Vancouver, BC / ACCESSWIRE / July 9, 2014 / Glenmark Capital Corp. (TSX.V: GLM) ("Glenmark" or "the Company" ) is pleased to announce that it has engaged Urania Resource Corp. ("Urania") to oversee and conduct fieldwork at its Ford Lake uranium project located ~11km northwest of the Key Lake mine. Urania has a long standing working relationship with local first nations and is a full service exploration company proficient in all facets of mineral investigation, specializing in the uranium sector. Over the last twelve years Urania has performed grass roots prospecting, radon gas surveys, airborne and ground surveys as well as diamond drill programs. In the Athabasca Basin Urania was most recently involved in exploration programs at Whitford Lake, Keefe Lake, Waterbury Lake and Mackenzie Lake.
Background
The Ford Lake Uranium Project covers an area of ~ 6358 hectare in the Athabasca Basin, one of the most prospective uranium region in the world. The Ford Lake project is located 11km northwest of the Key Lake Mine, site of the largest uranium mill in the world. Cameco's Key Lake Mine, which has produced over 200 million lbs of uranium, currently processes material from the McArthur Mine. The Ford Lake Project lies within a highly prolific discovery corridor and adjoins projects controlled by Cameco, Denison and AREVA. Basement depths are relatively shallow, between 100-150m.
The primary exploration target at Ford Lake is the Ford Lake Zone which is some 500m west of the Shift Lake Uranium Zone, which boasts several drill holes that intersected anomalous uranium values and outlined a mineralized alteration zone of 775m. Forty eight holes (79-15 to 79-62), totaling 9,752.1 m (31,995.1 ft), were completed by Phelps Dodge Corporation of Canada Ltd. to test HLEM and pulse EM anomalies. Four 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).
Click Image To View Full Size
The technical contents of this news release have been prepared under the supervision of Peter Born, P.Geo. Mr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release.
For further information please contact:
Richard W. Grayston, President
(604) 990-1012 or [email protected]
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.