CALGARY, May 18, 2016 /CNW/ – Uravan Minerals Inc. (“Uravan” or the “Corporation“) is pleased to announce that it has closed the second tranche of a non-brokered private placement by issuing 1,995,000 units (“Units“). The Units were issued at a price of$0.10 per Unit for aggregate proceeds of $199,500 (the “Offering“). Each Unit consists of one common share of the Corporation (“Common Share“) and one Common Share purchase warrant (“Warrant“). Each whole Warrant will expire 24 months from the closing date, and will entitle the holder to acquire one Common Share of the Corporation at a price of $0.20 per Common Share. The securities issued pursuant to the Offering are subject to a four month hold period. Total proceeds raised under the financing were$300,000.
Proceeds of the Offering will be used by Uravan to finance a property-wide helicopter-borne electromagnetic (EM) geophysical survey over the Outer Ring project, Athabasca Basin, Northern Saskatchewan. The survey will be completed using Geotech Ltd.’s natural source Z-Axis Tipper Electromagnetic (ZTEM) system. Geotech’s ZTEM system is considered ideal for imaging basement conductors where the unconformity depths are greater than 800 m.
Uravan Minerals Inc. Athabasca Basin: Claims, corridors, and Uranium Mines/Deposits
The ZTEM geophysical survey is the next requirement to advance the Outer Ring project for drill targeting. The main area of focus is a discrete southwest-trending corridor of anomalous concentrations of radiogenic 207Pb/206Pb ratios (<0.60) occurring in the clay-size fraction from soils (ORX Anomaly).
Uravan Minerals Inc. Athabasca Basin, Other Ring Property, Anomolous Samples over Residual MAG
The ZETM survey commenced on May 17th and is expected to be completed next week. Subsequently, the processing and evaluation of the geophysical data is expected to be completed by late June 2016. The integration and compilation of the EM geophysical and surface geochemical data sets is anticipated to be completed by late July 2016. Contingent on the surface geochemical anomalous trends and specifically the ORX Anomaly being supported by basement EM conductive signatures, as identified by the ZTEM data, drill targeting will be immediate.
Larry Lahusen, CEO for Uravan, states, “Our experience tells us that the occurrence of tightly-patterned surface anomalies, consisting of radiogenic 207Pb/206Pb ratios in soil clay-size fraction and other supporting pathfinder elements, quickly defines highly prospective areas for the potential occurrence of uranium mineralization at depth. Contingent on positive results from the ZTEM survey, a late summer drill program to test the ORX anomaly is anticipated”.
In the interest of expanding market awareness of Uravan’s exploration approach and surface geochemical techniques for identifying potential unconformity-type uranium deposits at depth in the Athabasca Basin, Uravan has hire an IR firm under the direction of Louis Morin, from Montreal, QE. Mr. Morin and his group have extensive experience guiding junior mineral exploration companies toward broader market exposure in Canada. Read the press release “Uravan announces closing of second tranche of private placement” here.
Uravan Outer Ring Project
Read the previous update on “Uravan to Finance a Property-wide ZTEM™ Geophysical Survey over the Outer Ring Project, Athabasca Basin, Northern Saskatchewan”
Read the former update on “Uravan Outer Ring project: ZTEM™ survey in Athabasca Basin”