MPVC’S second drill arrives at NW Manitoba Uranium project
May 22, 2014 (Source: CNW) — MPVC Inc. (TSXV : UNO) (“MPVC”, the “Company”) is pleased to report that the RAB drill has now arrived on site at the Company’s Northwest Manitoba Uranium project which was recently optioned from CanAlaska Uranium Limited.
A rotary air blast (RAB) drill rig has now arrived at the Maguire Lake focus area within the Company’s Northwest Manitoba project. This drill will focus on rapidly testing shallow targets generated by the geophysical (magnetic, electromagnetic, gravity and radiometric), geochemical (AlphaTrack and RadonEx) and prospecting programs. Initially, targets beneath the lake are being tested while winter conditions exist.
The core drill is now drilling vertical holes to test targets located beneath Maguire Lake making use of the late season ice. The first hole was called off at 51 meters prior to reaching bedrock due to technical difficulties in penetrating the overburden.
The second hole reached bedrock at 41.2 meters (9.1 meters of water 32.1 meters of overburden). From 41.2 meters to the end of hole at 114 meters granoblastic semi-pelite with minor biotite-rich pelite and K-feldspar pegmatite was intersected. In the upper part of the hole clay, chlorite, epidote and local hematite/limonite alteration increase downward to a depth of approximately 90 meters. Weak to moderate bleaching was pervasive from 69.5 to 74.8 meters and 77.8 to 78.5 meters.
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Though significant uranium mineralization was not detected using a hand held gamma ray spectrometer samples of the core are now being tested for radon, “young” uranium and lead 210 which, if present, could signal the presence of uranium mineralization at greater depths.
The Company is encouraged by:
- the bedrock geology being similar to the pelitic gneiss which hosts the mineralization at Fission Uranium Corp’s Patterson Lake South deposit;
- alteration similar to what would be expected in the vicinity of unconformity style uranium mineralization; and
- the high degree of fracturing and brecciation in the core showing the potential for the movement of mineralizing fluids.
The third hole is now underway and is at a depth of 53 meters in overburden.
Northlands Denesuline First Nation
MPVC has received a letter of support from the Northlands Denesuline First Nation for the one year drill permit application lodged with the government of Manitoba. The Company’s project is located within the traditional territory of the Northlands Denesuline First Nation and MPVC looks forward to building upon the relationship with Northlands.
The technical information and results reported here have been reviewed by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.
Dr. Charles Fipke
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. MPVC undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither 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.
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>