US Symbol: ATURF
VANCOUVER, Jan. 12 /CNW/ - Athabasca Uranium Inc. ("Athabasca" or the
"Company") is pleased to announce the commencement of its multiphase
exploration program for the Company's McGregor Lake and Webb River
uranium projects, located on the southeastern margin of the Athabasca
Basin, Saskatchewan. The Company is also pleased to provide an update
on its current suite of properties.
Phase One exploration, already underway, consists of a 2,740 kilometer
heli-borne Z-TEM (Z-Axis Tipper EM) survey - a leading edge solution,
particularly efficient at identifying discrete vertical conductive
anomalies at depth. Conductive anomalies existing within magnetic
discontinuities are key exploration indicators for altered sandstones
and mineralized zones. In the Athabasca Basin, the vast majority of
uranium mines and exploration deposits - including Denison's Wheeler
River Project, Fission's Waterbury Lake Project, Hathor's Roughrider
Zone and JNR/Denison's Moore Lake Project - are associated with
subsurface graphitic conductors.
Results from the Z-TEM survey will be used to further refine conductive
anomalies already identified at McGregor Lake and Webb River through
previous ground and airborne surveys. Subject to the results,
Athabasca will proceed with Phase Two Magnetoteulleric (MT) ground
surveys to further identify and refine targets. High priority targets
should then be available for Phase Three testing by diamond drilling.
Athabasca will also employ 2D seismic surveys, utilized by Hathor at
Roughrider and JNR/Denison at Moore Lake, to increase the likelihood of
Gil Schneider, Athabasca Uranium's president was quoted as saying:
"Given the current bull market and positive outlook for uranium
world-wide, this is a very exciting time to be exploring in the world's
richest uranium region."
Geotech's ZTEM system is an innovative airborne EM system which uses the
natural or passive fields of the earth as the source of transmitted
energy. The earth and ionosphere, both conductive, act as a waveguide
to "transmit" the source energy great distances. Due to the manner in
which they propagate, these natural fields are planar and horizontal.
Any vertical field is caused by conductivity contrasts in the earth.
The vertical EM field is referenced to the horizontal EM field as
measured by a set of horizontal base station coils. The proprietary
receiver design using the advantages of modern digital electronics and
signal processing delivers exceptionally low-noise levels.
The Company currently controls three projects which cover approximately
31,700 hectares in the most prospective part of the Athabasca Basin.
McGregor Lake (100% Interest)
The 18,699ha McGregor Lake Project adjoins Denison/JNR's Moore Lake
Deposit (Maverick Zone), where significant uranium mineralization has
been identified through multiple diamond drill programs. The
unconformity related uranium mineralization in the Maverick Main zone
has now been intersected over a minimum strike length of 350m. In 2005,
Denison/JNR reported intersecting "classic unconformity-style
mineralization, best exemplified by holes ML-61, ML-54 and ML-55, where
respective intervals of 4.03% eU3O8/10 m (incl. 1.4 m @ 20% eU3O8),
3.5% U3O8/5.0 m and 5.14% U3O8/6.2 m were obtained. In ML-29, returning
1.61% eU3O8/7.5 m, an 0.5 m intersection graded 7.91% U3O8, 3.65% Ni,
2.8% As, 1.6% Cu, 0.9% Co, 0.35% REE and 5.3g/t Ag, confirming the
polymetallic nature of the mineralization. Together with the newly
discovered 527 and 525 zones, mineralization occurs over a
1.7-kilometre length of the minimum 6.5-kilometre long Maverick
structural corridor. Over 50% of this corridor has yet to be drill
tested." Additional information on the Moore Lake Project is available
Webb River (100% Interest)
The 5,386ha Webb River Project is located on the eastern edge of the
Basin in similar geological setting as the West Bear (IUC) and Moore
Lake deposits. In 1979-1980 Sander Geophysics conducted an 850m line
airborne VLF-EM and magnetometer survey in an east-west direction with
200m line spacing. Later that year 85km of ground VLF-EM was completed
by Sander and another 678km were completed by Phantom Exploration
Services. Both surveys were successful in delineating an array of
north-east trending conductors.
McCarthy Lake (50% Interest)
The 7,584ha McCarthy Lake Project adjoins Denison/JNR Resources South
Cigar Project northwest of the Webb River Project. In 2007, the project
was examined with a 4,600 line kilometer airborne Tempest Mag/EM
survey, performed by Fugro, which delineated several lobed-shaped
subsurface conductive anomalies within magnetic corridors.
About Athabasca Uranium
Athabasca Uranium Inc. is a junior uranium exploration and development
company trading on the TSX Venture Exchange under the symbol UAX. The
Company's stated vision is to acquire and explore prospective
properties located in the uranium-rich Athabasca Basin in northeast
Saskatchewan, utilizing leading-edge technologies to become a
world-class uranium mining company.
Additional information on Athabasca Uranium, its properties and
exploration activities is available at the Company's website: www.athabascauranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Gil Schneider, President & CEO
Neither the TSX Venture Exchange nor its Regulations Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Athabasca Uranium Inc.
For further information:
please contact the Company:
Toll-Free: (866) 869-8072