CALGARY, May 7, 2013 /CNW/ -
Stewardson Lake Project
In June 2013, a property-wide heliborne electromagnetic (EM) geophysical
survey will commence over the Stewardson Lake project, Athabasca Basin1, Northern Saskatchewan [map link]. The survey will be conducted by Geotech Ltd. using their Z-Axis Tipper Electromagnetic (ZTEM) system and will total 779 line-kilometres at 500 meter line spacing.
The ZTEM system is considered ideal for furthering the exploration of
the Stewardson Lake project where the underlying basement is locally
overlain by low resistivity Athabasca Group sediments and unconformity
depths range from an estimated 900 m in the south to greater than 1100
m in the north. The key features of the ZTEM system that will provide
high quality data collection over the Stewardson Lake project, are 1)
its high spatial resolution (8 to 10 meters), 2) excellent resistivity
discrimination for detection of conductive anomalies, and 3) low
frequency penetration (as low as 30 Hz) through the conductive
Athabasca sediments, resulting in depth resolution to >1500 meters..
Following the completion of the ZTEM survey, follow-up ground EM
survey(s) and infill surface geochemistry over prospective areas are
anticipated. This work will focus on key EM geophysical targets that
are supported by anomalous surface geochemical signatures.
A multifaceted surface geochemical sampling program (1663 sample sites
at about 500 meter spacing) over the Stewardson Lake project area was
completed by Uravan in July 20112 and identified several anomalous zones The program consisted of
collecting B- or C-horizon soil samples, along with vegetation and tree
core samples from black spruce and jack pine trees3. The southwest and south-central portion of the Stewardson Lake
property is highlighted by correlations of low radiogenic lead (Pb)
isotope values (207Pb/206Pb ratios) between clay and tree core samples that are preferentially
distributed in proximity to interpreted structural trends [map link]. The airborne ZTEM survey could potentially highlight conductive
features that are supported by anomalous surface geochemical trends
thereby refining future drill targets.
The Stewardson Lake property overlies the Dufferin Lake Fault, which
extends northeast-southwest across the central portion of the property.
Most of the historical geophysical surveys conducted by previous
operators are considered test surveys to determine which techniques
were effective to define conductors in the basement at depths >1100
meters. In 1997 diamond drill-hole VR-01 was completed at 1180 meters
(unconformity at 1135 meters) and positioned near the center of a
previously identified boron-rich surface anomaly suggestive of intense
hydrothermal alteration centered on Stewardson Lake. The results of
this drill-hole were positive, intersecting highly anomalous boron
concentrations in the upper 700 m, followed by predominantly illite and
chlorite clay alteration (>80%) below 700 meters, local uranium
enrichment up to 3.78 ppm U308 in the sandstone, and anomalous (Pb)
isotope values (207Pb/206Pb isotopic ratios) below 500 meters.
Halliday Lake Project
In July and August 2012, five (5) diamond drill-holes (DDH HL-01, -02,
-03, -05 and -06) were completed on the Halliday project totalling
4,836 meters drilled [press release link]. Drill-holes were positioned to test the potential occurrence of
uranium mineralization at depth along a prominent 5 kilometre long,
east-west trending corridor. This corridor was defined by an EM
geophysical conductor (Conductor A), which cross-cuts a prominent
linear magnetic low and was supported by a concordant distribution of
anomalous surface geochemical signatures2, 3 [map link].
Although no economic uranium mineralization was encountered during this
drill program, the intersection of structurally disrupted graphitic
pelites and narrow (<0.65m thick) anomalous uranium mineralization (487
to 733 ppm U) in basement rocks was encouraging. Additionally,
drill-hole HL-01 intersected pervasive illite clay mineral alteration
and sandstone bleaching throughout the Athabasca Sandstone section and
well-developed chlorite clay alteration from 10 meters above the
unconformity. These key alteration components, which are coincident
with elevated pathfinder elements and REEs through the Athabasca
Sandstone section, suggest that a more advanced hydrothermal and
structural system potentially exists toward the untested western end of
the Conductor A corridor. Positive surface geochemical anomalies (soils
and trees) also highlight an area west of DDH HL-01 and EL-10 along
In March 2013, Aurora Geosciences Ltd. (Aurora), in collaboration with
Uravan and Cameco Corporation, conducted a 'test' EM ground geophysical
survey over Conductor A, west of DDH HL-01 [map link]. The test survey was completed by Aurora using their extremely low frequency electromagnetic (ELF-EM) system (Link to technical report). The ELF-EM system is a ground-based geophysical technique/instrument
that is easily transported and does not require cut lines. The system
calculates the tilt angle (tipper) of the magnetic fields from 11 Hz to
1440 Hz and is designed to image resistivity from depths of 10 meters
to 2 kilometers.
The ELF-EM test survey area comprised five (5) lines, totaling 19.8
line-kilometers at approximately 600 meter line-spacing [map link]. Two of the lines surveyed were centered over previously identified
conductive geophysical anomalies (to include Slingram Moving Loop
survey techniques) for data orientation and comparison. Three
additional lines were surveyed to test the ELF-EM system where little
or no geophysical data existed, along the strike of Conductor A and
west of DDH HL-01. The purpose of the test survey was to compare the
results from the ELF (low-frequency) EM system to other more costly
Moving Loop geophysical techniques, and to evaluate the Conductor A
west of DDH HL-01 using a low-frequency geophysical technique. The
results and interpretation of the test survey are currently being
completed by Aurora.
The Stewardson Lake and Halliday Lake projects are a joint exploration
effort between Uravan and Cameco Corporation pursuant to the
Halliday/Stewardson Option Agreement dated effective June 21, 2012 [Press Release dated July 17, 2012]. Uravan is currently the operator with the responsibility to plan and
implement the exploration programs on behalf of Cameco.
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 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 28 percent of the world's primary uranium production. The ore
grades are high, typically grading 2% to 20% U308.
2The Stewardson and Halliday project surface anomalies were identified by
a multifaceted geochemical sampling program completed by Uravan in the
summer of 2011. 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)4, which focused on the detection of buried unconformity-related uranium
mineralization in under-explored areas in the Athabasca Basin
3Clay-sized fractions (<2μm) were extracted from the B- and C-horizon
soil samples for analysis, and vegetation samples underwent ashing
prior to analysis. The clay fractions and ashed vegetation tissues were
analyzed by Acme Laboratories in Vancouver, British Columbia by ICP-MS
following an aqua regia digestion for a suite of fifty-three (53)
elements, plus all rare earth elements (REE) and lead (Pb) isotopes.
Tree core samples were prepared by the Queen's Facility for Isotope
Research5 (QFIR) where they underwent total digestion and analysis using high
resolution ICP-SFMS for fifty (50) elements and Pb isotopes.
4The Cigar West Study was a collaborative applied research program
conducted by Uravan and QFIR (Queen's Facility for Isotope Research5) 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.
5The 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 (REEs) 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. 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.