Update on properties and drill programs
Mon Sep 22, 11:35 AM
ca.news.finance.yahoo.com
GU (TSX: V.TO)
VANCOUVER, Sept. 22 /PRNewswire-FirstCall/ - Global Uranium Corp (GU-TSX: V) ("The Company") is pleased to provide an update on progress regarding its properties, and on drill programs planned for the coming months.
The Company has signed Heads of Agreements (Letters of Intent) with Yellowcat Uranium plc regarding its Sharp Canyon and Round Mountain properties.
The Sharp Canyon property (the SC claim group) consists of 96 contiguous mining claims. This property is located on the east side of U.S. Route 191, about 33 miles southeast of Moab, within Montrose County, Colorado, about 70 miles west of the town of Montrose. The SC claims are immediately adjacent to the currently owned Pine Ridge (PR) claim group. Together they form a contiguous claim group on both sides of the Utah/ Colorado border. This combined group covers two types of exploration targets, namely uranium mineralization hosted in fluvial channels within the Triassic Chinle Formation (from 1800 - 2500 ft deep), and uranium mineralization in fluvial channels hosted in the Jurassic Morrison Formation (from 300 - 500 ft deep).
The Round Mountain property (RM group) consists of 60 contiguous claims, and is located within the Manti - LaSal National Forest in San Juan County, Utah, approximately 25 miles west of the town of Monticello. The claim group covers a past producing uranium mine (an open pit), and possible extensions of this mineralization to the southwest. The uranium mineralization is present in fluvial channels within the Monitor Butte Member of the Triassic Chinle Formation. 12 drill holes are planned to test for the possible southwest extension of the mineralization found in the open pit, over a distance of approximately 1.5 miles. Applications for drilling permits have been filed with the USFS and the Utah State Department of Oil Gas and Minerals.
The Company has completed a re-evaluation of its property holdings in Utah and Nevada, and has retained a total of 6 claim groups: the VO, PR, FC, LS, WC and PZ claims; and it has added 156 new claims to its portfolio (Sharp Canyon -96 claims and Round Mountain - 60 claims), for a total of 326 claims in 8 groups. Management has concluded that, given the present state of affairs, the claims being retained and the two new acquisitions afford the best opportunity to build value for the Company's shareholders.
Timea Carlsen, CEO of Global Uranium states: " Because of current market conditions and a need to focus treasury on the claims which are believed to have the most potential for shareholder value, we have trimmed the fat and decided to focus our efforts on targets that have easy access and could produce the kinds of results that we believe the investment community is looking for."
The Company has exercised its options to purchase three claim groups located in Lincoln County, Nevada. These claim groups are now owned 100% by the Company. The Lucky Strike project is located on the east side of Coal Valley, approximately 35 miles west of the town of Panaca, and the White Cloud and Payzone projects are located about 1 mile east of Panaca, north and south of Highway 25.
The Lucky Strike (LS) property consists of 34 contiguous claims, where past exploration has identified several NE trending uranium bearing silicified breccia zones. Two of these zones have been confirmed by radiometric surveys, and will be tested by drilling. Application to drill 4 holes has been made to the BLM, and permits are pending. Once issued, these permits are valid for 2 years.
The White Cloud (WC) claim group consists of 10 claims, and the Pay Zone (PZ) claim group likewise consists of 10 claims. These two properties are located within the Panaca Basin, and the uranium mineralization consists of stratiform carnotite in tuffaceous lake-bed sediments of the Pliocene Panaca Formation. Previous exploration has identified areas of anomalous radioactivity on both properties.
A permit has been issued by the BLM for 10 drill holes on the White Cloud property, and the Company intends to start drilling within the next 2 weeks. The objective of this drilling is to follow up on channel samples taken in a road cut that assayed from 0.05% U(3)O8 over 2 ft, to 0.437 % U(3)O8 over 2.5 ft.
The VO claim group (the San Rafael project), consists of 21 claims that are located north of Interstate 70 immediately east of the San Rafael River and about 10 miles west of the community of Green River. The exploration target is uranium mineralization hosted in fluvial channels within the Jurassic Morrison Formation. To date, the Company has drilled 5 holes on the property and intends to continue exploring by drilling a further 2 to 4 holes.
The Fry Canyon property (FC claim group), consisting of 28 claims and a 640 acre Utah State Mineral Lease, is situated midway between Blanding and the Colorado River, in San Juan County, Utah. The exploration target is uranium mineralization in fluvial channels (Shinarump) at the base of Triassic Chinle Formation; the drill targets here are relatively shallow, approximately 1000 ft.
ON BEHALF OF THE BOARD
Timea Carlsen
CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
Dr. Hans E. Madeisky, P. Geo. (Vancouver, BC), the Company's Consultant
Geologist is the Qualified Person who has reviewed the technical information
in this news release.
ABOUT GLOBAL
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Global Uranium Corp. is an early stage uranium exploration and development company focusing on properties located in the south-western United States with special emphasis on Utah and Nevada. The Company's strategy is to maximize shareholder value through successful exploration and development of its properties.
SOURCE Global Uranium Corporation |
