Uranio AG
Uranio AG: PRELIMINARY RESULTS ON THE CAIDO PROJECT
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: UAIWKN: A0MKD4 www.uranio.ch CH-4051 Basel Telefon: +41(61)271 27 70 Switzerland Telefax: +41(610271 27 71NEWS RELEASE #3: AUGUST 20th 2008 URANIO AG ANNOUNCES PRELIMINARY RESULTS ON THE CAIDO UNCONFORMITY-TYPE URANIUM SHOWING, OLTA-MALANZAN PROJECT, LA RIOJA, ARGENTINA (PLEASE BE ADVISED: 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., is conducting detailed prospecting and exploration on its properties in Argentina (Fig. 1). Described below are early results from prospecting on the Caido Unconformity-Type Uranium Showing in the Olta-Malanzan Project (concessions total 58,664 ha—Fig. 2) in La Rioja, Argentina. Figure 1. Uranio AG concessions held and applied for in Argentina total about 224,000 hectares. This report describes recent prospecting on the Caido Unconformity-Type Showing that is within the Olta-Malanzan Project (58,664 ha) in the Province of La Rioja, Argentina. The Caido Unconformity-Type Uranium Showing, within the Olta-Malanzan Project in the Province of La Rioja, Argentina, was discovered in October 2007. Mapping and assays demonstrate that this project has significant potential for the discovery of high-grade uranium unconformity-type deposits. REGIONAL GEOLOGY The regional setting of the Caido Unconformity-Type Uranium Showing is shown in Figure 2 (see also Uranio’s News Release of August 4th 2008). Uranium mineralization occurs at or near the unconformity between underlying metamorphic rocks and overlying Permian to Carboniferous continental sedimentary rocks. These continental rocks, part of the Panganzo Basin, host several uranium mines including the roll-front-uranium Los Mogotes Los Colorados Mine. The fertile paleochannel is covered by the concessions of the Olta-Malanzan Project. There are three types of uranium showings at and between the Unquillal (CNA) and the Caido Unconformity-Type Uranium Showing (CAIDO) areas of Figure 2: (i) basal conglomerate and basement sooty black uranium impregnations at, above and below the unconformity between the metamorphic basement and the overlying Carboniferous to Permian sedimentary rocks, (ii) green shale and sandstone layers a few meters above the unconformity with yellow carnotite and autonite uranium mineralization, and (iii) isolated uranium-rich boulders in otherwise uranium-barren basal conglomerate from the CNA to CAIDO showings (Fig. 2). The uranium associated with the unconformity (i & ii, above) is characteristic of world-class unconformity-type uranium deposits; CAIDO of this type is described below. The isolated uranium-rich boulders at the unconformity (iii, above) are relicts of what originally were extensive zones of unconformity-type uranium-enriched zones. LOCAL GEOLOGY The Caido Unconformity-Type Uranium Showing (CAIDO: Figs. 2 - 4) occurs in a basal conglomerate with uranium concentrated at (above and below) the unconformity. Figure 2. Principal anomalous areas in the Olta-Malanzan concessions discovered during initial prospecting. There are isolated uranium rich boulders in barren basal conglomerate over the two kilometer distance between CNA and CAIDO. Map background is an Aster satellite image (RGB461). The yellow dashed and hatched lines indicate the center and margins of the paleochannel, respectively. Figure 3. Local geology around the Caido Unconformity-Type Uranium Showing detailed in Figure 4. Note that CAIDO occurs at the unconformity (U). Uranium mineralization occurs dominantly in basal conglomerate but there is local uranium enrichment in the schist for several meters below the unconformity. Legend for Figure 3 is the same as the legend for Figure 4. CAIDO is centered at UTM Gauss Kruger (WGS84): 3466700E and 6593240N. DETAILED GEOLOGY AND HAND TRENCHES Detailed geology of the Caido Unconformity-Type Uranium Showing, as shown in Figure 4, is the same as described in the local geology in Figure 3. Trench sampling on CAIDO is located in Figure 4. Figure 4. Detailed geology, pictured in Figure 3, of the Caido Uranium Showing. The exposed width of uranium enrichment is in the order of thirty meters. The thickness is up to three meters. The extent into the hill is unknown. The showing, exposed in a cliff, is about three meters thick and 35 meters wide. Assay results are