Titan Uranium Discovers New Mineralized Zone on Green River South Project, Utah
December 01 2009 - 3:09PM
Marketwired
Titan Uranium Inc (TSX VENTURE: TUE)(FRANKFURT: T4X) is pleased to
announce that it has completed a 20-hole drilling program on the
Green River South project, Emery County, UT. The drilling, which
included follow-up to targets identified from an airborne
geophysical program, has led to the discovery of a new zone of
uranium mineralization. Drill intercepts in this new zone, the Ursa
zone, include 3 feet (0.9 metres) averaging 0.276% eU3O8 in
GRS-1035 and 3.5 feet (1.1 metres) averaging 0.127% eU3O8 in
GRS-1025.
Titan has an option to earn up to an 85% interest in the Green
River South project. The property comprises 582 mining claims,
covering 11,989 acres/4850 ha, plus 5 state mining leases covering
some 3,257 acres/1318 ha, in Utah's San Raphael mining district,
approximately 90 miles from the Shootaring Canyon Mill. The
property includes the historic Sahara Mine.
The program consisted of 12,560 feet (3830 metres) of drilling
in 20 holes. The drilling contractor was Carroll Drilling of Moab,
Utah and the logging contractor was Hawkins CBM Logging of Cody,
WY. Equivalent uranium grades (eU3O8) were estimated by the logging
contractor using industry standard equipment which was regularly
calibrated in the US Department of Energy test pits in Grand
Junction, CO.
Of the 15 holes drilled in the Ursa zone, 4 were deemed to be
mineralized, 3 intercepted low grade uranium mineralization, 7
contained anomalous levels of uranium and one was barren , and.
This new zone extends at least 2000 feet in a NW-SE direction and
its width is currently undefined. The mineralization is located
within sand horizons in the Jurassic Salt Wash formation. The five
holes (GRS 1037-1041) drilled on targets outside of the Ursa zone,
were not mineralized.
Grade-thickness (GT) thresholds of 0.03-0.10 ft% eU3O8 for
anomalous uranium, 0.10-0.25 ft% for low grade mineralization, and
greater than 0.25ft% for mineralized were applied. As a result of
the discovery of this new mineralized zone, Titan has added 42 lode
mining claims to fully cover the potential extensions of the zone.
Detailed results from all drill holes are shown in the table
below.
--------------------------------------------------------------------
Hole ID Total Depth (ft) thickness (ft) grade % eU3O8 GT ft% eU3O8
--------------------------------------------------------------------
GRS 1022 520 3 0.017 0.05
--------------------------------------------------------------------
GRS 1023 620 3 0.1 0.30
--------------------------------------------------------------------
GRS 1024 420 2 0.006 0.12
--------------------------------------------------------------------
GRS 1025 520 3.5 0.127 0.44
--------------------------------------------------------------------
GRS 1026 520 barren
--------------------------------------------------------------------
GRS 1027 660 3 0.012 0.04
--------------------------------------------------------------------
GRS 1028 700 6 0.048 0.29
--------------------------------------------------------------------
GRS 1029 680 1.5 0.068 0.10
--------------------------------------------------------------------
GRS 1030 700 2 0.016 0.03
--------------------------------------------------------------------
GRS 1031 600 2 0.016 0.03
--------------------------------------------------------------------
GRS 1032 720 3 0.025 0.08
--------------------------------------------------------------------
GRS 1033 660 3 0.029 0.09
--------------------------------------------------------------------
GRS 1034 720 1.5 0.041 0.06
--------------------------------------------------------------------
GRS 1035 620 3 0.276 0.83
--------------------------------------------------------------------
GRS 1036 600 1.5 0.118 0.18
--------------------------------------------------------------------
GRS 1037 800 0.5 0.014 0.01
--------------------------------------------------------------------
GRS 1038 660 barren
--------------------------------------------------------------------
GRS 1039 600 0.5 0.01 0.01
--------------------------------------------------------------------
GRS 1040 620 barren
--------------------------------------------------------------------
GRS 1041 620 barren
--------------------------------------------------------------------
Chris M. Healey, P. Geo, COO for Titan, is the qualified person
responsible for the technical information contained in this
release.
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 launched at the
Sheep Mountain Uranium Project, Wyoming. The deposit contains a NI
43-101 compliant inferred resource of 15.6M lbs. of U3O8 (4,560,000
tons at 0.17% eU3O8).
- 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, Vale
Exploration Canada Inc. 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.
Brian A. Reilly, President
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.
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.
Contacts: Titan Uranium Inc. Investor Relations 306-651-2405 or
604-925-1810 306-651-5105 (FAX) ir@titanuranium.com
www.titanuranium.com
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