Halliday exploration review

CALGARY, Dec. 20, 2012 /CNW/ - In September 2012 Uravan Minerals Inc. ("Uravan 
") completed an exploration program on its Halliday project, Athabasca 
Basin(1), Northern Saskatchewan [map link]. The technical program consisted of 
five (5) diamond drill-holes (HL-01, -02, -03, -05 and -06)(2) totaling 4,836 
meters drilled and an infill-surface geochemical sampling program [press 
release September 6, 2012]. 
Drill-holes were positioned to test the potential occurrence of uranium 
mineralization at depth along a prominent 5 kilometre long, east-west trending 
corridor. This corridor was defined by an electromagnetic (EM) geophysical 
conductor (Conductor A), which cross-cuts a prominent linear magnetic low, and 
was supported by a concordant distribution of anomalous surface geochemical 
signatures(3) [map link]. 
All drill-holes were surveyed for anomalous radioactivity (suggesting 
potential uranium mineralization) using a Mount Sopris Triple Gamma 
(2GHF-1000) down-hole geophysical probe. The results from these down-hole 
radiometric surveys disclosed anomalous radioactivity (400cps to 1200cps) in 
most drill-holes, occurring predominantly in the underlying structurally 
disrupted and hydrothermally altered basement rocks (granites and 
metasediments). Based on the triple-gamma probe data, no economic uranium 
mineralization was encountered during this drill program. All zones of 
anomalous radioactivity were systematically sampled and analyzed for total 
uranium content. The most significant intersections are indicated in the table 
|HoleID|Unconformity|From  (m)|To  (m)|Thkness (m)|U (ppm)|Rock Type|
|HL-003|    801.83  |  845.90 |846.55 |     0.65  | 486.6 |Basement |
|HL-003|    801.83  |  816.40 |816.70 |     0.30  | 177.1 |Basement |
|HL-003|    801.83  |  829.20 |829.49 |     0.29  | 198.4 |Basement |
|HL-003|    801.83  |  832.64 |832.80 |     0.16  | 199.1 |Basement |
|HL-005|    808.90  |  816.35 |816.57 |     0.22  | 732.6 |Basement |
To help relate the geochemical signals coming from the basement, through the 
unconformity, and then vertically through the Athabasca sandstone (MF) to the 
surface environment (soils and trees), all drill-cores were systematically 
sampled. A total of 629 core samples (sandstone, fractures and basement 
rocks) were collected and then analyzed at Acme Labs in Vancouver, BC using 
whole-rock (Aqua-Regia) geochemical techniques and at the Queen's Facility for 
Isotope Research(5 )(QFIR) at Queen's University using WAL (weak acid 
leach). These samples were analyzed using multi-element ICP-MS for 52 
elements, REEs (Rare Earth Elements), and isotopes of lead (Pb), carbon (C) 
and nitrogen (N). Additional test work completed on each drill-hole 
consisted of systematically scanning the core using ASD Terraspec 
instrumentation (spectral analysis) to map the change/spatial distribution of 
clay minerals through the cored sandstone intervals. The ASD data provide a 
means for determining the extent of clay alteration in the sandstone section 
above the unconformity as a result of basement-sourced hydrothermal activity. 
The geochemical data obtained from core samples (sandstone, fractures and 
basement rocks) strongly suggest that certain mobile uranium pathfinder 
elements, hosted in basement lithologies, have migrated vertically along 
fractures/fault systems occurring in the sandstone as a result of basement 
structural reactivation and coincident hydrothermal activity. The ASD clay 
spectral data indicate a significant east to west increase in illite clay 
alteration through the sandstone section, suggesting an increase in 
hydrothermal activity west of drill-holes HL-01 and EL-10 [map link(1)]. 
The 2012 infill-surface geochemical sampling program (soils and tree-cores) 
was completed over the central and eastern portions of the Halliday project 
[map link(2)]. This sampling program was designed to infill areas from which 
samples were collected in 2011. The infill program was designed to test data 
quality, sample reproducibility and to add surface geochemical detail to the 
survey area. The combined infill area sampled (2011/12) was 1250 hectares, 
resulting in the collection of 290 B- and C-horizon soils (clay separates) and 
267 tree-cores on a 185 meter (average) sample grid. Clay separations from B- 
and C-horizon soils were prepared at QFIR and submitted to Acme Labs in 
Vancouver where they were analysed using multi-element ICP-MS for 52 elements, 
REE and Pb isotopes. The tree-cores were prepared and analyzed at QFIR for 50 
elements and Pb isotopes using HR ICP-SFMS. In conjunction with the infill 
sampling program, a Gamma-Ray Spectrometer (GRS) survey was conducted at each 
soil sample site (in-hole) to record the total CPS of gamma radiation present. 
The combined 2011/12 analytical results (clays and tree-cores) indicated good 
overall data quality and reproducibility (radiogenic (207)Pb/(206)Pb isotopic 
ratios and other pathfinder elements) for the clay separates. The combined 
2011/12 tree-core analytical data revealed poor reproducibility between the 
two surveys, which was recently determined to be the result of errors during 
the preparation of some of the tree-cores at QFIR. This resulted in a number 
of errors in the analytical results and a loss of a number of radiogenic Pb 
anomalies previously reported in the 2011 survey. 
The combined 2011/12 surface clay anomalies, which are supported by the 2012 
tree-core data, also vector toward a potential target west of drill-hole HL-01 
and EL-10 (as suggested by the illite clay alteration described above) along 
Conductor A [map link(3)]. The analytical results of the 2012 infill surface 
geochemical program (clays and tree-cores) provided Uravan's technical group 
significant insight into the advances and limitations that this technology may 
provide for targeting uranium mineralization at depth. More interpretive work 
is required to fully understand the positive geochemical signals coming from 
depth, as expressed in the clay separates, versus what may be potentially 
masking these signatures based on the endogenous geochemistry of the surficial 
environment (glacial till). Uravan considers its current level of 
understanding and knowledge of its surface geochemical approach proprietary, 
which supports our on-going applied research and future development of this 
Summary of key technical details from the Halliday drilling and surface 
sampling program: 

