TSXV: UAX
US Symbol: ATURF
VANCOUVER,
July 17, 2013 /PRNewswire/ -
Athabasca Uranium Inc. ("Athabasca" or the "Company") is
pleased to report the preliminary interpretive results of the
multiphase airborne Mag/EM survey conducted over portions of its
Keefe Lake, Fisher River and
McGregor Lake uranium projects located on the southeastern margin
of the Athabasca Basin,
Saskatchewan. The 736-line
kilometer V-TEM survey was designed to examine subsurface anomalies
as well as magnetic features that may control alteration and
mineralization events.
KEEFE LAKE - Confirmation of D-ZONE drill
targets
At the Company's flagship Keefe Lake Project,
preliminary interpretation has identified a series of subtle
northwest-trending conductive anomalies, lying within a wide
magnetic low, between the Keefe Lake Alteration Zone and Cameco's
Harrigan Deposit. The presence of these subtle conductors (possibly
regions of alteration) supports the hypothesis that these two
aforementioned zones are related by an area of dilation ("D-Zone"),
observed in the magnetic data as a strong and pronounced low. The
subtle conductors were first identified in electromagnetic data
from a 2005 GEOTEM regional survey as an AdTau anomaly. The VTEM
anomalies correspond with two high-value targets that have
favourable basement lithology (biotite gneiss/pelitic) and are
related to the Tebbernor fault system. In addition, Illitic clays,
which often form in alteration halos around uranium deposits, and
boulder samples anomalous in uranium and pathfinder minerals such
as lead and boron have been discovered in the D-Zone. Data from the
2013 VTEM survey will be incorporated into the active
interpretation matrix, which includes 2D seismic and a host of
downhole and historical geophysics, to further refine targets for
the Keefe Lake Phase 3 drilling program, slated for later this
year.
FISHER RIVER -
Large conductive subsurface anomaly identified
At Fisher
River, a single large conductive zone, striking east-west
and covering an area of approximately 4500 meters x 1500 meters,
was identified. Resistivity depth imaging estimates depth to
the top of the conductor is approximately 200 meters, this being
near or at the unconformity. The conductive zone is considered to
be a highly prospective target for uranium as it lies within a
magnetic low, at the edge of a magnetic feature.
MCGREGOR LAKE - Large conductive subsurface
anomaly identified
At McGregor Lake, a single clear local target
was identified, situated in the northeastern portion of the
McGregor 2 block.
Resistivity depth imaging estimates the depth to the top of the
conductor is approximately 200 meters. There is good correlation
with magnetic anomaly sources and combined TEM-magnetic
interpretation is recommended for these areas. The McGregor property was surveyed with the Z-TEM
system in 2011, and the Company is in the process of collating the
two datasets.
The positive results at Fisher River and McGregor Lake have upgraded
the prospectivity of these projects, and both may now be included
in the fall drilling program.
On the results of the survey, Gil Schneider, Athabasca Uranium's CEO commented
"Once again, we have used leading-edge science to advance our
projects - this VTEM survey appears to confirm our theory that the
subsurface formations of Keefe Lake mirror those of Cameco's
Harrigan Deposit area. We are now more excited than ever to
begin our specific Phase 3 drilling, to potentially uncover the
next Basin deposit. Adding to that these new developments at
Fisher and McGregor means we are
very well-positioned to take advantage of the recent global
resurgence of uranium".
Corporate Update
The Company is pleased to report that at its
Annual General and Special Meeting of Shareholders ("AGM") held
yesterday, all resolutions presented passed. By way of
majority vote, the shareholders:
- re-appointed each of the four incumbent directors to the Board,
including Gil Schneider,
Paula Rogers, Kim Goheen and Barry
Lee;
- re-appointed Davidson & Company LLP Chartered Accountants
as auditor of the Company for the ensuing year;
- re-approved the 10-per-cent rolling stock option plan; and
- approved a change in the Articles of the Company to allow for
an Advance Notice provision to be adopted by the Company.
Additional information respecting the AGM can be
found in the Information Circular sent to the Company's
shareholders, available at www.sedar.com.
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration
and development company exploring an aggregate of over 68,500
hectares strategically located in the uranium-rich Athabasca Basin region of northeast
Saskatchewan. The Company's
stated vision is to explore the region using leading-edge
technology to become a world-class uranium mining company.
Additional information on Athabasca Uranium and its vision is
available on the Company's website at www.athabascauranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Gil Schneider"
Gil Schneider,
President & CEO
FORWARD LOOKING STATEMENTS: This press
release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking
statements. Forward-looking statements are based on the
beliefs, estimates and opinions of the Company's management on the
date such statements were made. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Neither TSX Venture Exchange nor its
Regulations Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Athabasca Uranium Inc.
