VANCOUVER, Sept. 22 /CNW/ - Global Uranium Corp (GU-TSX:V) ("The
Company") is pleased to provide an update on progress regarding its
properties, and on drill programs planned for the coming months.
The Company has signed Heads of Agreements (Letters of Intent) with
Yellowcat Uranium plc regarding its Sharp Canyon and Round Mountain
The Sharp Canyon property (the SC claim group) consists of 96 contiguous
mining claims. This property is located on the east side of U.S. Route 191,
about 33 miles southeast of Moab, within Montrose County, Colorado, about 70
miles west of the town of Montrose. The SC claims are immediately adjacent to
the currently owned Pine Ridge (PR) claim group. Together they form a
contiguous claim group on both sides of the Utah/ Colorado border. This
combined group covers two types of exploration targets, namely uranium
mineralization hosted in fluvial channels within the Triassic Chinle Formation
(from 1800 - 2500 ft deep), and uranium mineralization in fluvial channels
hosted in the Jurassic Morrison Formation (from 300 - 500 ft deep).
The Round Mountain property (RM group) consists of 60 contiguous claims,
and is located within the Manti - LaSal National Forest in San Juan County,
Utah, approximately 25 miles west of the town of Monticello. The claim group
covers a past producing uranium mine (an open pit), and possible extensions of
this mineralization to the southwest. The uranium mineralization is present in
fluvial channels within the Monitor Butte Member of the Triassic Chinle
Formation. 12 drill holes are planned to test for the possible southwest
extension of the mineralization found in the open pit, over a distance of
approximately 1.5 miles. Applications for drilling permits have been filed
with the USFS and the Utah State Department of Oil Gas and Minerals.
The Company has completed a re-evaluation of its property holdings in
Utah and Nevada, and has retained a total of 6 claim groups: the VO, PR, FC,
LS, WC and PZ claims; and it has added 156 new claims to its portfolio (Sharp
Canyon -96 claims and Round Mountain - 60 claims), for a total of 326 claims
in 8 groups. Management has concluded that, given the present state of
affairs, the claims being retained and the two new acquisitions afford the
best opportunity to build value for the Company's shareholders.
Timea Carlsen, CEO of Global Uranium states: " Because of current market
conditions and a need to focus treasury on the claims which are believed to
have the most potential for shareholder value, we have trimmed the fat and
decided to focus our efforts on targets that have easy access and could
produce the kinds of results that we believe the investment community is
The Company has exercised its options to purchase three claim groups
located in Lincoln County, Nevada. These claim groups are now owned 100% by
the Company. The Lucky Strike project is located on the east side of Coal
Valley, approximately 35 miles west of the town of Panaca, and the White Cloud
and Payzone projects are located about 1 mile east of Panaca, north and south
of Highway 25.
The Lucky Strike (LS) property consists of 34 contiguous claims, where
past exploration has identified several NE trending uranium bearing silicified
breccia zones. Two of these zones have been confirmed by radiometric surveys,
and will be tested by drilling. Application to drill 4 holes has been made to
the BLM, and permits are pending. Once issued, these permits are valid for 2
The White Cloud (WC) claim group consists of 10 claims, and the Pay Zone
(PZ) claim group likewise consists of 10 claims. These two properties are
located within the Panaca Basin, and the uranium mineralization consists of
stratiform carnotite in tuffaceous lake-bed sediments of the Pliocene Panaca
Formation. Previous exploration has identified areas of anomalous
radioactivity on both properties.
A permit has been issued by the BLM for 10 drill holes on the White Cloud
property, and the Company intends to start drilling within the next 2 weeks.
The objective of this drilling is to follow up on channel samples taken in a
road cut that assayed from 0.05% U(3)O8 over 2 ft, to 0.437 % U(3)O8 over 2.5
The VO claim group (the San Rafael project), consists of 21 claims that
are located north of Interstate 70 immediately east of the San Rafael River
and about 10 miles west of the community of Green River. The exploration
target is uranium mineralization hosted in fluvial channels within the
Jurassic Morrison Formation. To date, the Company has drilled 5 holes on the
property and intends to continue exploring by drilling a further 2 to 4 holes.
The Fry Canyon property (FC claim group), consisting of 28 claims and a
640 acre Utah State Mineral Lease, is situated midway between Blanding and the
Colorado River, in San Juan County, Utah. The exploration target is uranium
mineralization in fluvial channels (Shinarump) at the base of Triassic Chinle
Formation; the drill targets here are relatively shallow, approximately 1000
ON BEHALF OF THE BOARD
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
Dr. Hans E. Madeisky, P. Geo. (Vancouver, BC), the Company's Consultant
Geologist is the Qualified Person who has reviewed the technical information
in this news release.
Global Uranium Corp. is an early stage uranium exploration and
development company focusing on properties located in the south-western United
States with special emphasis on Utah and Nevada. The Company's strategy is to
maximize shareholder value through successful exploration and development of
For further information:
For further information: Timea Carlsen, CEO, Director, Global Uranium
Corp., No. 821 - 475 Howe Street, Vancouver, BC, V6C 2B3, Phone: (604)
630-8264, Fax: (604) 630-1153, e-mail: email@example.com, website: