Titan Uranium Discovers New Mineralized Zone on Green River South Project, Utah
December 01 2009 - 2:09PM
Marketwired Canada
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
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GRS 1023 620 3 0.1 0.30
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GRS 1024 420 2 0.006 0.12
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GRS 1025 520 3.5 0.127 0.44
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GRS 1026 520 barren
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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.
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