CDNX SYMBOL: UVN
FEBRUARY 1, 2000
Uravan Minerals Inc.: Full PGE Assays +Ni/Cu Values At
Rottenstone Are Significant!
CALGARY, ALBERTA--Nine (9) reconnaissance diamond drill holes
(RL99001 to RL99009 inclusive) were completed on the Rottenstone
PGM +Ni/Cu project in the late fall 1999, amounting to 1273 m
(4176 ft.) of drilling (News Release dated 11/24/99). The drill
program focused on three broadly separated areas of significant
Transient Electro Magnetic (TEM) conductivity and co-incident
Total Field Magnetics (TFM). This program was designed to
determine the existence of widespread ultramafic intrusive rocks
(peridotite and orthopyroxenite) and their potential for hosting
nickeliferous-PGE mineralization of the type lithology and grade
that occurred at the Rottenstone Mine. The three geophysical
targets and drill hole locations are shown on the attached map
(Figure 1).
This drill program was technically successful in furthering
Uravan's knowledge of the Rottenstone deposit and the geophysical
anomalies tested. Most importantly, drill hole RL99001, located
50m (164 ft.) well away from any previously known mineralization,
was very successful in intersecting significant (10% to 20%)
sulphide mineralization consisting of pyrrhotite, chalcopyrite and
pentlandite occurring as disseminated net-textured and massive
sulphide mineralization. This mineralization contains strong PGM
+Ni/Cu values hosted in an altered ultramafic rock (altered
orthopyroxenite). The ultramafic unit represents the thickest
intersection ever reported in the area, occurring over 13.1 metres
(43 ft.), from 7.7 m to 20.9 m, as a flat lying sill-like
intrusive body, intruded by several pegmatite dykes. It is
believed that the top of the sill was not recovered due to
unconsolidated subcrop and overburden and that this intersection
was near the edge of the sill. The mineralized intersection is
impressive, averaging 7.6m (25ft.) thick grading 2.82 g/t PGE,
0.78% Cu and 1.61% Ni. The following is a detailed breakdown of
the full PGE (Pt, Pd, Rh, Ir, Ru, Os) + Ni-Cu mineralization:
/T/
From To Thickness Cu % Ni % Pt g/t Pd g/t Rh g/t PGE g/t
(m) (m) (m)
------------------------------------------------------------------------
7.7 15.3 7.6 0.78 1.61 0.90 1.62 0.11 2.82
Incl. 7.7 12.3 4.6 1.07 1.82 1.00 1.79 0.11 3.07
Incl. 12.3 14.1 1.8 0.26 0.45 0.10 0.44 0.03 0.65
Incl. 14.1 15.3 1.2 0.45 2.58 1.70 2.75 0.26 5.11
------------------------------------------------------------------------
/T/
Of note and exploration interest, by removing the 1.8 metres
(12.3m to 14.1m) of low grade mineralization hosted in a pegmatite
dyke, as described above, this intersection would average 5.8m
(19ft.) thick grading 3.49 g/t PGE, 0.94% Cu and 1.98% Ni.
Of economic interest, based on the December 31, 1999 closing spot
prices for Cu ($US 0.84/lb), Ni ($US 3.85/lb) and full PGE's ($US
2,813/oz), the following table compares the in-situ value of this
single (i.e. 7.6m) intersection to other PGM +Ni/Cu producers
around the world. Also, this simple comparison portrays where
Uravan is in the development of this property and where we are
going:
/T/
----------------------------------------------------------
Merensky UG2 Reef, Sudbury, RL99001
Reef, SA SA CDN Rottenstone,
CDN
----------------------------------------------------------
$US 117/t $US 120/t $US 130/t $US 175/t
----------------------------------------------------------
----------------------------------------------------------
Noril'sk- Raglan, Stillwater Rottenstone
Talnakh, CDN Complex, Mine,
CIS USA CDN
----------------------------------------------------------
$US 309/t $US 336/t $US 396/t $US 406/t
----------------------------------------------------------
/T/
By viewing this drill intersection with the preliminary surface
data plot of the Ni and Pt + Pd tree top biogeochemical results
(Ni, Pt/Pd maps attached), the significance of this intersection
takes on a much larger dimension. Some of the more impressive
biogeochemical results occur in a >2.0 sq. km area centered over
the Rottenstone deposit ("Rottenstone Anomaly") and drill hole
RL99001. The contoured outline of this anomaly, representing the
most enriched concentrations, encloses persistent Pt+Pd and Ni
anomalies ranging from 15-167 ppb Pt+Pd and 190-1510 ppm Ni. Of
exploration importance, 500 m east of the Rottenstone mine and
just south of the coincident MAG high and TEM Conductor B, some of
the strongest concentrations occur, amounting to 221, 495, 524 ppm
Ni and 29, 51, 167 ppb Pt + Pd. To put these numbers in
perspective, the cut-off value (i.e. "back-ground" or mean value)
for Pt+Pd is 10 ppb and Ni at 125 ppm. What this means is that
all values over 10 ppb Pt+Pd and 125 ppb Ni represent metal
concentrations in the substrate absorbed by the root system of the
trees sampled from a source enriched in these metals. The source
of the metal concentrations, according to the experts, is thought
to be near by, possibly lying directly beneath the tree top
sampling and drilling activity taking place. Conclusion, more
drilling is required to work out the structural and geological
complexities currently masking the existence of "Mother"
Rottenstone.
In preparation for a major winter drill program scheduled to
commence in March 2000, the Rottenstone grid has been expanded to
cover areas previously restricted due to lake coverage and in
areas having Pt/Pd/Ni concentrations as identified by the tree top
biogeochemical survey. A Quantec geophysical crew is currently in
the field to complete the ground TEM and TFM surveys over the
"expanded grid" area. The data generated from the expanded
geophysical survey, when evaluated with the tree top
biogeochemical survey and landsat imagery, will provide another
invaluable level of technical information in preparation for this
major drill program.
Uravan has engaged IBK Capital Corp., an investment-banking firm
from Toronto, as Uravan's fiscal agent for accessing project
financing.
Other news of note, Uravan will be launching a new and updated
website in early February 2000, with the domain name:
www.uravanminerals.com. We at Uravan would like to invite all
interested parties to visit our website and hopefully understand
more about our projects, who we are, and where we are going.
Respectfully Submitted,
Larry Lahusen, President
This news release contains forward-looking statements regarding
biogeochemical results, drill results, upcoming programs, economic
projections and project financing activities. Actual results may
differ materially from those currently anticipated by Uravan in
such statements.
-30-
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Maps etc.
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