MPVC Updates on Technical Report for Northwest Manitoba Property
WINNIPEG, MANITOBA -- (Marketwired) -- 11/07/13 -- MPVC Inc. ("MPVC"
or the "Corporation") (TSX VENTURE:MVC.H) announces it has submitted
its technical report to the TSX Venture Exchange on the Northwest
Manitoba Property (the "Northwest Manitoba Property") which is
subject to an option agreement with CanAlaska Uranium Ltd.
("CanAlaska") which allows MPVC, subject to certain conditions, to
acquire up to an 80% interest the uranium exploration property
located in northwest Manitoba The signing of the option agreement was
previously announced in a news release dated October 4, 2013. The
Northwest Manitoba Property covers approximately 143,603 hectares and
is made up of three licenses (MEL-236B, MEL-166B, and MEL-247B)
located along the Saskatchewan/Manitoba border. The licenses are
located approximately 150 kilometres northeast of the McClean Lake
uranium deposit. The Northwest Manitoba Property lies within the
Wollaston Domain trend, which hosts a number of uranium deposits
including, Cigar Lake, Rabbit Lake, Eagle Point, McClean Lake,
Midwest Lake and McArthur River. These are some of the richest
uranium deposits in the world.
A National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") technical report on the Northwest Manitoba
Property dated November 3, 2013, was prepared by Ron Avery, P.Geo.
(the "Avery Report"). The Avery Report documents the results of
exploration conducted by CanAlaska Uranium on the Property up to
April 12, 2012, and is current to November 3, 2013. Mr. Ron Avery is
independent of both CanAlaska Uranium and MPVC.
CanAlaska's land holdings in Manitoba consist of three contiguous
mineral exploration licenses (MEL-236B, MEL-166B, and MEL-247B) which
encompass a combined area of 1,436 km2. The Manitoba Mines Branch has
recently renewed Mineral Exploration Licenses 166B and 236B for a
further five year term, with respective good standing dates of
January 4, 2018, and September 15, 2015. Exploration license MEL-247B
has a current good standing date of April 21, 2014. There are excess
exploration credits on each of the three mineral exploration
CanAlaska Uranium is currently in possession of a work permit for
exploration activities on the Northwest Manitoba Property as issued
by Manitoba Conservation on July 13, 2013. The work permit is valid
for a period of one year and is renewable on a yearly basis. A five
year term Memorandum of Understanding (MOU) signed in December 2011
by CanAlaska Uranium Ltd. and the Northlands Denesuline First Nation
of Lac Brochet provides a framework for active exploration on the
property with the First Nation.
None of the CanAlaska's land holdings in the northwestern Manitoba
are subject to any royalties, back in rights or encumbrances. The
Qualified Person (Ron Avery) is unaware of any adverse environmental
waste disposal or any other significant risks or factors that might
affect access, title, or the right of the claim holder to undertake
exploration on the Northwest Manitoba property.
The Northwest Manitoba Property has seen limited past exploration
activity and is a grassroots exploration project engaged in the
search for economic source(s) of uranium mineralization in
The Northwest Manitoba Property is centred approximately 275
kilometres north-northwest of the town of Lynn Lake, Manitoba, and 60
km north of the First Nations community of Lac Brochet, Manitoba. The
property is best accessed via fixed wing aircraft from Points North,
Saskatchewan which is road accessible from La Ronge. Points North
Landing is also linked to southern Saskatchewan via daily scheduled
There are no existing uranium mines near the Northwest Manitoba
Property area, the nearest mine being Cameco Corporation's Rabbit
Lake Mine and mill complex, 150 kilometres southwest along strike of
the geological trend of the Northwest Manitoba Property.
During the initial uranium exploration boom in the Athabasca Basin
during the 1960's and 1970's, the northeastern extension of the
Wollaston Domain in Manitoba saw limited sustained exploration.
Several companies were active in the area; with prospecting,
geological mapping, airborne and ground geophysical surveys, soil and
radon geochemical surveys, lake water and lake bottom sediment
sampling undertaken. The majority of the exploration took place in
the Miller Lake, Hook Lake and Snyder Lake areas, with very limited
follow-up diamond drilling undertaken.
In 2005, CanAlaska began systematic exploration on its three mineral
exploration licenses in Manitoba undertaking both regional (lake
bottom sampling), as well as prospect specific geochemical surveys:
C-horizon soil sampling, MMI soil sampling and radon gas emission
sampling, in addition to prospecting, geological mapping and outcrop
In 2006, CanAlaska initiated a series of airborne geophysical surveys
in the Northwest Manitoba Property area. A property wide fixed-wing
combined mag-VLF-gamma ray spectrometer survey (8,424 line-km) was
undertaken to collect magnetic, conductive and radiometric data to
guide geological mapping and identify faults, shear zones and
alteration zones for follow-up prospecting. A second airborne survey
on the property consisted of a helicopter-borne time domain/VTEM
electromagnetic survey (1,676 line-km) which mapped conductive trends
at depth in four separate areas where mapping and prospecting had
identified favorable indications of bedrock hosted uranium
Of the 1,857 rock samples taken by CanAlaska and submitted for assay
from the Northwest Manitoba Property to date, 30% have returned
values greater than 0.20% U308, with individual assays ranging from
the analytical detection limit (1 ppm uranium) up to 66.5% U308 from
uraninite pebbles in overburden, 6.49% U308 from boulders, and 0.93%
U308 in outcrop.
