Vulcan Completes Evaluation Report on Athabasca Uranium Permits
February 26, 2014 (Source: Marketwired) — Vulcan Minerals Inc. (“the Company” – “Vulcan”) (TSX VENTURE:VUL) announces that it has commissioned an evaluation report entitled ‘Geological Orientation Report Athabasca Border Property, Northeastern Alberta’ (“The Report”) by APEX Geoscience Ltd of Edmonton, Alberta in respect to its Athabasca area uranium Permits. The Company owns 100% interest in ten (10) Metallic and Industrial Mineral Permits covering 227,398 acres in northeastern Alberta along the Saskatchewan border approximately 50 km east of Ft. McMurray.
The Report reviews and interprets previous work highlighting the prospectivity of the Permits for uranium mineralization in the western Athabasca region. Of particular significance is the revised interpretation of the Precambrian basement domain contacts between the Taltson and Clearwater domains. The recently discovered Patterson Lake South uranium deposit, the Cluff Lake mine (produced 62 million pounds of yellowcake uranium between 1980-2002) and the Shea Creek uranium deposit are interpreted to lie along these domain boundaries. The boundary extends along the eastern portion of the Permits where it is intersected by a prominent northeast lineament known as the High Hill River Fault. This confluence of structures is seen as a priority exploration target. Depth to crystalline basement is expected to be less than 300m.
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The Report recommends a Phase I airborne time-domain electro-magnetic survey along favourable structures at an estimated cost of $500,000. Contingent upon positive results, a Phase II program of ground work and drilling is recommended with an estimated budget of $850,000.
The Report containing relevant maps and figures is posted in its entirety on the Company’s website (http://vulcanminerals.ca/media/uploads/Vulcan_-_Athabasca_Border_-_Orientation_Report_-_FINAL_-_25_Feb_2014.pdf). It was not intended to be compliant with National Instrument 43-101 reporting standards, but rather represent an early stage orientation report. No mineral reserves or resources are known to exist on the Permits. The Permits are considered to be relatively underexplored for uranium mineralization.
Management is encouraged by the prospectivity of the Permits based on their structural and geological setting which has favourable characteristics to other uranium discoveries in the area. Given the increasing exploration activity generated by the Patterson Lake South uranium discoveries, it is the Company’s plan to solicit partners to advance exploration of the Permits.
Vulcan is a diversified junior exploration company with mineral exploration and petroleum interests in Canada.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information. We seek safe harbour.
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>