SASKATOON, Jan. 11 /CNW/ - Titan Uranium Inc. ("Titan" or the "Company") (TSX-V:TUE, FSE:T4X) is pleased to announce the analytical results from the Company's summer
2010 drill campaign and provide an update on a Direct Current (D.C.)
resistivity geophysical program conducted this fall on the Border Block
project. The Border Block project is the subject of a Letter of
Agreement between Titan and Japan Oil, Gas and Metals National
Corporation (JOGMEC) wherein JOGMEC can earn a 50% undivided interest
in the project by funding Cdn $6 million in exploration over four years
(see Titan's press release of November 12, 2008).
Three drill holes were completed for a total of 1504 metres to test
favourable uranium targets at or near the unconformity between the
Athabasca sandstone rocks and the underlying basement rocks. Analytical
results from holes MB-10-01 and CSE-10-01 displayed anomalous Uranium
values in the Athabasca sandstone and basement rocks. Anomalous levels
of pathfinder elements Boron, Molybdenum, Cobalt, Arsenic, Vanadium,
and Lead were also found in the Athabasca sandstone and basement rocks.
CSE-10-01 intersected anomalous levels of Rare Earth Elements,
particularly Yttrium, in the Athabasca sandstone rocks. The analytical
results also indicated the presence of illite and sudoite clay species
throughout the sandstone rocks, generally in areas with the greatest
Boron concentrations. In addition, the sandstone and basement rocks
displayed evidence of faulting which was typically associated with
bleaching and alteration. Boron, illite and sudoite anomalies are
typically part of hydrothermal alteration systems associated with
unconformity style uranium mineralization in the Athabasca Basin.
Approximately twenty-three line kilometres of Pole-Dipole D.C.
resistivity surveys to search for alteration chimneys along the H-Grid
Time Domain Electromagnetic (TDEM) conductive trend were completed in
November 2010 (see November 03, 2010 press release). This data is
currently being assessed, interpreted and compiled for targeting in
future drill programs along the H-Grid conductor trend where favourable
alteration indicators together with anomalous uranium values were also
identified in past drill campaigns (see June 17, 2010 press release).
The Border Block project is located in the southwest area of the
Athabasca Basin, near the Alberta border and comprises the Maybelle
River, Gartner Lake, King and Castle South Extension properties. The
project (76,354 hectares/188,675 acres) covers an area where historic
exploration data identified favourable basement rocks capable of
hosting uranium mineralization. The basement rocks are thought to be
correlative with those found on the adjacent AREVA/UEX Corp.'s Shea
Creek project which hosts significant uranium mineralization in the
Anne, Collette and Kianna deposits.
Rodney Koch, P. Geo, Vice-President Exploration Canada for Titan, is the
qualified person responsible for the technical information contained in
About Titan Uranium Inc.
Titan Uranium's vision is to be a leading mid-tier North-American
uranium exploration, development and mining company. Our mission is to
create shareholder value by advancing quality projects to production.
Our growth strategy is driven by three elements:
•Development: A pre-feasibility study has been completed at the Sheep Mountain
Uranium Project, Wyoming. The deposit contains a NI 43-101 compliant
probable reserve of 14.2M lbs. of U3O8 (6,393,000 tons at 0.111% e
U3O8) (see Titan press release April 12, 2010).
•Exploration: The goal is to discover world class uranium deposits by exploring over
1.5M acres of land in the proven Athabasca and prospective Thelon
Basins. Exploration programs are also active in Utah and Wyoming.
•Consolidation: The Company is actively pursuing M & A opportunities and focused on
uranium-friendly jurisdictions such as Saskatchewan and Wyoming.
Titan has gained market recognition for its ability to attract strategic
partners to participate in the exploration of its properties. Japan
Oil, Gas and Metals National Corporation and Mega Uranium Ltd. are
partners in current exploration programs managed by Titan.
Titan is well-financed and ideally positioned to emerge as a pre-eminent
player in the uranium industry.
ON BEHALF OF TITAN URANIUM INC.
Chris M. Healey, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. This News
Release includes certain "forward-looking statements". All statements
other than statements of historical fact, included in this release,
including, without limitation, statements regarding potential
mineralization and reserves, exploration results, and future plans and
objectives of Titan Uranium, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from Titan Uranium's expectations are exploration risks
detailed herein and from time to time in the filings made by Titan
Uranium with securities regulators.
SOURCE Titan Uranium Inc.
For further information:
Titan Uranium Inc.
Phone: 306-651-2405 or 604-925-1810