Uravan Provides Halliday Drilling Update; Encounters No Economic Uranium Mineralization; Shares Dive 48%

By Midnight Trader,  September 06, 2012, 11:23:49 AM EDT

On September 3, 2012 Uravan Minerals Inc. (UVN.V) completed drilling operations on its Halliday Lake project, Athabasca Basin1, Northern Saskatchewan. The technical program consisted of completing five (5) diamond drill-holes (HL-01, -02, -03, -05 and -06) and one abandoned drill-hole (HL-04)2 totaling 4,836 meters drilled.

All drill-holes were surveyed using a Mount Sopris Triple Gamma Probe (2GHF-1000) for detecting anomalous radioactivity (suggesting potential uranium mineralization). The results from these down-hole radiometric surveys disclose anomalous radioactivity in most drill-holes.

The levels of radioactivity intersected, ranging from 400 cps to 1200 cps (counts per second) are considered anomalous, albeit not quantitative. This anomalous radioactivity indicates the presence of mineralizing processes; however, based on the triple-gamma probe data, no economic uranium mineralization was encountered during this drill program.

451,000 shares have changed hands.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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