CALGARY, April 30, 2014 /CNW/ - Uravan Minerals Inc. (Uravan) recently
completed phase one of a three phase exploration program on the Stewardson
property. The Stewardson property is located on the Virgin River structural
trend within the south-central portion of the Athabasca Basin, Saskatchewan
[map link] and is a joint exploration effort between Uravan and Cameco
Corporation (Cameco) [press release link]. Uravan is the operator with the
responsibility to plan and implement the technical program in consultation
with and on behalf of Cameco, who is funding the 2014 exploration.
The first phase of exploration consisted of a surface SQUID Fixed Loop TDEM
geophysical survey completed under winter conditions by Patterson Geophysics
Inc. of La Ronge, SK. The SQUID TDEM system has proven to be effective in
detecting conductive souses in deeper terrain. The Fixed Loop survey grid
consisted of nine (9) survey lines and three (3) sets of opposing loops,
positioned perpendicular to the north trending E-conductor (Target Area "A")
located in the south-central portion of the Stewardson property. Target Area
"A" outlines the most conductive portion of the E-conductor previously
identified in the airborne ZTEM geophysical survey completed in 2013. The ZTEM
survey delineated two (2) prominent basement conductive features that transect
the Stewardson property. These conductive features are interpreted to be the
northern extension of the C- and E-conductors defined by Cameco on their
Virgin River project, which adjoins the Stewardson property to the south [map
The preliminary interpretation of the SQUID TDEM data indicates a strong
correlation with the ZTEM-defined trace of the E-conductor [map link].
Modeling of the SQUID TDEM data is in progress.
The trace of the E-conductor in Target Area "A" is supported by an anomalous
surface geochemical corridor made up of radiogenic lead (Pb) isotopic ratios
((207)Pb/(206)Pb) in the clay-size fraction of soil samples and tree-cores,
and anomalous uranium values in the clay-size fraction of soil samples [map
link]. These surface geochemical anomalies were identified from a
property-wide multifaceted surface geochemical sampling program completed by
Uravan in 2011 [map link]. The direct correlation of the E-conductor with an
anomalous surface geochemical corridor, as defined above by the unique element
and isotopic compositions, are key coincident components required to define
potential uranium mineralization at depth versus drilling blind conductors.
In early June 2014, the second phase of exploration will commence over Target
Area "A". This phase will consist of two components: (1) a surface Internal
Field Gradient (IFG) geophysical survey; and (2) an infill surface geochemical
sampling program [map link]. The IFG survey is a 'natural source'
electromagnetic (EM) system that will be conducted by EMpulse Geophysics Ltd.
of Dalmeny, SK [information link]. The IFG survey will be positioned
concordant with the three (3) central lines of the SQUID TDEM profiles, and is
intended to supplement the Fixed Loop SQUID data [map link].
The planned infill surface geochemical sampling program is designed to provide
detail to the previous property-wide multifaceted surface program completed in
2011, and will be oriented directly over the E-conductor in Target Area 'A'.
The surface program will consist of 450 survey sites for collecting
tree-cores, B- and C- horizon soil samples for analysis of the clay-size
fraction, and A2-horizon soil samples for MET analysis. The sampling grid is
designed to merge with the 2011 surface geochemical data, collected on a 500 m
grid spacing, to give an effective sampling grid density of approximately 200
m [map link]. Soil sample preparation and elemental analysis will be completed
by Acme Laboratories in Vancouver, B.C. The clay-size fraction of soil samples
(<2 μm) will be separated and then analyzed for 53 elements plus all rare
earth elements (REEs) and lead (Pb) isotopes, by ICP-MS and ICP-ES. The
A2-horizon soil samples will be analyzed by Environmental BioTechnologies Inc.
(EBT) in Lodi, California, using their MET analytical method. The infill
sampling program will be conducted by Uravan's technical group.
The proposed third phase of the exploration program will consist of two (2)
diamond drill-holes to test the E-conductor in Target Area "A". Final
drill-hole positioning will be based on the combined results and correlation
of the surface geophysical and infill geochemical surveys. Mobilization of
drilling equipment to the Stewardson property was completed in March 2014
under winter conditions. Drilling operations will commence in August 2014 and
be conducted by Major Drilling Group International Inc. from Winnipeg,
Mr. Larry Lahusen, CEO with Uravan states, "I believe the E-conductor at
Target Area 'A' represents a significant 'conductive bright spot' that
correlates amazingly well with surface geochemical anomalies, a key
requirement in Uravan's exploration strategy. Since 2008, Uravan and QFIR have
pursued innovative surface geochemical techniques that help define prospective
exploration targets associated with positive geophysical, structural and
geological features. Following two surface geochemical studies over known
high-grade uranium deposits at Cigar West and Centennial, and five (5) other
surface geochemical programs on Uravan's active projects, we are now starting
to understand what a mineralized conductor looks like geochemically versus the
many barren conductors that transect the Athabasca Basin. The 'conductive
bright spot' at Target Area "A" on the Stewardson property is well correlated
with positive anomalous surface geochemical patterns, which has defined a
unique drilling opportunity and a potential 'game changer' for uranium
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 and QFIR to
advance the interpretation of surface geochemical results.
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.
SOURCE Uravan Minerals Inc.
Larry Lahusen, CEO, Uravan Minerals Inc., Tel: 403-264-2630, Email:
firstname.lastname@example.org, Website: www.uravanminerals.com
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-0- Apr/30/2014 16:24 GMT
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