Uranio AG
URANIO AG ANNOUNCES PRELIMINARY EXPLORATION RESULTS
Uranio AG / Miscellaneous/Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ----------------------------------------------------------------------Uranio AG Hirschgässlein 30 Frankfurt: UAI WKN: 924482 www.uranio.ch CH-4051 Basel Telefon: +41(61)271 27 70 Switzerland Telefax: +41(610271 27 71NEWS RELEASE #2: AUGUST 4th 2008 URANIO AG ANNOUNCES PRELIMINARY EXPLORATION RESULTS ON THE OLTA-MALANZAN CONCESSIONS IN LA RIOJA PROVINCE, CENTRAL ARGENTINA (PLEASE BE ADVISE: GEOLOGICAL PICTURES AND SCHEDULES ARE AVAILABLE ON OUR HOMEPAGE: www.uranio.ch) INTRODUCTION Uranio AG, under its wholly owned subsidiary Uranio del Sur S.A., has started detailed prospecting and exploration on its properties (224,000 ha) in Argentina (Fig. 1). Described below are preliminary results from prospecting in the Olta-Malanzan Project where concessions total 58,664 hectares (Fig. 2). Figure 1. Concessions held and applied for by Uranio AG in Argentina total about 224,000 hectares. This report describes recent prospecting on the 58,664 hectares of concessions that form the Olta-Malanzan Project in the Province of La Rioja, Argentina. Figure 2. Outline in red of Uranio’s Olta-Malanzan Concessions (58,664 ha) in the Province of La Rioja, Argentina. Principal areas of anomalous uranium discoveries are identified, the best explored of which are described in Figures 3 and Table 1. Dashed yellow lines mark centers of Permo-Carboniferous paleochannels now marked by conglomerates, sandstones and shale. The borders of this paleochannel, which is more than 50 kilometers long, are marked with yellow-hashed lines. Basement to the paleochannel is metamorphic and granitic rocks of the Sierra de Chepes uplift. Most of the uranium showings are associated with basal conglomerates at the unconformity between the underlying basement and the paleochannel Background is an Aster satellite image (VIS); coordinates are UTM Gauss Kruger (WGS84). TABLE 1. Anomalous values from newly explored uranium showings on the Olta-Malanzan concessions in La Rioja, Argentina (Fig. 3).ANOMALY(Figs. SCNT. SCNT. ASSAY URANIUM**U DEPOSIT 2 & 3) URANIUM*eUppm THORIUM*eTh ppm (percent) HOST (percent) Ppm BURRO 801 ppm (0.08%) 39.3 ppm NA*** Conglom erate CAIDO 1187 ppm (0.12%) 32.6 ppm 503 ppm (0.05%) Conglom erate CHIMINEA 783 ppm (0.08%) 45.4 ppm NA*** Conglom erate CNA 1400 ppm (0.14%) 3.7 ppm NA*** Sandsto ne LA ARADA 752 ppm (0.08%) 0.0 ppm 1706 ppm (0.17%) Sandsto ne LATA 2966 ppm (0.30%) 50.1 pm NA*** Conglom erate*Analyses by discriminating scintillometer (SCNT.)are reported as eUppm for uranium in ppm (and %), and eThPpm for thorium in ppm. **Analyses by Acme Laboratories Ltd., Vancouver, B.C., Canada. ***NA is not analyzed; analysis is in progress. Figure 3. Principal anomalous areas in the Olta-Malanzan concessions (Fig. 2) discovered during initital prospecting. Values from these areas are in Table 1. Map background is an Aster satellite image (RGB461). Coordinates and explanation of paleochannel marked in yellow are in the legend of Figure 2. GEOLOGY AND TARGET OF EXPLORATION The majority of the satellite image in Figure 2 is of the Sierra de Chepes Uplift. The area covered by the Olta-Malanzan Concessions in this figure consists of: (i) basement rocks of Precambrian schist, gneiss, granite and local pegmatite that have been intruded by Paleozoic granite, and (ii) a Permo-Carboniferous paleochanel of continental sediments that unconformably overlies the basement. The unconformity between these two units is marked by basal conglomerate. These continental sediments are part of the Panganzo Basin that hosts several uranium mines including the Los Mogotes Los Colorados Mine, which is a roll-front uranium deposit. The majority of the uranium showings described in Figures 2 and 3 are hosted in the basal conglomerate, exactly at the unconformity. Thus, the BURRO, CAIDO, CHIMENEA and LATA showings in Figures 2 and 3 are characterized as 'Unconformity Type Uranium'. Uranium deposits of this type are among the largest and richest in the world. Famous examples are in Canada and Australia. Consequently, the potential for deposits of this type in the Olta-Malanzan Concessions is substantial and exciting. The CNA and LA ARADA uranium showings in Figures 2 and 3, and Table 1, are concentrated in sandstone units. The CNA deposit is close to the unconformity, but the LA ARADA deposit is an unknown distance above it. Faults are locally mineralized, and are therefore, highly prospective. This is common to districts with unconformity type deposits. Consequently, concentration of prospecting along structures is being carried out. These fertile fault structures are being identified with the aid of Aster satellite imagery (Figs. 2 & 3). Isolated, uranium-rich boulders in otherwise barren basal conglomerate occur commonly over the two kilometers between the CNA and CAIDO deposits. This, along with evidence of uranium leaching in the richer basal conglomerate deposits, indicates that mobilized uranium might be re-deposited elsewhere and deeper along the unconformity where reducing conditions occur at the level of a lowered water table. Using an analogy with supergene copper deposits, the re-deposited uranium could become successively enriched with each leaching cycle. Consequently, highly enriched, economic uranium deposits of the 'Unconformity Type' probably occur deeper in the paleochannels. Likely locations for such enriched zones are at depth below sedimentary cover near the approximate axes of the paleochannels marked with dashed yellow lines in Figures 2 and 3. CONCLUSIONS Uranium exploration in Argentina offers exciting opportunities for major discoveries of new uranium mines. Detailed results from ongoing exploration on specific showings in the Olta-Malanzan Project in La Rioja will be reported as appropriate. Uranio’s management believe that this project offers an opportunity of discovering major, high grade uranium mines—especially in the central and deeper parts of the paleochannels. Some of the largest uranium deposits in the world are of the unconformity-type, which characterizes most of the significant showings described here. On behalf of the Board of Directors 'Peter Goeggel' President and Director PLEASE BE ADVISE: GEOLOGICAL PICTURES AND SCHEDULES ARE AVAILABLE ON OUR HOMEPAGE: www.uranio.ch 05.08.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found