CALGARY, Oct. 11, 2016 /CNW/ - On September 29, 2016, Uravan Minerals Inc.
("Uravan") commenced drilling on its 100% owned Outer Ring
property, Athabasca
Basin1, Saskatchewan (map link). Drill-hole
OR16-008 was positioned (flight line 1730, azimuth of
135o and -75o dip) to test the
uranium-bearing potential at depth of the ORX surface geochemical
anomaly (ORX Anomaly) (map link), an area measuring approximately 2
sq. km having the highest positive correlation with an interpreted
north-south trending linear ZTEM2 conductive system and
magnetic low [Press Release – August 2,
2016]
On October 8, 2016, OR16-008 was
completed to a target depth of 935 meters, intersecting the
unconformity3(UC) at 879 meters (a vertical depth of 850
meters) (map link). The drill hole intersected upper sandstone
(MFd) alteration evidenced by both significant bleaching (white to
grey) and dominantly illite clay alteration, indicative of
hydrothermal alteration, to approximately 110 meters. This
alteration feature slowly gave way at depth to unaltered and
unstructured sandstone from approximately 200 meters to the UC.
Initially, the well-developed alteration feature was considered
very encouraging, confirming the surface boulder illite clay
alteration signature mapped from our previous surface sampling
programs (map link) and, as it turns out, explaining the ZTEM
geophysical conductive system targeted.
Based on the two-dimensional (2D) modeling of the ZTEM
geophysical data, the low-resistivity feature mapped was
interpreted as a conductive system extending from the UC into the
underlying basement lithologies, and vertically into the overlying
Athabasca Group Sandstone to the surface (map link). Based on
our preliminary observations of drill core from OR16-008, it
appears that the bleached and clay-altered upper sandstone section,
as noted above, confirms the low-resistivity 2D interpretive
geophysical model; however, it lacks the vertical projection
through the lower sandstone sections and underlying basement
lithologies, thereby providing a misleading geophysical signal,
previously interpreted as an alteration chimney from a basement
hydrothermal source.
From a technical perspective, we are not clear as to how the
upper sandstone alteration feature was formed, since it appears to
be disconnected from any basement hydrothermal source, at least at
this location. We are investigating several theories; however, we
believe that any potential hydrothermal source would occur outside
our current property boundary.
The drill core from OR16-008 has been routinely sampled and will
be analyzed for concentrations of radiogenic
207Pb/206Pb ratios4 (<0.61) and
pathfinder elements. Therefore, it is not yet known if the
surface anomalous radiogenic 207Pb/206Pb
ratios occurring in the clay-size fraction from soils (map link)
are also related to the upper sandstone alteration feature observed
in drill core.
The bore-hole of OR16-008 was surveyed using a Mount Sopris
Triple Gamma Probe (2GHF-1000) for detecting natural-uranium
radioactivity (suggesting potential uranium mineralization).
Although above back-ground radioactivity (CPS) was intersected,
occurring primarily in the lower sandstone sections (MFa and MFb)
just above the UC, no economic uranium mineralization was
encountered in the sandstone at the UC or in the underlying
basement lithologies.
Larry Lahusen, CEO for Uravan,
states, "The results of drill hole OR16-008 were decidedly
disappointing, and highlights the technical challenges for
intersecting deep exploration uranium targets in the Athabasca Basin, particularly with limited
financial resources. Although the results of OR16-008
potentially appear to be connected to a number of false positives,
I want to caution and emphasise that our technical team does not
view this as a misstep related to our surface geochemical
techniques but, on the contrary, a call to refine the geophysical
systems implemented and further innovate our surface sampling
protocols to better screen potential 'red-herrings'."
No further drilling is planned in the near future on the Outer
Ring project. Our technical team is looking forward to a drill
program on our Stewardson project in 2017 [Press Release-December
10, 2015].
The drill program was managed by Uravan's technical group.
Drilling operations were conducted by Bryson Drilling Ltd. from
Archerwill, Saskatchewan, with
helicopter support by Access Helicopters from Okotoks, Alberta. All drill cores were
systematically scanned using ASD TerraSpec instrumentation for
determining clay mineralogy, which provides a means of establishing
the extent of hydrothermal alteration in the Athabasca Group
Sandstone sections. The drill core was routinely sampled and will
be prepared and assayed at ALS Minerals-Geochemistry in
Vancouver, British Columbia, by
multi-element ICP-AES/ICP-MS for 51 elements, plus all REE and Pb
isotopes.
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.
2The 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.
3The contact between the Athabasca Group
Sandstone and the underlying crystalline basement rocks.
4Natural 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.
________________________________________________________________________________
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.