CALGARY, April 25, 2012 /CNW/ - Uravan Minerals Inc. ("Uravan ") and
Cameco Corporation ("Cameco") have signed a "Term Sheet Memorandum"
agreement whereby Uravan granted Cameco the exclusive option ("Option")
to earn an aggregate 70% interest in Uravan's 100% owned Halliday and
Stewardson uranium projects (the "Mineral Properties"), Athabasca Basin1, Northern Saskatchewan [map link] by Cameco funding a cumulative twenty-two million dollars ($22,000,000)
in exploration expenditures.
The agreement consists of two Options: (1) the first option grants
Cameco the exclusive right to earn a 51% interest in the Mineral
Properties by funding seven million dollars ($7,000,000) in exploration
expenditures over four years and (2) a second option grants Cameco the
exclusive right to earn an additional 19% in the Mineral Properties by
funding an additional fifteen million dollars ($15,000,000) in
exploration expenditures. Upon Cameco earning either a 51% or 70%
interest in the Mineral Properties, Cameco and Uravan (collectively the
"Parties") shall enter into a joint venture agreement to form a joint
venture in relation to the Mineral Properties, with the Parties funding
their pro-rata share of future exploration expenditures. Uravan shall
be the operator for the first four years of the Option, after which
Cameco may elect to become the operator.
The Halliday property consists of a single mineral disposition
(S-107299) totaling 2,169 hectares, located approximately 18 kilometers
northwest of McArthur River uranium mine in the eastern Athabasca Basin
[map link]. Historically, six (6) widely-spaced diamond drill holes were
completed on the property amounting to 5,176 metres drilled with drill
depths averaging about 850 meters. This reconnaissance drilling
targeted three coincident EM conductors within an east-west oriented
magnetic low. Based on core analysis and interpretation, the conductive
zones coincide with an east-west trending graphite-bearing
metasedimentary unit and structural zone. Core analysis identified
high boron concentrations within basement samples, strong illite clay
alteration in the Athabasca sandstone above the unconformity and
anomalous uranium mineralization occurring at the unconformity in drill
hole EL-09 assaying 0.12% U3O8 (<1.0 meters).
The Stewardson property consists of five (5) contiguous mineral
dispositions (S-107738, S-108181 to S-108184 inclusive) totaling 21,349
hectares, located approximately 20 kilometers north of Cameco's
Centennial uranium deposit in the south-central portion of the
Athabasca Basin. The Stewardson property overlies the
northeast-southwest trending Dufferin fault. Historical electromagnetic
(EM) and magnetic surveys over the property indicate a broad magnetic
low hosting several conductors and interpreted faults sub-parallel to
the Dufferin Lake fault on the western portion of the property,
transitioning to a magnetic high on the eastern side of the Dufferin
Lake fault. In 2004 one diamond drill hole (VR-01) was completed,
intersecting the unconformity at 1,135 meters. VR-01 targeted a broad
boron anomaly defined by boulder and outcrop sampling completed in
1995. Although no significant uranium mineralization was encountered in
VR-01, the drill hole intersected a wide interval of illite clay
alteration in sandstone above the unconformity and 15 meters of
chlorite clay alteration directly above the unconformity. The illite
and coincident chlorite clay alteration in the sandstone above the
unconformity is indicative of favourable hydrothermal activity in the
area, a key ingredient necessary for uranium mineralization.
In the summer of 2011, Uravan completed multifaceted surface geochemical
sampling programs on the Halliday and Stewardson projects [Press Release Link]. These surface programs capitalized on new surface geochemical
technologies developed from a geochemical remote sensing study
conducted over the Cigar West Uranium deposit (Cigar Lake Study)2 for the detection of buried unconformity-related uranium deposits in
under-explored areas in the Athabasca Basin.
Data analysis and interpretation of the surface geochemical data from
the Halliday project identified an east-west oriented highly anomalous
geochemical signature that is coincident with an EM (electromagnetic)
geophysical conductor and magnetic low corridor [map link]. The east-west geochemical signatures consist of anomalous radiogenic
Pb isotope values occurring in the clay minerals separated from the
soil media and in tree-cores. These coincident radiogenic Pb anomalies
also correlate strongly with other anomalous uranium pathfinder
elements occurring in the same media.
Based on positive results from the Halliday surface geochemical program,
a five hole diamond drill program is planned and anticipated to
commence in July 2012. In preparation for finalizing drill targets,
additional ground geophysics and structural mapping is being considered
to be completed over the anomalous east-west geochemical trend and EM
conductor. More details on these surveys and the subsequent drill
program will be announced in future press releases.
Data analysis and interpretation of the surface geochemical data from
the Stewardson project highlighted the south-central portion of the
property as having favourable correlation and clustering of anomalous
radiogenic Pb isotope values (207Pb/206Pb isotopic ratios) in soil and in tree core samples [map link]. Multiple correlations between anomalous radiogenic Pb isotopic
signatures and other element geochemical enrichment with interpreted
structural trends suggest preferential element migration from depth
through high permeability fluid conduits and may serve as important
indicators to structurally controlled subsurface mineralization. In
2012, an airborne EM survey is being considered to be flown over the
south-central claim blocks to better defined conductive trends that are
supported by key surface geochemical data.
Uravan is looking forward to working with Cameco's exploration group.
Uravan is committed to working to bring the highest level of technical
knowledge and uranium exploration experience into our exploration
programs on the Halliday and Stewardson projects.
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 hosts
high-grade unconformity-type uranium deposits that account for about 28
percent of the world's primary uranium production. These
unconformity-type uranium deposits occur in sandstones at the
basement-sandstone unconformity contact (sandstone-hosted
mineralization) and within the underlying structurally disrupted
crystalline basement (basement-hosted mineralization). The ore grades
are high, typically grading 5% to 20% U308.
2The Cigar West Study was a collaborative applied research program
conducted by Uravan and QFIR (Queen's Facility for Isotope Research) 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; a joint venture partnership between Cameco Corporation,
AREVA, Idemitsu Kosan Co. Ltd., and Tokyo Electric Power Co. [TEPCO])
located in the Athabasca Basin, Saskatchewan. 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-related uranium deposits in the
Athabasca and Thelon Basins in Canada and other basin environments
globally. Uravan is expanding its acquisition efforts toward REE geological
domains in North America and specific areas globally. The REE and
uranium mineralization occur in related geological environments thereby
complementing Uravan's uranium exploration efforts with a strategy to
add diversification to its portfolio. 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
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.