Gravity West Acquires Uranium Property Located in Athabasca Basin
27 Maio 2008 - 10:01AM
Marketwired Canada
Gravity West Mining Corp. (TSX VENTURE:GRW) is pleased to announce that it has
entered into an option agreement to purchase 100% interest in the South Maverick
Uranium Property comprising of one claim block containing approximately 4,181
hectares in Athabasca Basin. The Property was picked due to its strategic
location in the southeastern part of the Athabasca Basin, which is the largest
high-grade uranium producing area in the world. Many significant uranium
deposits, mines and prospects such as McArthur River, Key Lake, Harrigan, MAW,
Millennium, and West Bear are present in this area. Saskatchewan
unconformity-type uranium deposits contain up to 1.29 billion pounds of uranium
resources. The Moore Lake Project, where the Maverick Discovery Zone is being
actively explored jointly by Denison Mines Corporation and JNR Resources, is
located adjacent to the north of the Property.
The South Maverick Property is a favourable exploration target for locating
unconformity style uranium mineralization. An initial assessment of geological
data indicates that the depth of unconformity is less than 100 m below ground
surface in most of the Property area. The Property is underlain by lower
conglomeratic quartz arenite rocks of Paleoproterozoic Manitou Falls Formation.
The unconformity is represented by highly altered regolith which is greenish
and/or red in colour with traces of graphite at places (DDH R023 and R-025,
Assessment Report # 74-0024). The basement rocks beneath the unconformity are
comprised of pale to pink meta arkose, semipelite and calc-silicate belonging to
Wollaston Supergroup.
The South Maverick Claim lies on the outer eastern Athabasca Basin trend where
the Maverick Discovery Zone (JNR Resources/Denison Mines), Harrigan Uranium Zone
(Cameco), and the West Bear Deposit (UEX) are located to the north and Key Lake
mine to the south of the Property. The West Bear deposit is located 15 to 26 m
below the ground surface and is the shallowest identified uranium deposit in the
basin, which can be mined using open pit methods (SMDI 1726, UEX Website).
Shallow depth of unconformity at the South Maverick Property suggests its
geological similarity with the West Bear Deposit.
Gravity West plans to immediately compile the historical exploration data on the
Property which will be followed by an exploration program to be started in July
2008. The scope of work for 2008 exploration program includes airborne and
ground geophysical surveys, ground prospecting and sampling, and soil
geochemistry. This scope of work will be based upon the findings of historical
data compilation. The objective of this initial program is to define drill
targets.
Livio Susin, President of Gravity West, says: "Acquiring a uranium exploration
property at a strategic location in the Athabasca Basin is a great achievement
for our exploration team. We are looking forward to an aggressive exploration
program on the Property in 2008."
Technical information in this news release has been reviewed by Afzaal Pirzada,
P.Geo., VP Exploration of the company and a Qualified Person as defined in NI
43-101.
Under the terms of the purchase agreement, in order to earn 100% interest on the
South Maverick Property, Gravity West will pay to Basin Minerals $50,000 in cash
and $25,000 as shares on or before June 2, 2008. Within 12 months of the TSX
Venture Exchange approval, the company will pay another $50,000 cash and $75,000
as common shares of Gravity West. The agreement is subject to 1% royalty payable
to the owner at the time of production.
About Gravity West Mining Corp.
Gravity West Mining Corp. is a publicly traded Canadian company focused on
creating shareholder value through taking early stage positions, primarily in
uranium properties, but also in selected other high value minerals such as
nickel, copper, PGE and gold.
Currently, Gravity West holds key land positions in Canada's Ontario Sibley
Basin (uranium, copper, nickel, and PGE prospect), Great Bear Magmatic Zone and
Hornby Bay Basin in the Northwest Territories (IOCG and uranium prospect),
Northern British Columbia's Red Chris Mine area (copper/gold porphyry prospect),
and South Maverick Property in Athabasca Basin (unconformity type uranium
prospect).
ON BEHALF OF THE BOARD OF DIRECTORS
Livio Susin, President and Director
Gravity West Mining (Tier2) (TSXV:GRW)
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