KELOWNA, BC, June 20 2014
/CNW/ - MPVC Inc. (TSXV : UNO) ("MPVC", the "Company") is
pleased to report the final RadonEx results for the Company's
Northwest Manitoba Uranium project which was recently optioned from
CanAlaska Uranium Limited.
Final Radon in Water Results
MPVC has now received the final results from the RadonEx radon
in lake water survey completed at Maguire Lake, located within the
143,603 hectare Northwest Manitoba
project. The radon survey was conducted by RadonEx
Exploration Management of St. Lazare,
Quebec and comprised of 1,399 samples collected over the
10km length of Maguire Lake. Sample stations were located at
25m intervals along lines spaced at 200m.
The final survey results varied slightly as expected from the
preliminary results announced May 7,
2014. The highest radon in water result increased from 573
picocuries per litre (pCi/L) to 669 pCi/L.
Of the 1,399 samples, 33 samples had results greater than 100
pCi/L, 13 samples had results greater than 200 pCi/L, 7 samples had
results greater than 300pCi/L and 4 samples had results greater
than 400pCi/L.
In RadonEx's final report they identify 7 priority one drill
targets and 5 priority two drill targets from the survey.
These targets are centred in the radon in water trends thought to
be indicative of bedrock-hosted uranium mineralization.
Significantly RadonEx state that the radon in water values at
Maguire Lake approach closely the highest values received at the
Patterson Lake South uranium discovery.
Summer Drill Program
Having now obtained a complete radon flux map for the whole of
the Maguire Lake structural trend (both on-shore and in the lake)
the drilling of the high priority land based targets will commence
shortly. It is estimated that approximately 40 holes will be
drilled to test these anomalous "on-land" AlphaTrack radon targets.
Maps displaying these radon flux results are available within a
presentation on the Company's new website
www.northernuranium.com.
Within the Maguire Lake focus area there are three distinct
regions which contain a total of 39 high priority drill
targets.
Southeast of Maguire Lake
On the south-east side of the lake approximately fifteen high
priority drill targets have been identified. In this area there is
a distinct gravity low along the north-east end of the lake that
strikes north-south and corresponds to a number of AlphaTrack radon
anomalies, this gravity trend may connect up with the very large
AlphaTrack anomaly area L-15, which measures 1.0 by 1.5 km in areal
extent. Area L-15 contains numerous radon highs (at least 14
locations with readings greater than 500 T/mm2).
Another notable feature on this side of the lake is the
existence of a mineralized boulder train over 1.5 km in length
(with over 40 anomalous uranium occurrences) located approximately
800 metres south-east. The up-ice projection of this boulder train
coincides with AlphaTrack anomaly area L-6. The L-6 anomaly
contains over 5 radon occurrences greater than 500 T/mm2.
Area L-6 may be the source of these anomalous boulders.
Islands in Maguire Lake
There are numerous islands within Maguire Lake and twelve high
priority drill targets have been identified on these islands.
Anomalous areas L-23, L-24 and L-57 were observed on the
largest island and contain numerous AlphaTrack radon readings in
excess of 500 T/mm2. These targets are located along a
distinct magnetic low feature. In addition to this, a
string of small islands in the northern part of the lake
corresponding to a gravity low trend (over 2.5 km long)
contain over 7 high priority targets (Area L-19) with coincident
AlphaTrack radon occurrences, some greater than 500
T/mm2. These land based AlphaTrack radon anomalies are
adjacent (only 50 metres away) to radon-in-water anomalies detected
from the recent RadonEx survey. This correspondence of anomalies
from both the AlphaTrack and RadonEx surveys significantly
increases the Company's confidence in both data sets.
At the extreme northeast end of the lake a large VTEM conductor
corresponds with a distinct AlphaTrack anomaly (795 T/mm2).
Northwest of Maguire Lake
The most distinguishing feature of the north-west side of the
lake is the large Maguire conductive trend. This large VTEM anomaly
has a strike length of over 35 km. Seven anomalous AlphaTrack
radon anomalies were observed along this trend supporting the
presence of five high priority drill targets. Parallel to
this VTEM anomaly and slightly offset to the southeast from it are
a number of distinct gravity lows. These gravity lows also
correspond to resistivity lows detected in a previous land based
survey. Along these gravity lows seven high priority drill
targets corresponding to AlphaTrack radon anomalies in excess of
500 T/mm2 have been identified. The highest AlphaTrack reading
observed (3,309 T/mm2) is located on one of these gravity low
trends.
Financing
MPVC is pleased to announce that it proposes to raise up to
two million dollars through a flow
through (FT) share and unit private placement. Up to
$1.5 million dollars is to be raised
by the issuance of up to 15 million FT shares at a price of
$0.10 per FT share. Up to
$500,000 is to be raised by the
issuance of 5 million units priced at $0.10 per unit. Each unit consists of one
common share and one-half warrant, each warrant having an exercise
price of $0.15.
The funds raised from the financing will primarily be used by
MPVC to drill targets within the Northwest Manitoba Property along
the Maguire structural trend.
Summary
In summary we have 39 high priority drill targets on land and
seven first priority lake and five second priority lake
targets. The Company looks forward to commencing the drill
testing of the land based high priority drill targets in the near
future.
The technical information and results reported here have been
reviewed by Chad Ulansky, PGeo, a
qualified person under National Instrument 43-101, who is
responsible for the technical content of this release.
Dr. Charles Fipke
Consultant Geologist
Forward Looking Statements
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and
uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. MPVC undertakes no
obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on such
forward-looking statements.
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 release.
SOURCE MPVC Inc.