Universal Uranium Receives Preliminary Assessment on St. Georges Bay Property
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 30, 2008) – Universal Uranium Ltd. (TSX VENTURE:UUL) (the “Company”) is pleased to report that North Rim Exploration Ltd. has completed a Preliminary Resource Assessment Study (the “Study”) on the Company’s 100% owned St. Georges Subbasin Project, located in western Newfoundland.
The study concludes that the project warrants being advanced and recommends additional work to be conducted in the form of ground truthing, ground gravity surveys and possible drill testing based on gravity features. It also reports that the property not only has potash potential but also potential for uranium, coal and other base metals.
North Rim geologists will visit Pasadena, NL in late October in order to document the cores of the historical drill holes in the area and try to locate the coal occurrences that are in the historic data as being on the property.
Highlights of the Preliminary Assessment Report:
– The St. Georges Subbasin is an extension of the larger Carboniferous-age Maritime Basin that underlies most of Nova Scotia, New Brunswick and Prince Edward Island (See Figure 3 available at www.universaluranium.com). The evaporite-bearing formations in Newfoundland are believed to be similar in age to potash-producing formations in the Moncton Subbasin of New Brunswick, which is also part of the Maritime Basin. The potash mine in the Moncton Subbsain, the Sussex Mine, is currently operated by the Potash Corporation of Saskatchewan and produces approximately 800,000 tonnes of potash a day. This demonstrates that the company’s claims cover an area with the geological potential to host a potash deposit (See Figure 3 www.universaluranium.com).
– Sylvinite and caranallite mineralization have been reported and confirmed from drill holes in the general St. Georges Subbasin of western Newfoundland. The closest drill hole to the Universal property is the St. Fintans occurrence which is located approximately 10 to 15 kilometers from the western boundary of the company’s licenses and reported grades as high as 9.1% K2O. Both sylvite and carnallite were reported to be present (See Figure 1 www.universaluranium.com). The most extensive drilling was done at Fischells Brook which is located approximately 20km northeast from the Universal property and reported grades as high as 15.3% K2O. The highest grade intersection in this area was 4.1m averaging 13.2% K2O and the thickest intersection was 7.8m of 7.95% K2O (See Figure 1). These observations indicate it is reasonable to expect the discovery of additional sylvinite and caranallite within the St. Georges Subbasin.
– The highest prospectivity for potash mineralization in the St. Georges Subbasin is coincident with the lower Codroy Group Sediments. This Codroy group is present on a substantial part of the Universal property. Further ground work on the licenses, specifically within the regions marked by the highlighted area on Figure 9, could result in the discovery of evaporite minerals that may include sylvinite and carnallite.
– The St. Georges Subbasin is a metallogenically interesting area with regional indications of several other mineral commodities (Figure 7 www.universaluranium.com), including coal, uranium and base metals. There are currently reports of coal beds (Figure 9) encountered in the vicinity of the Universal licenses so particular attention will be paid to identifying the potential presence of a coal resource. The potential for economic concentrations of other minerals will also not be discounted during the work program as there are reports indicating base metal potential in the Codroy- Anguille contact area (Figure 9).
The Study, dated September 15th, 2008 and entitled “Bay St. Georges Subbasin Western Newfoundland – Preliminary Resource Assessment Study” will be filed on www.sedar.com and available for viewing on the company’s website www.universaluranium.com. The study was prepared by Sandra J. Foster, P.Geo., and Stephen Halabura, P. Geo. of North Rim Exploration Limited (NREL), a geological consulting company based in Saskatoon, Saskatchewan. Mr. Halabura and Ms. Foster are both independent qualified persons as defined by NI 43-101.
Universal Uranium Ltd. (TSX VENTURE:UUL) is a publicly held Canadian exploration company focused on acquiring, exploring and developing mineral properties located in favorable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies.
ON BEHALF OF THE BOARD:
Ronald Atlas, President & Chairman of the Board
The Company seeks Safe Harbour.
Standard & Poor’s Listed
Issued Share Capital: 47,034,068
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