CALGARY, Feb. 11, 2013 /CNW/ - An exploration program and budget was recently
approved by Cameco Corporation (Cameco) on Uravan Minerals Inc. ("Uravan ")
Stewardson Lake project, Athabasca Basin(1), Northern Saskatchewan [map link].
The Stewardson Lake project is a joint exploration effort between Uravan and
Cameco pursuant to the Halliday/Stewardson Option Agreement dated effective
June 21, 2012[Press Release dated July 17, 2012].
The Stewardson Lake technical program consists of the following activity:
-- Property wide heliborne ZTEM geophysical survey totalling 777
line-kilometres, conducted by Geotech Ltd
-- Post ZTEM survey interpretation and data inversion processing
-- Follow-up high-resolution ground geophysical program(s) in
support of surface geochemical trends and anomalies to define
Subsequent to the completion of the airborne ZTEM geophysical survey, follow
up ground EM survey(s) and additional infill surface geochemistry may be
required over prospective areas to focus on key geophysical targets that are
supported by anomalous surface geochemistry.
The Stewardson Lake property overlies the Dufferin Lake Fault, which extends
northeast-southwest across the central portion of the property. Historically,
regional electromagnetic (EM) and magnetic surveys indicate a broad magnetic
low on the western portion of the property, west of the Dufferin Lake Fault,
transitioning to a magnetic high on the eastern side of the structure. Most of
the historical geophysical surveys conducted by previous operators are
considered test surveys to determine which techniques were effective to define
conductors in the basement at depths >1100 meters. In 1996 an airborne UTEM
survey mapped an interpreted/modeled low resistivity flat alteration halo in
the lower part of the Athabasca Group sandstone covering a large area just
west of the Dufferin Lake Fault and coincident with a broad boron anomaly
mapped from boulder sampling. In 1997 diamond drill-hole VR-01 was completed
at 1180 meters and positioned near the center of the boron-rich surface
anomaly. The results of this drill-hole were positive, intersecting
predominantly illite and chlorite clay alteration (>80%) below 700 meters,
local uranium enrichment up to 3.78 ppm U308 in the sandstone, and anomalous
(Pb) isotope values ((207)Pb/(206)Pb isotopic ratios) below 500 meters;
however, no significant uranium mineralization was encountered at the
unconformity (1135 meters).
In July 2011, Uravan completed a multifaceted surface geochemical sampling
program over the Stewardson Lake project area(2). The surface sampling program
consisted of collecting B- or C-horizon soil samples, vegetation samples
consisting of twigs and needles from black spruce and jack pine trees, and
tree cores from black spruce and jack pine(3). A total of 1663 survey
locations were sampled on overlapping, 500 meter-spaced off-set sampling grids
covering the property.
The south-west and south-central portion of the Stewardson Lake property is
highlighted by the correlations of low radiogenic lead (Pb) isotope values
((207)Pb/(206)Pb isotopic ratios) among clay and tree core samples [map link].
Multiple correlations between observed zones of geochemical enrichment and
interpreted structural trends suggest preferential element migration through
high permeability fluid conduits (fractures/faults) and may serve as important
indicators to structurally controlled subsurface mineralization. It is
anticipated by Uravan's technical group that the planned airborne ZTEM
geophysical survey will highlight anomalous surface geochemical trends in
support of drill targeting.
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)The Stewardson Lake 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
(3)Clay-sized fractions (<2μm) were extracted from the B- and C-horizon soil
samples prior to analysis and vegetation samples underwent ashing prior to
analysis. The clay fractions and ashed vegetation tissues were analyzed by
Acme Laboratories in Vancouver, British Columbia by ICP-MS following an aqua
regia digestion for a suite of fifty-three (53) elements, plus all rare earth
elements (REE) and lead (Pb) isotopes. Tree core samples were prepared by
the Queen's Facility for Isotope Research(5) (QFIR) where they underwent total
digestion and analysis using high resolution ICP-SFMS for fifty (50) elements
and Pb isotopes.
(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
(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
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. 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
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
SOURCE: Uravan Minerals Inc.
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-0- Feb/11/2013 13:30 GMT
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