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UVN.V - Uravan Minerals (Athabasca)

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Location: Mt. Pleasant MI USA

PostPosted: Tue Oct 07, 2014 4:25 pm    Post subject: UVN.V - Uravan Minerals (Athabasca) Reply with quote

Drill Program missed on 2 holes, stock plummeted about 70% today. Drilling is funded partially by Cameco.

CALGARY, Oct. 6, 2014 /CNW/ - Uravan Minerals Inc. (Uravan) recently completed a reconnaissance diamond drill-hole program on its Stewardson Lake property. The Stewardson property is located on the Virgin River structural trend within the south-central portion of the Athabasca Basin1, Saskatchewan [map link]. The drill program involved the completion of two (2) diamond drill-holes, SL14-001 and SL14-002, totaling 2785 meters drilled. The program was reconnaissance in nature, designed to test the uranium-bearing potential of the E-Conductor located in the south-central portion of the property [map link]. The E-Conductor is interpreted to be a significant basement conductive feature identified in a 2013 airborne ZTEM geophysical survey, and defined further by two (2) surface geophysical surveys: (1) a SQUID Fixed Loop TDEM survey and (2) IFG (AMT) survey (Press Release August 12, 2014).

The two (2) drill-holes were positioned along the 5 kilometer long E-conductive corridor, where the best conductive response had the highest coincidence with the most anomalous surface geochemical signatures [map link]. The surface geochemical anomalies were identified from a multifaceted infill surface geochemical sampling program completed in June 2014 (Press Release August 12, 2014).

The infill sampling grid was oriented directly over the E-Conductor in Target Area 'A' [map link-4], having a 250 m sample-spacing density. Data analysis and interpretation of the infill surface geochemical results identified an anomalous corridor that is coincident with the surface trace of the E-Conductor. Of particular interest are the radiogenic lead (Pb) isotopic ratios (207Pb/206Pb) and uranium anomalies in the soil clay-size fraction, which are supported by anomalous MET2 analytical results. These anomalous surface geochemical signatures, when displayed with the E-Conductor and other interpreted geophysical and structural patterns, potentially highlight the most probable location of uranium mineralization at depth along the trace of the E-Conductor.

The unconformity contact between the Athabasca Sandstone and the underlying basement rocks in drill-holes SL14-001 and SL14-002 was at 1162 m and 1193 m respectively. SL14-001 and SL14-002 were completed to a substantial depth in basement lithology, with total depths at 1295 m and 1490 m respectively. Both drill-holes were surveyed using a Mount Sopris Triple Gamma Probe (2GHF-1000) for detecting anomalous radioactivity (suggesting potential uranium mineralization). The results from these down-hole radiometric surveys found no significant radioactivity in either drill-hole.

Based on the observations and preliminary interpretation by Uravan's technical team, neither drill-hole intersected or confirmed the conductive source of the E-Conductor. Although the intensity of sandstone bleaching and clay alteration (illite and chlorite) present just above the unconformity in both drill-holes is favourable and provides encouraging signs of potential mineralization, this alteration does not confirm the source of the anomalous surface geochemical signatures previously discussed. Therefore, our preliminary interpretation is that the source of the conductor and the potential source of the surface geochemical patterns is either: (1) deeper than originally considered, which puts the potential uranium bearing target at depths > 1500 m, or (2) is off-hole at some distance east or west of the current collar locations of these drill-holes. Obviously, these preliminary interpretations are subject to change based on our on-going data evaluation.

To answer some of these technical questions and, particularly, the potential off-hole location of the E-Conductive source, it was our intention to probe SL14-001 and SL14-002 using bore-hole Pulse EM and Resistivity geophysical methods. These two (2) geophysical logging techniques can potentially help determine the location of the E-Conductive source relative to the completion depths of these drill-holes. The bore-hole Pulse EM and Resistivity surveys were completed at the time of this writing. Very preliminary results from the bore-hole EM survey on SL14-002 indicate a strong electromagnetic (EM) response off-hole to the east of the collar location. Bore-hole blockage in SL14-001 resulted in acquiring no useful information from this survey. The results of the bore-hole Pulse EM survey of SL14-002 will be announced following the interpretation and evaluation of the data.

