointed Davidson & Company LLP Chartered Accountants as auditor of
the Company for the ensuing year;
re-approved the 10-per-cent rolling stock option plan; and
approved a change in the Articles of the Company to allow for an Advance
Notice provision to be adopted by the Company.
Additional information respecting the AGM can be found in the
Information Circular sent to the Company's shareholders, available at www.sedar.com.
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 68,500 hectares strategically located in
the uranium-rich Athabasca Basin region of northeast Saskatchewan. The
Company's stated vision is to explore the region using leading-edge
technology to become a world-class uranium mining company. Additional
information on Athabasca Uranium and its vision is available on the
Company's website at www.athabascauranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gil Schneider, President & CEO
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements.
Forward-looking statements are statements that are not historical facts
and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ
materially from those in forward looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of the
Company's management on the date such statements were made. The
Company expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulations Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Athabasca Uranium Inc.
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