CALGARY, Sept. 27, 2011 /CNW/ - Uravan Minerals Inc. (Uravan) has
commenced diamond drilling operations on its Outer Ring (OR) and
contiguous Mathison Lake (MATH) projects in the Pasfield Lake area of
the Athabasca Basin1 [view map]. This is a follow-up program based on encouraging information obtained
from Uravan's previously completed OR drill program [August 22, 2011 press release]. The OR-MATH program amounts to completing three (3) diamond
drill-holes totalling approximately 2100 meters of drilling [view map]. Drill depths to the unconformity are estimated to be 700 meters.
Completion of the program is estimated to be in late October 2011.
The OR-MATH drill program is targeting a geophysical corridor coincident
with anomalous surface geochemical signatures. The surface anomalies
were identified by Uravan's technical group in collaboration with its
research partners3 arising from a multifaceted surface sampling program completed over the
projects in 2010 and recently in June 2011. The favourable geophysical
features comprise a strong EM (electromagnetic) conductor that
correlates with a deep magnetic low. The geophysical data were
collected by Geotech Limited from an airborne ZTEM survey completed
over the MATH project in 2009 by ESO Uranium.
The surface geochemical programs capitalized on new innovative
geochemical technologies developed from a pilot study conducted on the
Cigar West uranium deposit (Cigar West Study) 2. By using these exploration techniques, verified from the Cigar West
Study, positive isotopic compositions and associated anomalous
pathfinder elements were identified in certain soil components,
vegetation and tree-core samples over the project area. These surface
anomalies correlate positively with regional geophysical survey trends
and other interpreted structural features, and potentially represent
signatures of mobile elements derived directly from bedrock sources of
unconformity-related uranium mineralization.
The interpretation of the ZTEM airborne geophysical survey displays a
strong NE-SW trending EM conductor (the "Pasfield Conductor") that
coincides with a linear low magnetic susceptibility feature. The
Pasfield Conductor and low magnetic feature form a corridor that
transects the Math project and extends to the SW onto the OR project.
The NE-SW trending Pasfield Conductor is interpreted as a single
NW-dipping conductor at the unconformity. The Pasfield Conductor shows
increasing conductive response with depth suggesting alteration of the
conductor at or near the unconformity. The geophysical data also point
to a related conductive zone above the unconformity interpreted by
Geotech Limited to represent a clay alteration zone in the Athabasca
sandstone. A thick basement graphitic conductor, hosted in metapellitic
basement metasediments, within a coincident low magnetic susceptibility
corridor, associated with a possible clay alteration halo above the
unconformity are key requirements for potential unconformity-related
The OR-MATH drill program will be managed and directed by Uravan's
technical group. Drilling operations are being performed by Bryson
Drilling Ltd. from Archerwill, Saskatchewan. All whole-rock analytical
work on core samples collected will be analyzed by multi-element ICP-MS
for 52 elements plus all the REE and Pb isotopes at Acme Labs in
Vancouver. The Queen's Facility for Isotope Research3 (QFIR) will conduct additional analytical work and studies on core
samples to determine the concentration of certain isotopic compositions
using High-Resolution ICP-MS.
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 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. The 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
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.
3Dr. 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
Neither the 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.
SOURCE Uravan Minerals Inc.
For further information:
Larry Lahusen, CEO
Uravan Minerals Inc.