CALGARY, Nov. 8, 2017 /CNW/ - In 2015, Uravan Minerals Inc
(Uravan) made a uranium mineral discovery on its Stewardson project
(map link) with drill hole SL15-003 intersecting 6.3 meters of
0.025% U3O8. The thickness and level of
radioactivity and alteration encountered is considered indicative
of potentially higher-grade uranium mineralization nearby.
To pursue this discovery follow-up drilling is required.
Considerable baseline drill targeting work has been completed
(geophysics and surface geochemistry) and a drill-hole targeting
strategy has been defined in Area B (map link). The proposed 3
drill holes are considered to have a high probability of
intersecting economic mineralization.
Uravan's surface geochemical techniques have been tested and
developed over nine (9) years. They include studies over two
(2) known high-grade uranium deposits (Cigar West and Centennial)
in the Athabasca Basin; nine (9)
separate surface geochemical/geophysical surveys on active
projects; and five (5) drill programs. Our technical teams (Uravan
and QFIR) have learned what a significant surface geochemical
anomaly looks like versus a 'red-herring'. These geochemical
techniques are based on solid science, and when used with
geophysical methods can isolate prospective drill targets.
SL15-003 was the first drill hole targeting the Stewardson
Area B anomaly and successfully intersecting important
mineralization. This represents the "tipping point" for our
work and offers a realistic opportunity for an economic mineral
discovery and, importantly, a 'proof of concept' for wider
implementation.
Larry Lahusen, CEO for Uravan,
states, "Moving exploration forward on the Stewardson project is a
high priority for Uravan. Unfortunately, there has been
little change in the uranium market so obtaining project financing
has been challenging. Although we cannot control the timing
of a market recovery, we can change our exploration focus to gain
broader value from our surface geochemical techniques, since they
can be applied to isolate and target base and precious metal
occurrences (e.g. nickel, copper, cobalt and platinum group
minerals). Going forward, we plan to consider and evaluate other
mineral exploration opportunities while we wait for the uranium
market to recover."
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 evaluation
and interpretation of surface geochemical data.
Uravan is a Calgary,
Alberta-based mineral exploration company that utilizes
applied research to develop new innovative exploration technologies
to identify buried uranium deposits in under-explored areas. Our
exploration focus to date has been searching for high-grade
unconformity-type uranium deposits in the Athabasca Basin, Canada. We aim to broaden these
technologies and applications to other metal commodities. Uravan is
a publicly listed company on the TSX Venture Exchange under the
trading symbol UVN. All 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 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, much of which are beyond the control
of Uravan and its management. This news release contains
forward-looking statements pertaining. 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. 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.