Makena Commences Operations on Patterson Uranium Property In The Athabasca Basin
June 13, 2014 (Source: Marketwired) — Makena Resources Inc. (TSX VENTURE:MKN)(PINKSHEETS:CANSF) (“MKN”, “Makena” or the “Company”) wishes to report that crews have been mobilized and are commencing operations on the Patterson Uranium Prospect that directly borders the uranium discovery on the Patterson Lake South Property by Fission Energy Corp. (“Fission”) (TSX VENTURE:FCU). They will test structures interpreted from the VTEM survey carried out earlier this year. Combining the magnetic and the electromagnetic data, three such structures have been mapped on the Patterson Uranium Property. Two of these structures trend NW and one trends NE. The ground Time Domain EM survey using high sensitivity SQUID receivers has been designed to see through the conductive Mannville Formation and map basement conductors. The basement is estimated to be at a depth of about 150metres, based on historical drill holes within the property and adjacent to it.
Dr. Karl Schimann stated, “We are encouraged by the VTEM survey data. We clearly have multiple targets that we are in the process of testing. These structures are often associated with uranium mineralization. We look forward to confirming these anomalies with the upcoming ground TDEM survey and follow by drilling to determine if these targets have associated uranium mineralization.”
Negar Adam, President of Makena states, “We are excited to finally be underway with operations on the Patterson Prospect. This prospect directly borders the Fission discovery, which has caught the attention of the market thus giving Makena a wider audience for any potential positive results. Makena currently has the smallest market capitalization of any company that borders the Fission Discovery and we eagerly anticipate the results of this first phase of operations.”
MKN’s Patterson Uranium Prospect, consists of three claim blocks totaling 6,687 hectares (16,524 acres), which are all located in the Athabasca Basin. The west block directly borders the recent discovery on the Patterson Lake South Property by Fission. The other two blocks are in the direct vicinity of the discovery.
Makena also holds a 50% interest the Clone property in Stewart, BC. To date, Makena has achieved significant drill results that returned grades of 12.80 m (42ft) of 44.75g/t (1.305oz/t)(12/22/09) gold values including 4.87m (16 ft) of 76.80g/t (2.240oz/t) and a 102 tonne bulk sample that returned grades 4 oz/t or 139.2 g/t gold (10/22/11) over the 102 individually tested tonne samples.
Dr. Karl Schimann, Ph.D., P. Geo. is the qualified technical person responsible for this news release.
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Negar Adam, President, Director
Makena Resources Inc.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>