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Enter Symbol
or Name
USA
CA



Glenmark Capital Corp
Symbol GLM
Shares Issued 52,445,724
Close 2013-09-19 C$ 0.065
Market Cap C$ 3,408,972
Recent Sedar Documents

ORIGINAL: Glenmark Capital to acquire Ford Lake uranium project

2013-09-25 16:25 ET - News Release

Received by email:

File: GLN Sep 25 2013 NR.docx

Glenmark Capital Corp.
1600, 609 Granville Street
Vancouver, B.C. V7Y 1C3

NEWS RELEASE
GLENMARK ACQUIRES ATHABASCA BASIN URANIUM PROJECT

September 25, 2013

Vancouver, B.C. - Glenmark Capital Corp. (TSX.V: GLM) ("Glenmark" or "the Company" ) is pleased to announce that, furt
--->her to it's strategic review, it has successfully identified and secured an option agreement with an arms'-length vend
--->or to earn a 100% interest in the Ford Lake Uranium Project located in the Athabasca Basin, SK. The project, which cov
--->ers an area of roughly 6,350 hectares in the most prospective uranium corridor in the world, is 11km 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 10
--->0% interest by paying an aggregate of $560,000 over three years and completing $2,500,000 in exploration expenditures 
--->on the project within four years.  A 1% NSR has also been granted to the vendor, which may be purchased by the Company
---> for $1,500,000.
In December 2011 the Ford Lake Project was examined by a 652 line kilometer VTEM survey to test conductive anomalies a
--->ssociated with graphite, or subtle conductive zones/halos associated with alterations within the sandstone column (abo
--->ve 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 500m east of the Ford Lake Project, consists of several drill holes which intersected anomalo
--->us uranium values and outlined a mineralized alteration zone of 775m. Forty eight holes (79-15 to 79-62), totaling 9,7
--->52.1 m (31,995.1 ft) were completed by Phelps Dodge Corporation of Canada Ltd. to test HLEM and pulse EM anomalies. Fo
--->ur of the holes intersected values greater than 0.10% U3O8 (0.08% U). At 189m, Union Carbide hole 79-17 intersected a 
--->2.75 m (9.0 ft) interval which returned 0.62% U3O8 (0.53% U). 
Interpretation of the VTEM dataset led to the identification of the Ford Lake Zone, which lies within the larger north
--->east trending Brown Lake Fault Zone (BLFZ). Selection of this roughly 300m long by 50m wide target was based on RDI an
--->d MAG3D sections that show the subtle but clear resistivity lows (conductive halos) coinciding with the district scale
---> fault running NNE across the zone. These resistivity lows may correspond to illite clay alterations above the unconfo
--->rmity. Immediately to the SE 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, P. Geo. 
With the recent success of uranium exploration Companies in the Athabasca Basin, such as Hathor, Fision 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 it's strategic review it has decided to allow it's option on t
--->he Talbot Lake property to lapse as of September 30th, 2013.

For further information please contact:
Richard W. Grayston, President
(403) 278-3894
rwgrayston@shaw.ca


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.


 




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