CALGARY, Sept. 19, 2016 /CNW/ - Uravan Minerals Inc.
("Uravan") will commence drilling on its 100% owned Outer
Ring property, Athabasca
Basin1, Saskatchewan (map link). Drill-hole
targeting will focus on the ORX Anomaly (map link), an area
measuring approximately 2 sq. km having the highest positive
correlation with the ORX (ZTEM) conductive system (map link).
The ORX Anomaly is a discrete southwest-trending corridor of
anomalous concentrations of radiogenic
207Pb/206Pb ratios2 (<0.61)
(map link) occurring in the clay-size fraction from soils (model
link). From our experience, such well-defined radiogenic
surface anomalies outline highly prospective areas and, if
supported by conductive electromagnetic (EM) signatures, provide
compelling and focused drill targets.
Based on the results of a recently completed property-wide
ZTEM3 geophysical survey (press release link), the ORX
Anomaly is coincident with a well-developed conductive system
extending from the unconformity into the underlying basement
lithologies, and vertically into the overlying Athabasca Sandstone
to the surface (map link). This extensive low-resistivity feature
in the Sandstone is interpreted to be an illite (clay mineral)
alteration signature. Such alteration is typically derived from
hydrothermal activity related to reactivated basement faults, and
corresponding unconformity uranium deposit formation.
The ORX ZTEM conductive system trends roughly north-south and
appears to have been disrupted by a number of major structures, of
which the most prominent is lineament L-1, interpreted as a
northeast-southwest reverse fault, dipping steeply southeast.
This major structural feature seems to constrain both the
southwest-trending ORX surface geochemical signature and the
prominent low-resistivity alteration feature in the Sandstone (map
link).
The ORX drill program is scheduled to commence on September 27,
2016. The planned program consisted of three (3) 900-meter diamond
drill-holes, however, due to our late start the number of
drill-holes we can complete at this time of year is
uncertain.
Larry Lahusen, CEO for Uravan,
states, "The ORX Anomaly is a significant well-defined surface
geochemical signature that is highly supported by structure and a
coincident conductive system. This combination provides a very
focused drill target that will allow Uravan's technical team to
evaluate quickly the uranium-bearing potential of the ORX Anomaly,
thereby reducing the number of drill holes to discovery".
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 to advance the evaluation and
interpretation of surface geochemical data.
1The Athabasca Basin is an ancient
(Paleoproterozoic) sandstone basin located in northern Saskatchewan, Canada. The Athabasca
Group sandstone and the underlying crystalline basement rocks host
high-grade uranium deposits, either at the sandstone-basement
unconformity (sandstone-hosted mineralization) or within the
underlying structurally disrupted crystalline basement lithologies
(basement-hosted mineralization). These unconformity-related
uranium deposits account for about 20 percent of the world's
natural uranium production. The ore grades are high, typically
grading 2% to 20% U308.
2Natural uranium is primarily composed of
two isotopes: 235 U = 0.72%, the fissile fraction, and
238U = 99.284%, is the non-fissile fraction. The
lead (Pb) isotopes 207Pb and 206Pb are the
radioactive (radiogenic) decay products of natural uranium:
235 U decays to 207Pb and 238U
decays to 206Pb. The presence of low
207Pb/206Pb isotopic ratios (< approx.
0.60) is used to identify possible U deposits because this ratio is
unique and distinctively low for Pb derived from a U deposit
relative to any other geological source.
3The airborne natural source Z-Axis
Tipper Electromagnetic (ZTEM) system provides high resolution EM
data at depths >1500 m and excellent resistivity discrimination
for detection of conductive basement anomalies and low-resistivity
signatures in the overlying sandstone.
Uravan is a Calgary,
Alberta-based diversified mineral exploration company that
utilizes applied research to develop innovative exploration
technologies to identify buried uranium deposits in under-explored
areas. Our exploration focus in uranium is for potential high-grade
unconformity-related uranium deposits in the Athabasca Basin in Canada. Uravan is a
publicly listed company on the TSX Venture Exchange under the
trading symbol UVN. All of the Uravan's mineral properties are
considered to be 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 following: risks
associated with reasonable commercial efforts for financing
activities, including the ability to raise sufficient funds,
receipt of all required regulatory and other approvals, securities
and other market conditions and economic factors, business and
operations strategies, future exploration and potential for mineral
deposits. 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
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 Uravan Minerals Inc.