Drilling commences on ORX Anomaly

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Drilling commences on ORX Anomaly

Canada NewsWire


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.

Image with caption: "Uravan Minerals Inc. (CNW Group/Uravan Minerals Inc.)". Image available at: http://photos.newswire.ca/images/download/20160919_C4770_PHOTO_EN_776076.jpg

Copyright CNW Group 2016

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