Stewardson 2014 Drill Program

TSXV: UVN

CALGARY, Aug. 12, 2014 /CNW/ - Uravan Minerals Inc. (Uravan) has commenced core drilling operations on its Stewardson Lake property. The property is located on the Virgin River structural trend within the south-central portion of the Athabasca Basin, Saskatchewan [map link 1].  The drill program is targeting the potential occurrence of high-grade unconformity-related uranium mineralization at depth. Specific drill targets have been established based on the cumulative results of previously completed airborne and ground geophysical surveys and surface geochemical sampling programs.  These remote sensing surveys have identified a highly anomalous northeast - southwest trending electromagnetic (EM) conductive corridor (E-Conductor) that is coextensive with a significant anomalous surface geochemical signature  [map link-2].  

The Stewardson drill program is a joint exploration effort between Uravan and Cameco Corp. (Cameco) [press release link]. Uravan owns 100% of the Stewardson property and Cameco is earning an interest. Uravan is the operator with the responsibility to plan and implement the technical program in consultation with and on behalf of Cameco, who is funding the 2014 exploration.

The 2014 drill program will consist of two (2) 1400m diamond drill-holes (DDHs) designed to test the uranium-bearing potential of the E-Conductor located in the south-central portion of the property [map link-3]. This significant conductive 'bright spot' is a basement conductive feature previously identified in a 2013 airborne ZTEM geophysical survey, and defined further by two (2) recently completed surface geophysical surveys: (1) a SQUID Fixed Loop TDEM survey completed by Patterson Geophysics Inc of La Ronge, SK and (2) IFG (AMT) survey completed by EMpulse Geophysics Ltd. of Dalmeny, SK. These geophysical surveys have proven to be effective in detecting conductive sources in deeper terrain.  

In June 2014 a multifaceted infill surface geochemical sampling program was completed. This program was designed to provide detail to the 2011 property-wide multifaceted surface geochemical sampling program. The infill sampling grid was oriented directly over the E-Conductor in Target Area 'A' [map link-4].  The infill sampling program consisted of 481 survey sites for collecting tree-cores, B- and C- horizon soil samples for analysis of the clay-size fraction, and A2-horizon soil samples for MET analysis.  Soil sample preparation and elemental analysis was completed by Acme Laboratories in Vancouver, B.C.  The clay-size fraction (<2 ?m) from soil samples  was separated and then analyzed for 53 elements plus all rare earth elements (REEs) and lead (Pb) isotopes, by ICP-MS and ICP-ES. The A2-horizon soil samples were analyzed by Environmental BioTechnologies Inc. (EBT) in Lodi, California, using their MET analytical method. The infill sampling program was completed by Uravan's technical group.

Drilling operations are being conducted by Major Drilling Group International Inc. from Winnipeg, Manitoba. It is anticipated that the 2 DDHs will be completed by late September 2014. Each DDH will be surveyed using a Mount Sopris Triple Gamma Probe (2GHF-1000) for detecting and measuring radioactivity (suggesting potential uranium mineralization). All drill cores will be systematically scanned using ASD Terraspec instrumentation for determining clay mineralogy, which provides a means of establishing the extent of hydrothermal alteration. The drill core will be 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 Research (QFIR) will conduct additional analysis of core samples using High-Resolution ICP-MS to determine the concentration of certain isotopic compositions.

Final drill-hole positioning was based on the direct correlation of the 2014 infill surface geochemical sampling results with the surface trace of the E-Conductor. Data analysis and interpretation of the infill surface geochemical results identified a significant anomalous corridor that is both conformable and coextensive with the surface trace of the E-Conductor [map link-5].  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 MET analytical results.  These anomalous surface geochemical signatures, when displayed with the E-Conductor and other interpreted geophysical features and structural patterns, highlight the most probable location of potential uranium mineralization at depth along the trace of the E-Conductor.      

Mr. Larry Lahusen, CEO with Uravan states, "I believe the E-Conductor represents a significant conductive 'bright spot' that correlates amazingly well with surface geochemical anomalies, a key requirement in Uravan's exploration strategy for vectoring to uranium deposits under cover. Since 2008, Uravan and QFIR have pursued innovative surface geochemical techniques that help define prospective exploration targets associated with positive geophysical, structural and geological features. Following two surface geochemical sampling studies over known high-grade uranium deposits at Cigar West and Centennial, and five (5) other surface geochemical programs on Uravan's active projects, we are now starting to understand what a mineralized conductor looks like geochemically versus the many barren or blind conductors that transect the Athabasca Basin. The E-Conductor 'bright spot' correlates well with anomalous surface geochemical patterns that has defined a unique drilling opportunity and a potential 'game changer' for uranium exploration."

Uravan is a Calgary, Alberta-based diversified mineral exploration company that utilizes applied research to develop new innovative exploration technologies to identify buried uranium, rare earth elements (REEs) and nickel-copper-platinum group element (Ni-Cu-PGE) deposits in under-explored areas. Our exploration focus in uranium is for potential high-grade unconformity-type 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.  In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the use of proceeds of the Offering.  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 Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Uravan Minerals Inc.