Athabasca Uranium Confirms Drill Targets
VANCOUVER, Oct. 13, 2011 /PRNewswire/ – Athabasca Uranium Inc. is pleased to
report that the Company has confirmed its ten high-value targets for
its upcoming diamond drilling program at Keefe Lake, in the
southeastern Athabasca Basin. Targets were selected from an in-depth
interpretation of seismic data, shot in 2008, which was correlated with
Aerotem and Geotem Mag/EM surveys. EM interpretation was completed by
Living Sky Geophysics (Saskatoon, SK) and Condor Consulting (Lakewood,
CO), with additional modeling and interpretation provided by Irvine
Annesley, PhD PGeo, Director of Exploration for JNR Resources. The
seismic interpretation, completed by the University of Saskatchewan
under the direction of Dr. Zoltan Hajnal, PhD, was successful in
identifying subsurface features, such as faults and basement layers.
The highest priority drill targets generated by the interpretation show
significant faulting which has broken through the unconformity, and is
proximal to medium- to low-intensity conductive sandstones, which may
indicate regions of alteration.
These targets lie approximately 500 meters north of Keefe Lake proper.
In many cases, the target locations show multiple faults and
distortions in the sandstone that are interpreted as areas of
hydrothermal alteration. As such, the Company intends to drill into
these areas of interpreted alteration, through the unconformity and
into the faults. Depths to the unconformity are at approximately 200
meters, and it is intended that drilling will test the basement
structures for a further 100 meters, for total depths of 300 meters.
Regarding the targets, Athabasca President & CEO Gil Schneider commented
“We are extremely excited about the interpretation and the high level
of resolution the team was able to provide regarding faults and breaks
in the unconformity. This technology is without question a lens into
the earth and it is now quite evident why it is deployed by majors such
as Cameco and successful juniors like Hathor.”
The Company expects to commence drilling within ten days.
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 60,000 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, President & CEO
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(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.