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Uravan Minerals Inc.
Summary
| Project: | Stewardson | |
|---|---|---|
| Deposit: | Stewardson | |
| Location: | Canada | |
| Commodities: | Uranium | |
| Date: | 2/9/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 9-2-2017: Uravan Minerals Inc. announces an Exploration/Drilling Update report for its Stewardson deposit at the Stewardson project. Drilling results incl. 3.65m @ 173CPS. Uravan Minerals Inc. (Uravan) has been informed by Cameco Corporation (Cameco) that | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Dr. Colin Dunn (Independent) | |
| ABSTRACT: | Uravan Minerals Inc. (Uravan) has been informed by Cameco Corporation (Cameco) that Cameco has elected not to fund exploration expenditures on Uravan’s Athabasca Basin1 Stewardson project for 2017. The Stewardson project (web link) is a joint exploration effort between Uravan and Cameco pursuant to the Halliday/Stewardson Option Agreement (the “Option”) [press release link]. Uravan currently owns 100% of the Stewardson project and Cameco is earning an interest. Cameco has until April 2018 to complete the First Option to earn a 51% interest by funding $7,000,000 in exploration expenditures. To date, Cameco has incurred approximately $5,500,000 in exploration expenditures on the Halliday and Stewardson projects. Uravan is the operator and Cameco is funding the programs. As a way forward, Uravan has proposed that Cameco allow Uravan to fund exploration expenditures on the Stewardson project for 2017 to April 2018 when the Option expires. To this end, several proposals designed to amend the current Option are being discussed and negotiated. Currently, it is not certain what form the Option amendment may take, if any at all. Larry Lahusen, CEO for Uravan, states, “Moving exploration forward on the Stewardson project in 2017 is a high priority for Uravan. We are committed to working with Cameco to that end. The mineralization and alteration features highlighted in SL15-003 and SL15- 004 are consistent with the same level of alteration intensity found in drill-holes proximal to major unconformity-type uranium deposits in the Athabasca Basin. All the key requirements in Uravan’s exploration strategy for vectoring to uranium deposits under cover using surface geochemistry with geophysics are intact. Taking what we learned at ORX in 2016, more target development in Area B in the form of surface geochemistry and geophysics is required followed by drilling as we move closer to potential discovery (web link). Our strategy and time-lines for moving the Stewardson project forward will be announced in the coming months”. | |
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