CALGARY, Aug. 2, 2016 /CNW/ - Based on the results of the
recently completed property-wide ZTEM1 geophysical
survey (press release link), Uravan Minerals Inc. ("Uravan")
is planning a three (3) 900-meter diamond drill-holes (DDH) program
on Uravan's 100% owned Outer Ring property, Athabasca Basin3, (map link).
Specific drill-hole targeting is focused on the ORX Anomaly (map
link), an area measuring approximately 2 sq. Km having the highest
positive correlation with the ORX (ZTEM) conductive system (map
link).
The ORX Anomaly is a discrete southwest-trending corridor of
anomalous concentrations of radiogenic
207Pb/206Pb ratios2 (<0.61)
occurring in the clay-size fraction from soils. From our
experience, such well-defined radiogenic surface anomalies define
highly prospective areas and, if supported by conductive
electromagnetic (EM) signatures, provide compelling and focused
drill targets (map link).
Coincident with the ORX Anomaly, the two-dimensional (2D)
inversion modeling of the ZTEM survey data highlights a
well-developed conductive system extending from the unconformity
into the underlying basement lithologies, and vertically into the
overlying Athabasca Sandstone to the surface (map link). This
extensive low-resistivity feature in the Sandstone is interpreted
to be an illite (clay mineral) alteration signature. Such
alteration is typically derived from hydrothermal activity, related
to reactivated basement faults, in concurrence with unconformity
uranium deposit formation (model link).
The ORX conductive system trends roughly north-south and appears
to have been disrupted by a number of major structures, the most
prominent is lineament L-1, interpreted as a northeast-southwest
reverse fault, dipping steeply southeast. This major
structural feature seems to constrain both the southwest-trending
ORX surface geochemical signature and the prominent low-resistivity
alteration feature in the Sandstone (map link).
The ORX drill program is scheduled to commence in early
September 2016.
Larry Lahusen, CEO for Uravan,
states, "The ORX Anomaly is a significant well-defined surface
geochemical signature that correlates positively with our recently
completed EM geophysical survey. The combination of coincident
geochemical and geophysical signatures provides focused drill
targets as opposed to drilling blind geophysical trends. The
ORX Anomaly has been identified as an anomalous surface geochemical
cluster supported by structure and an EM geophysical trend that can
now be evaluated cost-effectively, thereby reducing the number of
drill-holes to discovery".
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 to advance the evaluation and
interpretation of surface geochemical data.
1 The airborne natural source Z-Axis
Tipper Electromagnetic (ZTEM) system provides high resolution EM
data at depths >1500m and excellent resistivity discrimination
for detection of conductive basement anomalies and low-resistivity
signatures in the overlying sandstone.
2 Natural uranium is primarily composed of
two isotopes: 235 U = 0.72%, the fissile fraction, and
238U = 99.284%, s the non-fissile fraction. Lead
(Pb) isotopes 207Pb and 206Pb are the
radioactive (radiogenic) decay products of natural uranium:
235 U decays to 207Pb and 238U
decays to 206Pb. The presence of low
207Pb/206Pb isotopic ratios (<0.60) is
used to identify possible U deposits because this ratio is unique
and distinctively low for Pb coming from a U deposit relative to
any other geological source.
3 The Athabasca Basin is an ancient
(Paleoproterozoic) sandstone basin located in northern Saskatchewan, Canada. The Athabasca
Group sandstone and the underlying crystalline basement rocks host
high-grade uranium deposits, either at the sandstone-basement
unconformity (sandstone-hosted mineralization) or within the
underlying structurally disrupted crystalline basement lithologies
(basement-hosted mineralization). These unconformity-related
uranium deposits account for about 20 percent of the world's
natural uranium production. The ore grades are high, typically
grading 2% to 20% U308.
Uravan is a Calgary,
Alberta-based diversified mineral exploration company that
utilizes applied research to develop innovative exploration
technologies to identify buried uranium deposits in under-explored
areas. Our exploration focus in uranium is for potential high-grade
unconformity-related uranium deposits in the Athabasca Basin in Canada. Uravan is a
publicly listed company on the TSX Venture Exchange under the
trading symbol UVN. All of the Uravan's mineral properties are
considered to be 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 following: risks
associated with reasonable commercial efforts financing activities,
including the ability to raise sufficient funds, receipt of all
required regulatory and other approvals, securities and other
market conditions and economic factors, business and operations
strategies, future exploration and potential for mineral
deposits. 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
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
SOURCE Uravan Minerals Inc.