Mr. Larry Lahusen, CEO with Uravan states, "The preliminary results of drill-holes SL14-001 and SL14-002 are technically challenging; however, when put into perspective with other high potential exploration projects in the Athabasca Basin, I believe the completion of just two drill-holes in this frontier area has effectively narrowed the exploration window. All of the key requirements in Uravan's exploration strategy for vectoring to uranium deposits under cover are still intact. Once our technical team has had time to evaluate all data collected, particularly the bore-hole Pulse EM, I am confident clarity will surface allowing our technical group to refine our drill-targeting strategy".

The Stewardson drill program was a joint exploration effort between Uravan and Cameco Corporation (Cameco) [press release link]. Uravan owns 100% of the Stewardson property and Cameco is earning an interest. Uravan is the operator and Cameco is funding the program. Drilling operations were conducted by Major Drilling Group International Inc. from Winnipeg, Manitoba. 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 Sandstone section. The drill core was routinely sampled and will be prepared and assayed at Acme Laboratories in Vancouver by multi-element ICP-MS for 59 elements, plus Pb isotopes. The Queen's Facility for Isotope Research3 (QFIR) will conduct additional analysis of core samples using High-Resolution ICP-MS to determine the concentration of certain isotopic signatures. The bore-hole Pulse EM surveys (Geonics BH-43-3D TEM borehole probe) were conducted by Discovery Int'l Geophysics Inc. from Saskatoon, Saskatchewan. Cameco provided the technical support and equipment for completing the down-hole Resistivity surveys.

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.
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PostPosted: Thu Jun 30, 2016 1:17 pm    Post subject: Reply with quote

CALGARY, June 28, 2016 /CNW/ - In 2016, Uravan Minerals Inc. ("Uravan ")
is focusing its exploration efforts on its 100% owned Outer Ring project located within the Cable Bay structural corridor, east-central Athabasca Basin1, Saskatchewan ( map link ) . A non-brokered private placement financing was completed in May 2016 to provide funding for a property-wide helicopter-borne electromagnetic (EM) geophysical survey. This survey was recently completed using Geotech Ltd.'s natural source Z-Axis Tipper Electromagnetic (ZTEM) system. The ZTEM system is considered ideal for imaging basement conductors where the unconformity depths are greater than 800 m.

The main area of focus is a discrete southwest-trending corridor of anomalous concentrations of radiogenic 207Pb/206Pb isotopic ratios2 and other supporting pathfinder elements occurring in the clay-size fraction from soils. This surface geochemical anomaly (ORX Anomaly) was initially delineated from a project-wide survey completed in 2011, using Uravan's innovative multifaceted surface geochemical sampling techniques (map link). To define the ORX Anomaly more clearly, an infill surface geochemical sampling program was completed in 2015. This program involved the collection of tree-cores from black spruce and jack pine trees, and B- and C- horizon soil samples directly over the ORX Anomaly on a 250 m-spaced grid. The analytical results of the 2015 infill-sampling program supported and added significant resolution to this southwest-trending cluster of radiogenic 207Pb/206Pb anomalies, now measuring about 9 kilometers long and 2 kilometers wide (map link). The ZTEM geophysical survey was the next requirement to advance the ORX Anomaly for drill targeting.

A preliminary evaluation of the ZTEM geophysical data has identified several highly prospective drill targets for testing the ORX Anomaly for potential uranium mineralization at depth. Additionally, the project-wide EM survey has highlighted several areas (Area A & B) separate from the ORX Anomaly for follow up surface geochemical infill sampling programs [map link].

The ZTEM survey has identified a south to southwest trending conductive system that correlates positively with the discrete ORX Anomaly. The association of this conductive system and a coincident low-magnetic signature and interpreted structural features provides a focus for positioning two or three diamond drill holes to test the uranium bearing potential of this anomalous geochemical trend [map link]. Further interpretive work is on-going, such as two-dimensional (2D) inversion modeling of the ZTEM data and the incorporation of regional gravity and magnetic geophysical surveys.

Larry Lahusen, CEO for Uravan, states, "The ORX Anomaly is a well-defined, potentially significant, uranium signature that our geochemical and geophysical surveys have outlined as an excellent target for drill testing. To move the ORX project forward to the drill stage by late summer or early fall of this year, various financing strategies are being considered".

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% and is the fissile fraction and 238U = 99.284% and is the non-fissile fraction. 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 (<0.60) is used to identify possible U deposits because this ratio is unique and distinctively low for Pb coming 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 mineral properties Uravan owns are considered to be in the exploration stage of development.
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