Prospecting and boulder sampling for geochemical analysis has been
the primary sampling method employed by CanAlaska Uranium on the
Northwest Manitoba property between 2005 and 2007. A combination of
radiometric responses from hand held scintillometers and the
recognition of visibly mineralized and/or altered areas of outcrop
were used to assist CanAlaska personnel in the sampling. Prospecting
samples consisted of 1-2 kilogram sized representative samples,
either from boulders or the local bedrock. Where more continuous
mineralization was exposed in outcrop, sampling was conducted
continuously across mineralized intervals either by means of chip or
channel sampling utilizing a gas powered rock saw, with channel
sample intervals varying 0.5 to 1.0 m in length. The radioactivity of
samples was measured by a Ludlum Industries model 3 or model 19-10
hand held scintillometer.
The prospecting and channel samples were analyzed for seven major and
forty-four minor and trace elements requiring one partial HNO3/HCI
digestion and HF/HNO3/HClO4 total digestion followed by major and
trace element detection by inductively coupled plasma mass
spectrometry (ICP-MS).The majority of prospecting samples (1,620 of
1,857 samples) were analyzed at the Geoanalytical Laboratories of the
Saskatchewan Research Council (SRC) located in Saskatoon,
Saskatchewan. A smaller number of samples (237 of 1,857 samples) were
analyzed by Acme Analytical Laboratories Ltd. (Acme Labs) located in
Vancouver, British Columbia. All of the samples treated at either lab
ed using standard industry validated procedures by trained
personnel. Both the SRC and Acme Labs are International Standards
Organization (ISO)/IEC 17025:2005 laboratories accredited by the
Standards Council of Canada.
Among the 1,857 prospecting samples submitted for assay, one internal
sample standard was analyzed for every 12.6 samples consigned to
either lab for analysis. The analytical lab results were further
monitored at the rate of approximately one in every 18 samples by a
duplicate sample. The prospecting quality control sample assay
results (both internal sample standards and duplicates) were found to
report within accepted industry set tolerances of three standard
deviations around the mean.
C-horizon soil geochemical surveys were completed by CanAlaska
Uranium during 2006 and 2007 on flagged and handcut grids in several
areas on the property (1,783 samples). The soil sampling returned
values ranging between 0.3 and 118 ppm uranium and demonstrated a
close correlation with Th, Y and other rare earth elements.
Representative 30 gram C-horizon soil samples were collected at 25 m
intervals on soil sample profile lines spaced between 50 and 400
metres apart given the contingencies of the target that required
definition. Soil samples were analyzed at Acme Analytical Labs Ltd.,
in Vancouver, British Columbia using a 36 element major and minor
element package utilizing ICP-MS detection. Duplicate samples for
C-horizon soil sampling were run at the rate of one in every thirty
samples. The soil sample quality control duplicate pair data (59
duplicates) indicates a minimal dispersion and a high correlation
coefficient (0.985) which imparts a high degree of confidence in the
reproducibility of the sample results.
In the opinion of Mr. Ron Avery, the sampling methods and approach
employed by CanAlaska Uranium on its Northwest Manitoba project area
meet industry standards and there are no extenuating factors
regarding sampling procedures in the author's opinion that could
materially impact the accuracy and reliability of the exploration
results. The acquisition, analysis and interpretation of the data by
CanAlaska has been completed to industry standards, and is reliable.
Furthermore, no employee, officer, or director of CanAlaska is, or
has been, involved in any aspect of sample preparation or analysis at
the Saskatchewan Research Council, Acme Labs or any other laboratory
facility where samples were prepared or analyzed from the Northwest
Manitoba Property. MPVC and the author of the Avery Report are also
independent of all analytical facilities indicated herein. The author
of the Avery Report is independent of CanAlaska and MPVC.
During March and April 2012, CanAlaska conducted pole-dipole and
gradient array resistivity surveys, accompanied by gravity surveys in
two separate target areas on the property in order to define targets
preparatory to diamond-drill hole testing. Mr. Ron Avery has reviewed
the 2012 induced polarization and gravity survey data, the survey
logistics report, and the survey profile data and has confirmed that
the data is of good quality. .
The Property is underlain by rocks of the lower Proterozoic age
Wollaston Domain, which are comprised of pelites, graphitic pelites
and calc-silicates. These rocks rest on an older Archean basement
that is intruded by numerous small uraniferous pegmatites. Rocks
present in the project area resemble those seen in the uraniferous
unconformity zones found in the Athabasca Basin. The only difference
is that some of these rocks are seen to outcrop in the Northwest
Manitoba Property area.
