VANCOUVER, BC / ACCESSWIRE / April 29, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) (“Glenmark” or the “Company”) is pleased to announce that based on a detailed analysis of a 2005 airborne VTEM survey and a 2006 Aerotem airborne survey, both conducted by the project’s previous operator, Forum Development Corp., six discreet, structurally related, priority targets have been identified on the Key Lake Road Uranium Project (“KLR”). The interpretation of this historic data was completed by Condor Consulting of Lakewood, Colo., which has extensive experience in this exploration camp and has performed interpretations for other advanced exploration and development companies in the Athabasca Basin, including NexGen and Alpha Exploration, as well as Purepoint/Cameco/Areva.
The purpose of the KLR 2015 interpretation study was to identify significant VTEM conductors for follow-up with ground surveys and, if warranted, diamond drilling. These priority targets were first identified through a VTEM airborne electromagnetic and magnetic survey completed by Forum Development Corp. in 2005 and followed by a more focused Aerotem survey in 2006. Additionally, a suite of historic surface sampling results and two diamond drill holes collared by Forum within the area of interest in 2008, were utilized and analyzed in relation to the geophysical signatures as part of this 2015 KLR interpretation study.
Of the six target areas identified from the 2015 study, two areas in particular are interpreted to represent structurally complex fold closures related to coupled northeast-southwest striking antiformal and synformal structures, respectively. These areas would offer potential conduits for uranium mineralizing fluids migrating from depth, a successful mineralizing model within the Athabasca Basin. As part of the interpretation study, Condor has defined four locations for drill testing of these targets. Glenmark will use these discreet target locations to refine the Company’s proposed 2015 diamond drilling on KLR. Notwithstanding that the majority of the interpreted depths to these modeled conductors are less than 50 metres from surface, Glenmark is contemplating at least one “deep hole,” drilling through the interpreted contact between the sheared graphitic pelites and into the Archean granite basement lithologies to test for feeder mineralization; this modern strategy has rewarded explorers, such as Nexgen with their Rook 1 discovery and Cameco with their Millenium Deposit, both of which are shear-hosted, basement deposits.
Clive Massey, President & CEO, commented on the results of the Condor interpretation on the Key Lake Road Uranium Property: “Glenmark continues to cost- effectively leverage the substantive amount of high quality data available from historic operators, and identify new, top priority uranium mineralization targets. This 2015 interpretation has resulted in a re-assessment of the geological and structural controls on this road accessible property and management believes the Key Lake Road Uranium project warrants drill testing in the upcoming exploration season.”
ABOUT THE KEY LAKE ROAD PROJECT
The Project covers 8,174 hectares in northern Saskatchewan, approximately 89km south of the Key Lake Mine, an open pit mine which produced ~ 200 million pounds of uranium. The project is 520km north of the city of Saskatoon and is easily accessed by the Key Lake haulage road, which is maintained by Cameco. In 2005-2007, Forum Uranium carried out a systematic investigation of the project area with a variety of programs, including prospecting, an airborne geophysical survey and a small number of diamond drill holes. The KLR projects hosts three high value targets: the Molly Trend, Hobo Zone and the Pistol Lake Conductors.
MOLLY TREND
The Molly Trend is a series of northeast trending conductors, 42 kilometers in length, identified through a VTEM survey, that run parallel to the haulage road. The conductors, which are coincident with numerous surface uranium showings, are thought to represent prospective, graphitic shear zones. The Molly trend includes the historic Nuclear Lake Radioactive Occurrence, or Wyoming Minerals Radioactive Zone 9, located 1.69 km (1.05 miles) northeast of Nuclear Lake. The showing consists of a zone of discontinuous uraninite mineralization which has been traced over a width of 60.9 m for a strike length of 0.60 km. The uranium mineralization consists of nodules of uraninite which range in size from 0.15 to 3.81 cm in diameter. The highest grade mineralization occurs near the ends of a large boudinaged horizon. Graphite and minor disseminated pyrite are common in the calc-silicate host rock. The showing was trenched and chip sampled. In 1978, the average grade of trench D was given at 0.114% U3O8 and trench E was given at 0.194% U3O8. In the fall of 2007, B. Tan P.Geo. and Ken Wheatley P.Geo. supervised the drilling of two short holes on the C1 conductor in the Molly Trend. Their conclusions were as follows:
“Several pegmatite uranium occurrences have been discovered in the Molly area. The largest occurrence was found in the Molly Graphite showing. Anomalous radioactivity from 500 to 5000cps was discovered in an area of about 200m x 50m. Hole M-01 was drilled to test the C-1 conductor and the down-dip extension of uranium mineralization outcropping in the pegmatite. Uranium mineralization in pegmatite with an average grade of 219 ppm over 5.3m was intersected near the surface at 8.5 to13.8m depth. The radioactivity in outcrops extends for several 10’s of metres east of hole M-01. In addition to the Molly Graphite showing, other pegmatite uranium occurrences in the Molly area should also be investigated for the potential of Alaskite uranium deposit.”
HOBO Zone
The HOBO Zone lies on the westernmost perimeter of the project area, some 3km west of the Molly Trend. In the winter to 2007, Forum tested portions of the Hobo Zone conductor with diamond drilling, encouraged by positive radiometric prospecting results in 2006; uranium showings with uranium values in grab samples ranging from 500 ppm to over 10,000 ppm U were encountered, 200m west of the conductor. The best results are summarized below:
“Four holes (H-06, H-06, H-07 and H-08) were drilled to test the southern part of the Hobo zone. Uranium mineralization was intersected in two holes, holes H-06 and H-08, which were located 40 metres apart. The uranium mineralization is hosted by a rehealed breccia which occurs in the graphitic pelitic gneiss. The mineralization is associated with late potassic alteration and with strong hydrothermal pyritization. Occurrences of euhedral pyrite and pyrite veins were observed. The type of mineralization is similar to that found in the DD zone, which also occurs in breccia containing potassic alteration.
Hole H-06 intersected an average of 0.077% U3O8 over 1.2m at 40.1 to 41.3m depth, which include intervals of 0.12% U3O8 over 0.2m and 0.147% U3O8 over 0.2m. Hole H-08 intersected mineralized intersections at 7.8 to 8m (0.038% U3O8 over 0.2m), at 10.65 to 11.25 m (0.068% U3O8 over 0.6m) and 18.65 to 19.05m (0.154% U3O8 over 0.4m). The occurrence of larger accumulations of similar type of uranium mineralization in the Hobo area is possible, and additional drilling is recommended.”
The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, P. Geo. Dr. Born is a Qualified Person, as that term is defined in National Instrument 43-101, and he has approved this news release.
For further information, please contact:
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422
Email: rob@contactfinancial.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward–looking statements”. Forward–looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward–looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward–looking statements.
SOURCE: Glenmark Capital Corp.
ReleaseID: 428346
