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Gold/Mining/Energy : Pioneer Metals (T.PSM) -- Ignore unavailable to you. Want to Upgrade?

To: Rise who wrote (230)	9/16/1999 8:45:00 PM
From: JUNIORSPECULATOR	Respond to of 502

Pioneer and Cameco results from Riou Lake summer uranium exploration Pioneer Metals Corp PSM Shares issued 49,614,767 Sep 15 close $0.14 Thu 16 Sept 99 News Release Also Cameco Corporation (CCO) Mr. Stephen Sorensen reports Pioneer Metals has released the results of the 1999 summer field program at Riou Lake, in the Athabasca Basin of Northern Saskatchewan. The program was carried out on the six claims under option to Cameco Corporation (PM claims) as well as the 13 remaining 100-per-cent Pioneer-owned claims which together make up the 54,715-hectare Riou Lake uranium project. Work was supervised by Pioneer's independent geological and geophysical consultants, including Daniel Faure, Paul Ramaekers, Patrick McGowan and Sierd Eriks. All geochemical analyses were performed by Saskatchewan Research Council in Saskatoon, Sask. The principal objective of the five-week-long prospecting, geological mapping and lake sediment sampling program was to further define known or hypothesized geological concepts. However, traverses on parts of the property not previously prospected by Pioneer yielded significant results as well. The most important of these was the discovery of radioactive springs lying in a geological setting favourable for uranium mineralization. The springs are found on 100-per-cent Pioneer-owned claims. The newly found radioactive springs lie on the western margin of a pronounced magnetic low, known by drilling on an adjacent property to be a metapelitic basin. This drilling also encountered uranium mineralization in the basement rocks. Geochemical analysis of the water from the spring reveals that radium and radon, decay products of uranium, are the source of the radioactivity observed by the crew in the field. The water samples were also found to be rich in chloride ions, indicating that the water comes from a deep-seated source. What makes the discovery of such a spring extremely significant is that it proves the existence of an open system of fractures carrying water which is actively leaching radioactive minerals from some source in the vicinity. During the 1998 summer program, significant radioactive boulder field (the W zone) was discovered on the southeast shore of Riou Lake (Pioneer news release, Sept. 24, 1998) in the centre of the PM claims. As reported, the uranium-bearing phosphate mineralization found in the boulders were likely derived from a hydrothermally altered fault zone nearby. However, no bedrock source for these boulders was found. This all changed when one of six pits dug by field crews this summer at the W zone uncovered bedrock with zones of uranium-bearing phosphate mineralization -- likely one of the sources for the mineralized boulder boulders -- representing the first discovery of mineralized, radioactive bedrock at Riou Lake. The crews also increased the known limits of the W zone boulder field an additional 250 metres to the southeast with the finding of many more groups of radioactive boulders indicating that the W zone is much more extensive than previously thought. A petrographic study of samples taken from the exposed bedrock at the pit finally proves that the rock at the W zone has undergone hydrothermal alteration. The presence of fold structures in the exposed bedrock also confirms that a major post-Athabasca fault structure lies very close by. The apparent strike direction of the fault structure carries it over a magnetic low, which, from drilling by Pioneer last winter, is known to be a basin of graphitic metapelites in the underlying basement. Anomalous values of iron, arsenic, uranium and molybdenum are also present in lake sediment samples from this area. Elsewhere on the property, field crews also mapped on the ground other post-Athabasca fault structures overlying magnetic lows. This has added to the inventory of prospective areas on the 100-per-cent Pioneer-owned claims and indicates that more than just the southeastern portion of Riou Lake is highly prospective for hosting an unconformity-type uranium deposit. A winter program of ground geophysics and drilling is to commence in early January, 2000, or as soon as ground conditions permit. The geophysical surveys, primarily ground electromagnertics, are designed to test previously unsurveyed magnetic lows for the presence of basement conductors or any evidence of post-Athabasca fault structures. One of these magnetic lows lies adjacent to the radioactive springs discovered this summer. The drilling program will test these areas as well as a previously drilled structure in the vicinity of the W zone. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com