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Uravan
Minerals Inc. ("Uravan") recently
began mobilizing camp, fuel and equipment to its Outer Ring project in the
Athabasca Basin, Northern Saskatchewan. Mobilization is being expedited
during winter (freeze-up) conditions in preparation for an early June 2011 diamond drill program. Based on
encouraging results obtained from the Outer Ring surface geochemical program
completed in 2010, five (5) diamond drill-holes are planned to test a number
of significant geochemical signatures.
The
Outer Ring property is owned 100% by Uravan and
located in the Athabasca Basin along the Cable Bay shear zone in the Pasfield Lake area. The Outer Ring property was acquired
by Uravan in December 2009. A surface
geochemical program was completed in July
2010.
The geochemical data analysis and interpretation was concluded in December 2010.
The
geochemical data from the Outer Ring sampling program capitalized on new
technology developed from a pilot study conducted on the Cigar West uranium
deposit (Cigar West Study) 1. The Cigar West Study was a
collaborative applied research program conducted by Uravan
and QFIR (Queen's Facility for Isotope Research) in 2009 over a known
high-grade uranium deposit in the Athabasca Basin. The study was designed to
develop new surface geochemical techniques that can better identify bedrock
sources of uranium mineralization at depth. This research clearly
identified distinctive elements and isotopic compositions that have been
mobilized from the deposit to the surface media from depths >450 meters.
Based
on our knowledge gained from the Cigar Lake Study, encouraging results have
been obtained from the Outer Ring geochemical program that revealed positive
lead (Pb) isotope compositions and associated
pathfinder elements found in certain soil components, vegetation and
tree-core samples. These surface anomalies are trending and coincide
positively with regional geophysical survey data and other interpreted
structural features. Uravan's technical group have
defined specific geochemical targets that will be tested with five (5)
diamond drill-holes totalling approximately 5000
meters of drilling.
The
Outer Ring project area is highly prospective geologically, albeit untested
and under-explored compared to the known high-grade unconformity-related uranium
deposits within the Eastern District of the Athabasca Basin. The drill
program planned at Outer Ring will be the first significant exploration
effort in this more basin-ward region and even more significant considering
the drilling planned will target surface geochemical anomalies versus blind
EM conductors.
Mr. Larry Lahusen,
CEO of Uravan, "believes the positioning of
exploration drill-holes over surface geochemical signatures to target
potential bedrock source of uranium mineralization is unique and could be an
exploration 'game changer' with respect to how uranium exploration is carried
out in the Athabasca Basin".
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.
For
more information on the technical details of the Outer Ring project, please
visit:
http://www.uravanminerals.com/properties/outer_ring_project/
1The
Cigar Lake deposit is on the Waterbury/Cigar uranium property; a joint
venture partnership between Cameco Corporation,
AREVA, Idemitsu Kosan Co. Ltd., and Tokyo Electric Power Co.
[TEPCO]) located in the Athabasca Basin, Saskatchewan. Uravan
thanks both AREVA and Cameco for their
collaboration and gracious support for the Cigar West Study; and the support
provided by the Cigar Lake facility during our field operations.
The
Queen's Facility for Isotope Research (QFIR) at Queen's University, Ontario
is a state-of-the-art research facility, comprising a group of highly
experienced research geochemists. The QFIR lab contains some of the most
technologically advanced analytical equipment in Canada. Under the direction
of Dr. Kurt Kyser,
the QFIR research team is working collaboratively with Uravan's
technical group to develop new exploration technologies using applied
research.
Dr. Colin Dunn, an independent
specialist in biogeochemistry, is working closely with Uravan's
technical group and QFIR to advance the interpretation of biogeochemical
results. Dr. Kurt Kyser and Dr. Colin Dunn are key technical
advisors for Uravan.
Uravan
is a Calgary
Alberta based uranium exploration company that engages in applied research to
develop new innovative technologies to identify buried uranium deposits in
under-explored areas. Our vision is to get to discovery faster and more cost
effectively in under-explored frontier regions. Uravan
is pursuing exploration for potential high-grade unconformity-related uranium
deposits in the Athabasca and Thelon Basins in Canada and other basin
environments globally. 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 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.
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.
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