CALGARY, Jan. 8, 2014 /CNW/ - An exploration program and budget for 2014 was recently approved by
Cameco Corporation (Cameco) on
Uravan Minerals Inc. ("Uravan") Stewardson Lake project, Athabasca Basin, Northern Saskatchewan [map link]. The Stewardson Lake project is a joint exploration effort between Uravan and Cameco pursuant to the Halliday/Stewardson Option Agreement [press release link]. Uravan is currently the operator with the responsibility to plan and implement the technical program on the project in consultation with, and on behalf of, Cameco.
Data modeling of the 2013 airborne ZTEM geophysical survey resulted in identifying two (2) prominent basement conductive features that transect the Stewardson project [press release link]. These conductive features are interpreted to be the northern extension of the C- and E-conductors identified on Cameco's Virgin River project, which adjoins the Stewardson Project to the south. The data modeling identified three (3) major basement conductive features associated with these conductors, identified as target areas A, B and C [map link].
Conductive target area 'A' is associated with positive surface geochemical anomalies resulting from Uravan's 2011 surface geochemical sampling program completed over the Stewardson project [web link]. Area 'A' outlines the most conductive portion of the E-conductor and is supported by significant surface geochemical anomalies consisting of radiogenic lead (Pb) isotopic ratios (207Pb/206Pb) in tree-cores and in the clay-size fraction of soil samples, and uranium anomalies in the clay-size fraction of soil samples [map link].
The interpreted conductive strength of target area 'A' combined with the strong correlation with anomalous surface geochemical signatures and associated structural lineaments, highlight area 'A' as being extremely prospective and the focus for Uravan's 2014 exploration program. The program planned consists of three (3) components:
• Follow-up ground geophysical surveys
• Infill surface geochemical survey
• Diamond drilling
Ground Geophysical Surveys
Two ground geophysical systems are considered suitable for imaging basement conductors at depth: (1) SQUID fixed loop TDEM and (2) Internal Field Gradient (IFG). The SQUID fixed loop TDEM survey will consist of nine (9) lines positioned perpendicular to target 'A' (E-conductor) and surveyed at a frequency of 5 Hz. Three lines of IFG will be surveyed, positioned concordant with the three central lines of the SQUID profiles. The IFG survey will supplement the SQUID fixed loop TDEM survey data to provide maximum resolution for drill targeting [map link].
The SQUID fixed loop TDEM survey will be completed under winter conditions by Patterson Geophysics form Saskatchewan. The Internal Field Gradient (IFG) AMT survey will be completed in early summer by EMpulse Geophysics from Saskatchewan.
Infill Surface Geochemical Survey
Uravan's experience from previous surface geochemical studies over know uranium deposits (e.g. Cigar West and Centennial) indicates that positive surface geochemical anomalies and anomalous trends that define the surface projection of deposits at depths >800 m are better resolved with increased sampling density. Accordingly, an infill surface geochemical sampling program will be completed and oriented directly over the conductive anomaly in target area 'A'. The infill surface geochemical program will consist of collecting tree-cores, B- and C- horizon soil samples for analysis of the clay-size fraction, and A2-horizon soil samples for MET analysis at approximately 450 survey sites. The sampling grid is designed to integrate the 2011 surface geochemical data to give an effective sampling density of approximately 200 m [map link].
Soil sample preparation will be by the Queen's Facility for Isotope Research (QFIR) in Kingston, Ontario. Clay fractions of soil samples (<2 μm) will be separated at QFIR and forwarded to Acme Laboratories in Vancouver, B.C., where they will be analyzed for 53 elements plus all rare earth elements (REEs) and lead (Pb) isotopes, by ICP-MS and ICP-ES. The A2-horizon soil samples will be analyzed by Environmental BioTechnologies Inc. (EBT) in Lodi, California, using their MET analytical method. The infill sampling program will be operated by Uravan's technical group and commence in early June, 2014.
Diamond Drilling
Two diamond drill-holes are proposed to test the E-conductor in the target 'A' area. Final drill-hole positioning will be determined based on the combined results and correlation of the ground geophysical survey and infill surface geochemical data. From our review of historical drilling in the area (DDH VR-01 and DDH VT09-01) and regional geophysical surveys, drill depths through the Athabasca Group sediments into the unconformity with the underlying crystalline basement rocks are estimated to be between 1200 m to 1400 m. Mobilization of drilling equipment to the Stewardson project will commence under early 2014 winter conditions. Drilling operations will commence in late summer and be conducted by Major Drilling Group International Inc. from Winnipeg, Manitoba.
Mr. Larry Lahusen, CEO with Uravan states, "I believe the E-conductor at target 'A' represents a significant 'conductive bright spot' that correlates amazingly well with surface anomalous lead (Pb) isotope values (207Pb/206Pb isotopic ratios) and uranium anomalies resulting from our 2011 geochemical program. The planned 2014 follow-up ground geophysical surveys and infill surface geochemical program will further define and resolve this major conductive feature, thereby assisting in vectoring drilling to the most probable location for intersecting uranium mineralization at depth. Since 2008, we have been pursuing innovative surface geochemical techniques that define fertile exploration targets associated with positive geophysical, structural and geological features. Following two surface geochemical studies over known high-grade uranium deposits at Cigar West and Centennial, and five other surface geochemical programs on Uravan's active projects, we are now starting to understand what a mineralized conductor looks like geochemically versus the many barren conductors that transect the Athabasca Basin. The 'conductive bright spot' at target 'A' that is so well correlated with positive anomalous surface geochemical patterns is a unique drilling opportunity at Stewardson and a potential 'game changer' for uranium exploration."
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. 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.
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 (REEs) 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-type uranium deposits in the Athabasca and Thelon Basins in Canada and other basin environments globally. 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 of development.
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 securities laws.
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.
For further information:
Larry Lahusen, CEO,
Uravan Minerals Inc.,
Tel: 403-264-2630,
Email: llahusen@uravanminerals.com,
Website:
www.uravanminerals.com
