Mr. Richard Grayston reports
GLENMARK ACQUIRES ATHABASCA BASIN URANIUM PROJECT
Further to its strategic review, Glenmark Capital Corp. has successfully identified and secured an option agreement with an arm's-length vendor to earn a 100-per-cent interest in the Ford Lake uranium project located in the Athabasca basin in Saskatchewan. The project, which covers an area of roughly 6,350 hectares in the most prospective uranium corridor in the world, is 11 kilometres northwest of the Key Lake mine, site of the largest uranium mill in the world. Under the terms of the agreement, Glenmark can earn a 100-per-cent interest by paying a total of $560,000 over three years and completing $2.5-million in exploration expenditures on the project within four years. A 1-per-cent net smelter returns royalty has also been granted to the vendor, which may be purchased by the company for $1.5-million.
In December, 2011, the Ford Lake project was examined by a 652-line-kilometre VTEM (versatile time-domain electromagnetic) survey to test conductive anomalies associated with graphite, or subtle conductive zones/halos associated with alterations within the sandstone column (above the unconformity) and at the unconformity. In addition, the survey was designed to map structural features, such as faulting, that could act as a conduit and control for mineralizing epithermal fluids.
The interpretation of magnetic data focused on locating district-scale faults and to establish a relationship between the Shift Lake uranium zone (SLZ) and a northeast-trending magnetic low, which extends from the SLZ onto the southwest region of the Ford Lake project.
The SLZ, which lies only 500 metres east of the Ford Lake project, consists of several drill holes that intersected anomalous uranium values and outlined a mineralized alteration zone of 775 metres. Forty-eight holes (79-15 to 79-62) totalling 9,752.1 metres (31,995.1 feet) were completed by Phelps Dodge Corp. of Canada Ltd. to test HLEM (horizontal-loop electromagnetic) and pulse electromagnetic (EM) anomalies. Four of the holes intersected values greater than 0.1 per cent triuranium octoxide (0.08 per cent uranium). At 189 metres, Union Carbide hole 79-17 intersected a 2.75-metre (nine-foot) interval, which returned 0.62 per cent triuranium octoxide (0.53 per cent uranium).
Interpretation of the VTEM dataset led to the identification of the Ford Lake zone, which lies within the larger northeast-trending Brown Lake fault zone (BLFZ). Selection of this roughly 300-metre-long-by-50-metre-wide target was based on RDI and MAG3D sections, which show the subtle but clear resistivity lows (conductive halos) coinciding with the district-scale fault running north-northeast across the zone. These resistivity lows may correspond to illite clay alterations above the unconformity. Immediately to the southeast of the target zone is the Brown Lake. The conductive lake sediment is clearly visible as the top conductive layer south of the conductive halo over the target zone. Processing and interpretation were carried out under the supervision of Alexander Prikhodko, PGeo.
With the recent success of uranium exploration companies in the Athabasca basin, such as Hathor, Fission and Alpha, the directors of Glenmark are extremely pleased to make this strategic acquisition in a resilient commodity.
The company also wishes to announce that as a result of its strategic review, it has decided to allow its option on the Talbot Lake property to lapse as of Sept. 30, 2013.
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