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Glenmark Capital Corp
Symbol GLM
Shares Issued 57,895,724
Close 2014-11-24 C$ 0.60
Market Cap C$ 34,737,434
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Glenmark Capital plans exploration at Key Lake Road

2014-11-25 17:21 ET - News Release

Mr. Richard Grayston reports

GLENMARK ANNOUNCES FIELD PROGRAM FOR KEY LAKE ROAD URANIUM PROJECT

Glenmark Capital Corp. has filed an NI 43-101 report on its Key Lake Road uranium project located in Northern Saskatchewan. The report was completed by Dave Billard, PGeo, of Saskatoon, Sask., and is available on SEDAR. Mr. Billard has extensive experience in uranium exploration in the Athabasca basin. He was chief operating officer, vice-president of exploration and a director of JNR Resources, which discovered the Moore Lake and Way Lake deposits. The main deposit type that is being explored for at Key Lake Road is a basement-hosted unconformity-related structurally controlled deposit similar to those found at Cameco Corp.'s Eagle Point mine, Millennium deposit and McArthur River.

The technical report detailed a two-phase work program, culminating in a phase 2 diamond drill program. Historical drilling to date has encountered shallow uranium mineralization, confirming that the project area has been subjected to the conditions necessary for uranium deposition.

The phase 1 program comprises four elements, focusing initially on the Molly and HOBO zones, as a matter of course, but also on new areas that may be identified as the work progresses. The budgetary estimate for phase 1 is about $220,000.

Airborne radiometrics and magnetic survey

The radiometric survey will be completed, especially in light of the recent discovery at Patterson Lake, as well as the original Key Lake deposits, which were largely identified by radiometric boulder tracing. In addition, airborne magnetics should be incorporated into the program in the interests of increasing the resolution of the existing magnetic survey. The addition of the magnetic survey with the radiometrics will add only a nominal amount to the total cost of the survey. It is proposed to fly the property on a line spacing of 200 metres for a total of 350 line kilometres of airborne radiometrics and magnetics.

Geophysical review

The current geophysical data will be re-evaluated and reprocessed, as well as incorporated into the newly acquired data that are obtained from the airborne radiometric and magnetic survey as described above.

Drill core review and sampling

Although the core from previous drilling on the project was logged and sampled in a technically sound manner, the core will be re-evaluated in light of recent geological advances that have occurred over the past seven years and will be looked at with "fresh eyes."

Geological mapping and prospecting

A program of geological mapping and prospecting of the Molly and HOBO zones, as well as further investigations of new targets identified by the previously described work, forms part of this phase.

Soil and till sampling

A selective program of soil and till sampling will be carried out on the property where till cover impedes effective prospecting and mapping, and where targets of significance are indicated by the airborne geophysics.

Regarding the proposed program, Richard Grayston, president, commented: "The Key Lake Road project has a great potential, and has already yielded promising results downhole and on surface. We look forward to putting boots on the ground in the near term and advancing this project to increase shareholder value."

Mr. Billard, PGeo, a qualified person as defined in NI 43-101, is responsible for the technical contents of this release.

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