On a regional scale, mineralization in the Northwest Manitoba
Property area comprises several varieties of unconformity-associated
uranium deposit types. Analogous uranium deposits in the eastern
Athabasca Basin such as Rabbit Lake, Raven-Horseshoe, West Bear and
the McLean Lake Sue C and E deposits are all spatially related to
Archean basement hosted lithologies and are generally interpreted to
result from the interaction of oxidized diagenetic-hydrothermal
fluids with reduced basement lithologies, or with reduced
hydrothermal fluids within faults.
At the property scale, uranium mineralization in the Northwest
Manitoba Property area is seen to occur as unconformity-type,
basement hosted mineralization in calc-silicate rocks and
garnet-biotite semipelitic paragneisses of the Wollaston Supergroup,
and in leucocratic granitic rocks and pegmatites that intrude the
Previous Results from Property
Uranium mineralization in the Northwest Manitoba Property area is
present in no less than four distinct settings and consists of:
-- prospects where mineralization is associated with calc-silicate and
leucocratic tonalitic and monzonitic rocks with limited alteration;
-- targets where mineralization is associated with pegmatitic tonalite and
-- targets where uranium mineralization is associated with arkosic gneiss;
-- targets associated with amphibolite, pelite and leucocratic granites.
A strong correlation is also noted between uranium mineralization and
Aphebian age leucocratic granites (monzonite/tonalite) characterized
by moderate to high U/Th ratios of 3 or greater.
Recommendations and Future Activities
Exploration conducted by CanAlaska between 2005 and 2012 has outlined
ten target areas where significant uranium mineralization has been
indicated. Presently, the Maguire Lake target in the project area is
sufficiently far advanced to warrant diamond-drill hole testing. Nine
additional targets require follow-up investigations involving
detailed prospecting, soil sampling, geological mapping, and/or
ground geophysical surveys as needed. Continued prospecting and
geological mapping is also recommended in areas characterized by high
uranium values in lake sediments, as well as areas where targets
occupy favorable structural settings such as crosscutting or
intersecting structural lineaments. Additional VTEM surveys would
also be beneficial, especially along strike of the highly prospective
Maguire Structural Zone. To date CanAlaska has spent some $7.8
million on the Northwest Manitoba Property.
Proposed Exploration on the Northwest Manitoba Property
A Phase 1 program is proposed to advance exploration on the Northwest
Manitoba Property from the current grassroots stage of investigations
towards drillhole defined intercepts of potential economic interest.
Phase 1 of the proposed exploration will consist of radon gas
emission surveys, ground radiometric surveying and soil sampling
within the Maguire Lake Trend on the Northwest Manitoba Property. The
field work will largely focus on targets identified by pole-dipole
resistivity and gravity surveys undertaken in the Grid-2/Maguire Lake
Trend during 2012, as well as the results of previous radiometric
surveys, geological mapping, and trenching activities undertaken in
the area by CanAlaska between 2005 and 2007.
The anticipated budget for the Phase 1 exploration is $600,300 which
involves the following work:
Work Description Quantity Unit Cost(i) Total Cost
Radon gas emission survey 4,000 samples $75/sample $300,000
Soil geochemistry 1,200 samples $80/sample $ 96,000
Radiometric prospecting 105 mandays $1,200/manday $126,000
15% contingency $ 78,000
Phase 1 total $600,300
MPVC will commence work on the Northwest Manitoba Property as soon as
possible. This work is aimed at confirming previously defined drill
targets along the Maguire conductive trend and will include radon
surveys both in Maguire Lake and in the structural corridor running
parallel to the lake. The Corporation hopes to be in a position to
commence a drill program on the project in early 2014.
The geological information reported has been reviewed and approved by
Ron Avery, P. Geo., who is a Qualified Person under the definitions
established by NI 43-101.
Satisfaction of TSX Venture Exchange (the "Exchange") initial listing
requirements for MPVC as a Tier 2 mining issuer is subject to the
Corporation raising a minimum of $600,300 for the Phase 1 explorati
program as set out in the Avery Report as well as sufficient funds to
satisfy additional Tier 2 initial listing requirements. The
Corporation's application for exemption from the requirement for
sponsorship has been granted by the Exchange and it is expected that
trading in the common shares of MPVC will resume shortly.
Completion of the transaction is subject to a number of conditions,
including Exchange acceptance and disinterested shareholder approval.
The transaction cannot close until the required shareholder approval
is obtained. There can be no assurance that the transaction will be
completed as proposed or at all.
Investors are cautioned that, except as disclosed in Filing Statement
to be prepared in connection with the transaction, and information
released or received with respect to the Change of Business may not
be accurate or complete and should not be relied upon. Trading in the
securities of MPVC should be considered highly speculative.
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 press
This news release is not for dissemination in the United States or
for release to U.S. newswire services. This news release does not
constitute an offer to sell or a solicitation of an offer to sell any
securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to
persons in the United States unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
President and CEO
520 668 4101
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