    --  EM conductor targets (Conductor A) were explained by drill-hole
        intersections (EL-10, HL-005, HL-002, and locally in EL-09) of
        favourable graphitic pelitic basement lithologies which are
        well defined by the magnetic low and are characterized by
        steeply northeast-dipping foliations and structures.
    --  The central magnetic low defines favourable graphitic basement
        units; however, even moderate departure towards the magnetic
        high, results in intersecting unfavourable pegmatite-dominated
        basement (HL-001, HL-003, EL-11, HL-006, and to a lesser extent
    --  The occurrence of major basement faulting has resulted in
        extensive fracturing radiating upward into the Athabasca
        sandstone, suggesting major structural reactivation along the
        Conductor A corridor.
    --  Pathfinder elements enriched in sandstone fractures radiating
        from the basement are also elevated in pelitic basement
        lithologies suggesting mobile element migration from depth to
        the surface environment.
    --  The alteration and mineralogy of the basement units suggest a
        dominantly reduced environment due to hydrothermal activity
        that has had limited interaction with oxidized fluids, a
        missing key ingredient for uranium mineralization at the
        unconformity in the area tested.
    --  Uranium mineralization occurring in the basement of drill-holes
        HL-003, HL-005 and EL-09 are positive indicators of uranium in
        a system having a favourable geological/structural setting;
        however, the lack of supportive elevated uranium mineralization
        in the lower sandstone (MFa) above unconformity is another
        missing key component in the area drilled.
    --  Pervasive illite clay mineral alteration occurring over
        significant thicknesses in the Athabasca sandstone and
        well-developed chlorite clay alteration above the unconformity
        (HL-001 and EL-10), along with pervasive sandstone bleaching,
        elevated pathfinder elements and REEs suggest that a more
        advanced hydrothermal and structural system exists toward the
        untested western end of the Conductor A corridor
    --  Positive surface geochemical anomalies (more interpretive work
        required) also highlight an area west of drill-holes HL-01 and
        EL-10 along Conductor A.

