CALGARY, July 18, 2012 /CNW/ - On July 17th Uravan Minerals Inc. ("Uravan ") commenced drilling operations on its
Halliday Lake project, Athabasca Basin1, Northern Saskatchewan [map link]. The technical program anticipates completing five (5) diamond
drill-holes positioned to test the potential occurrence of high-grade
uranium mineralization at depth along a prominent 5 kilometre long,
east-west trending, highly favourable corridor. This corridor has been
defined by a linear clustering of anomalous surface geochemical
signatures that are coincident with a major EM (electromagnetic) geophysical
conductor and a linear magnetic low [map link]
The Halliday surface anomalies were identified by a multifaceted
geochemical sampling program completed by Uravan in the summer of 2011[Press Release Link]. These anomalies consist of highly favourable radiogenic lead (Pb)
isotope values (207Pb/206Pb isotopic ratios) in clay separates taken from B-and C-horizon soils
and in tree-core samples. These coincident radiogenic Pb isotopic
anomalies strongly correlate with other anomalous element signatures
occurring in the same media, which are indicative of uranium
mineralization and alteration at depth [map link]. This surface program capitalized on new geochemical technologies
developed from a geochemical remote sensing study conducted over the
Cigar West Uranium deposit (Cigar Lake Study)2, which focused on the detection of buried unconformity-related uranium
mineralization in under-explored areas in the Athabasca Basin.
The favourable surface geochemical patterns conform to a well-defined
major EM conductor/structure (Conductor A) and a magnetic low corridor [map link]. Conductor A is interpreted to define a steeply south dipping reverse
fault that transects obliquely across the central part of an
interpreted graphite-bearing metasedimentary unit/magnetic low
feature. Conductor A was defined by previous operators through a
succession of fixed and moving loop TDEM geophysical surveys conducted
in 1997/1998, and in 2010 with a moving loop SQUID (Slingram) TDEM
survey. The magnetic low corridor was defined by a regional airborne
magnetic survey completed by the Saskatchewan Geological Survey.
The drill program amounts to approximately 4500 meters of drilling with
an average drill depth of 900 meters per hole. All drill-holes planned
are inclined at -75o with an azimuth perpendicular to the east-west oriented
conductive/structural/geochemical trend. The average vertical depth to
the unconformity1 is approximately 765 meters. Each drill-hole will take approximately
10 to 12 days to complete.
Mr. Larry Lahusen, CEO of Uravan believes "the alignment of highly
anomalous surface geochemical patterns with a coincident EM
conductor/structural feature defines a very favourable corridor. These
coincident anomalous signatures provide a unique drilling opportunity,
whereby surface geochemical anomalies are vectoring drilling to the
most probable location of a potential uranium deposit at depth".
The summer 2012 drill program on the Halliday project is a joint
exploration effort by Uravan and Cameco Corporation (Cameco). Uravan is
currently the operator with the responsibility to plan and implement
the exploration program on behalf of Cameco. Cameco is funding 100% of
the 2012 exploration expenditures to the extent of its earn-in
obligations pursuant to the Halliday/Stewardson Option Agreement [Press Release link].
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.
1The Athabasca Basin is an ancient (Paleoproterozoic) sandstone basin
located in northern Saskatchewan, Canada. The Athabasca Basin
sandstone 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 28 percent of the
world's primary uranium production. The ore grades are high, typically
grading 2% to 20% U308.
2The Cigar West Study was a collaborative applied research program
conducted by Uravan and QFIR (Queen's Facility for Isotope Research)3 in 2009 over a known high-grade uranium deposit in the Athabasca Basin.
The study was designed to develop new surface geochemical techniques
that can better identify bedrock sources of uranium mineralization at
depth. This research clearly identified distinctive elements and
isotopic compositions that have been mobilized from the deposit
(geosphere) to the surface media (plants and soils) from depths >450
meters. The Cigar Lake deposit is on the Waterbury/Cigar uranium
property located in the Athabasca Basin, Saskatchewan, and is a joint
venture partnership between Cameco Corporation, AREVA, Idemitsu Kosan
Co. Ltd., and Tokyo Electric Power Co. [TEPCO]). Uravan thanks both
AREVA and Cameco for their collaboration and gracious support for the
Cigar West Study, and the support provided by the Cigar Lake facility
during our field operations.
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.
Dr. Colin Dunn, an independent specialist in biogeochemistry, is working
closely with Uravan's technical group and QFIR to advance the
interpretation of biogeochemical results. Dr. Kurt Kyser and Dr. Colin
Dunn are key technical advisors for Uravan.
Uravan is a Calgary, Alberta, based diversified mineral exploration
company that utilizes applied research to develop new innovative
exploration technologies to identify buried uranium, rare earth
elements (REE) and nickel-copper-platinum group element (Ni-Cu-PGE)
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. Further, Uravan is pursuing the exploration of its advanced-
stage Rottenstone Ni-Cu-PGE project supported by the development of new
drill targets defined by recent geophysical re-interpretation. 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
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.
For further information:
Larry Lahusen, CEO
Uravan Minerals Inc.