not available. However, discriminating scintillometer readings are, and a selection of equivalent uranium (eUppm) and thorium (eThPpm) linked to the Trenches defined in Figure 4 are in Table 1. TABLE 1. Selected equivalent uranium (eUppm) analyses at the Unquillal Caido Uranium Showing (Fig. 4). Several eUppm max readings were over 1000 ppm (0.1%), but only averages over widths sampled are presented. Significant eUppm in the trenches at this showing are over 300 ppm (0.03%).TRENCH (Fig 4) WIDTH ROCK CPS* eUppm** eThPpm** DiscoveryBlock 1.0 CONG 5246 348.7 24.1 TrenchG8UNQ004 1.0 CONG 4450 335.7 18.3 TrenchG8UNQ004 0.9 CONG 998 55.0 19.0 TrenchG8UNQ011 0.5 CONG 4500 335.3 24.2 TrenchG8UNQ017 1.5 CONG 6300 437.5 29.5 TrenchG8UNQ024 2.3 CONG 672 24.3 23.4 TrenchG8UNQ024 0.5 SASN 560 11.8 28.3*CPS = counts per second on discriminating scintillometer. **eUppm and eThPpm are uranium and thorium contents in parts per million as estimated by discriminating scintillometer. Characteristic uranium mineralization is shown in Figure 5. The black uranium mineralization: (i) is concentrated along specific beds, (ii) replaces, irregularly to totally, cobbles in the basal conglomerate, and (iii) shows uranium depletion rims on some cobbles. Some uranium rich boulders within CAIDO have Figure 5 Caido Unconformity-Type Uranium Showing basal conglomerate with black uranium replacement showing bedding control, fragment replacement, and fragment coatings. white rims that have been leached of uranium. The same is found in isolated uranium-rich boulders in otherwise barren basal conglomerate. These occur over the two kilometers between CNV and CAIDO in Figure 2. These hot boulders represent what is left from previously enriched horizons—probably ones similar to CAIDO. The significance of these boulder-relicts from previous uranium-rich zones is that the mobilized uranium has probably been re-deposited DOWNWARD along the unconformity where reducing conditions reoccur, say 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. Thus: 1. Uranium is leached by groundwater from the hot-sourced sedimentary rocks of the Panganzo Basin sedimentary rocks and deposited at and below a water table. 2. The water table drops and the area of first uranium enrichment, being in an oxidizing zone, is unstable and is leached into downward percolating ground water. 3. The uranium concentrations migrate toward the center of the paleochannel (Fig. 2). Consequently, the Olta-Malanzan Project has potential for high grade unconformity type uranium deposits. Richer deposits should be sought at deeper levels in the Olta-Malanzan paleochannels defined in yellow in Figure 2. Search areas can be prioritized by structural interpretations and the identification of all unconformity related mineralization, as are being discovered in the Olta-Malanzan paleochannel. Detailed radon radiometric surveys will be used to target drill holes. Conclusions Uranium exploration in Argentina offers exciting opportunities for major discoveries of new uranium mines. Uranio’s Olta-Malanzan Project is the first being tackled. The uranium grades in the preliminary examination of the Caido Unconformity-Type Uranium Showing are marginal. However, the extent of mineralization and the uranium grade distribution in this deposit cannot be determined from the cliff exposure alone. Prospecting on the Olta-Malanzan Project continues to be concentrated along faults, and especially, in basal conglomerates along the sides of the Olta-Malanzan paleochannels. Less than ten percent of the highly prospective unconformity contact marked by conglomerate has been prospected. Uranio’s management believe that this project offers an opportunity of discovering major, high grade uranium deposits—especially in the central and deeper parts of the paleochannel. Some of the largest uranium deposits in the world are of the unconformity-type, which characterizes the Caido Unconformity-Type Uranium Showing. On behalf of the Board of Directors 'Peter Goeggel' President and Director (PLEASE BE ADVISED: GEOLOGICAL PICTURES AND SCHEDULES ARE AVAILABLE ON OUR HOMEPAGE: www.uranio.ch) Uranio AG Hirschgässlein 30 CH-4051 Basel Telefon: +41(61)271 27 70 Switzerland Telefax: +41(610271 27 71 20.08.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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