The 2012 drill program and surface sampling program on the Halliday project 
was a joint exploration effort by Uravan and Cameco Corporation( )(Cameco) 
[press release April 25, 2012]. Uravan is currently the operator with the 
responsibility to plan and implement the exploration program on behalf of 
Cameco. In a recent technical meeting with Cameco, Uravan's technical group 
did not present a 2013 exploration program on the Halliday project but 
deferred this proposal until January 2013. Uravan believes the cumulative 
results (geochemical and structural interpretation) of the 2012 technical 
program is vectoring toward an untested area west of drill-holes HL-01 and 
EL-10 [map link(3)]. Further drilling in this area will be the basis of 
Uravan's proposal to Cameco once Uravan's technical group has fully evaluated 
and understands the 2012 data.

Uravan has presented Cameco with a 2013 program and budget on the Stewardson 
project. Details of this proposal will be announced in a separate press 
release in the near future.

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.

(1)The Athabasca Basin is an ancient (Paleoproterozoic) sandstone basin 
located in northern Saskatchewan, Canada. The Athabasca sandstone (Manitou 
Falls (MF) Formation) hosts high-grade uranium deposits at and below the 
unconformity between the sandstone and the older crystalline basement rocks. 
These unconformity-type uranium deposits occur in sandstones at the 
sandstone-basement unconformity contact (sandstone-hosted mineralization) and 
within the underlying structurally disrupted crystalline basement 
(basement-hosted mineralization). These unconformity-type uranium deposits 
account for about 28 percent of the world's primary uranium production. The 
ore grades are high, typically grading 2% to 20% U(3)0(8).

(2)Drill-hole HL-04 was abandoned in the upper Athabasca sandstone section 
(250 meters) due to highly broken core as a result of fracturing and faulting.

(3)The Halliday surface anomalies were identified by a multifaceted 
geochemical sampling program completed by Uravan in the summer of 2011. This 
surface program capitalized on new geochemical technologies developed from a 
geochemical remote sensing study conducted over the Cigar West Uranium deposit 
(Cigar Lake Study)(4), which focused on the detection of buried 
unconformity-related uranium mineralization in under-explored areas in the 
Athabasca Basin

(4)The Cigar West Study was a collaborative applied research program conducted 
by Uravan and QFIR (Queen's Facility for Isotope Research(5))( )in 2009 over a 
known high-grade uranium deposit in the Athabasca Basin. The study was 
designed to develop new surface geochemical techniques that can better 
identify bedrock sources of uranium mineralization at depth. This research 
clearly identified distinctive elements and isotopic compositions that have 
been mobilized from the deposit (geosphere) to the surface media (plants and 
soils) from depths >450 meters. The Cigar Lake deposit is on the 
Waterbury/Cigar uranium property located in the Athabasca Basin, Saskatchewan, 
and is a joint venture partnership between Cameco Corporation, AREVA, Idemitsu 
Kosan Co. Ltd., and Tokyo Electric Power Co. [TEPCO]). Uravan thanks both 
AREVA and Cameco for their collaboration and gracious support for the Cigar 
West Study, and the support provided by the Cigar Lake facility during our 
field operations.

(5)The Queen's Facility for Isotope Research (QFIR) at Queens's University, 
Ontario is a state-of-the-art research facility, comprising a group of highly 
experienced research geochemists. The QFIR lab contains some of the most 
technologically advanced analytical equipment in Canada. Under the direction 
of Dr. Kurt Kyser, the QFIR research team is working collaboratively with 
Uravan's technical group to develop new exploration technologies using applied 
research.  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. Dr. Kurt Kyser and Dr. Colin Dunn 
are key technical advisors for Uravan. 
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. Further, Uravan is pursuing the 
exploration of its advanced- stage Rottenstone Ni-Cu-PGE project supported by 
the development of new drill targets defined by recent geophysical 
re-interpretation. 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.

Larry Lahusen, CEO Uravan Minerals Inc. Tel: 403-264-2630 
Email:llahusen@uravanminerals.com, Website:www.uravanminerals.com

SOURCE: Uravan Minerals Inc.

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CO: Uravan Minerals Inc.
ST: Alberta

-0- Dec/20/2012 15:29 GMT

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