WestCan Uranium Options Advanced Project on Athabasca Basin's North Rim
2010年8月11日 - 12:02AM
Marketwired
WestCan Uranium Corp. (the "Company") ("WestCan") (TSX VENTURE:
WCU)(FRANKFURT: IAR) is pleased to announce that the Company has
entered into an option agreement with CanAlaska Uranium Ltd
("CanAlaska") (TSX VENTURE: CVV), on CanAlaska's 100%-owned Grease
River Project located on the northern rim of Saskatchewan's
Athabasca Basin.
Under the terms of the Agreement, WestCan will issue to
CanAlaska, a total of 5% of the issued and outstanding common
shares of the Company and a further 5% on the first anniversary
date of the agreement; and must spend 4.5 million dollars in
exploration on the claims over a 3 year period, in order to earn a
50% participating interest in the project. CanAlaska will also
receive a three percent (3%) Yellowcake Royalty. At any time
following the formation of the 50% Joint Venture, WestCan may
purchase a portion of the Royalty by paying CanAlaska a
consideration of $1 million (Cdn) in cash for each half per cent
(0.5%) Yellowcake Royalty increment, up to a maximum total purchase
of two and one-half percent (2.5%) Yellowcake Royalty for a total
consideration of $5 million (Cdn).
The agreement is subject to approval by the TSX Venture
Exchange;
The Grease River property comprises 15 claims totaling 81,821
hectares, lying between 10 and 60 kilometres from the edge of the
north rim of the Athabasca Basin, 50 kilometres northwest of Stony
Rapids, Saskatchewan. CanAlaska has spent approximately $2.7
million on exploration of the property since 2006, and has
discovered 24 uranium occurrences, one rare-earth element (REE)
occurrence and one occurrence of REE plus uranium mineralization.
The highest analytical result encountered from surface sample
analysis on the property was 550,600 ppm (55.06%) U3O8.
The primary focus of exploration at Grease River will be to
drill test the Shearika Ridge uranium zone for a large tonnage
intrusive hosted deposit. Historical trenches were found over a 600
metre strike length within a zone 1,500 metres long and up to 500
metres wide, in which there are numerous sill-like bodies of white
pegmatitic granite or alaskite, at the margins of a large granitic
intrusion. Individual sills are up to 100 metres thick. During the
2008 field season, CanAlaska crews collected 99 grab samples of
mineralized alaskite for analysis, of which 85 contained over 500
ppm U3O8 (0.05% U3O8). The average analysis of these 85 samples was
1600 ppm (0.16%) U3O8, and the average uranium/thorium ratio was
2.4:1, which is high for primary magmatic uranium
mineralization.
WestCan believes that the Shearika Ridge uranium occurrences
show similarity to the famous Rossing deposit in Namibia, which has
been mined continuously since 1976 and has produced a total of 215
million pounds of U3O8 to the end of 2009. The planned program for
2010 at Shearika Ridge is to map the zone in detail, then to put
down a series of 200 metre deep diamond drill holes to determine
the average grade of the main alaskite sills.
If time permits, some exploration may also be carried out on the
Bradley Shear Zone, where vein-type, shear-hosted uranium
mineralization has been discovered in outcrop by CanAlaska. Eight
grab samples were collected by CanAlaska in 2008, and analyses
ranged from 0.03% to 1.65% U3O8, with an average of 0.49% U3O8.
Mr. Chris England, President & CEO of WestCan stated, "This
is a major project with multiple uranium discoveries, and
management has a high degree of confidence in successfully
achieving our exploration goals based on results produced by prior
exploration, and CanAlaska's expertise in the Athabasca Basin
area".
Technical material in this news release has been prepared and/or
reviewed by Colin Bowdidge, Ph.D., P.Geo., a director of the
company and a Qualified Person as defined in NI43-101. Analyses
quoted here were geochemical analyses performed for CanAlaska
Uranium Ltd. by either Acme Analytical Laboratories or the
Saskatchewan Research Council using ICP-OES after multi-acid
digestion. It is emphasized that these analyses were performed on
grab samples, which are not representative of the zone or zones as
a whole, and were mostly selected because of their higher than
average radioactive signatures.
On behalf of the Board of Directors
Chris England, President and CEO
WestCan Uranium Corp.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and
are subject to change at any time, the Company's actual results may
differ materially from the expected results.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: WestCan Uranium Corp. Chris England President and CEO
(604) 694 0888 info@westcanuranium.com www.westcanuranium.com
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