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TORONTO,
May 6, 2013 /CNW/ - MillenMin
Ventures Inc. (TSXV: MVM) ("MillenMin" or the
"Company") is pleased to report that it has acquired by
staking 11 uranium claims (the "Uranium Properties")
totalling approximately 18,983 hectares. The Uranium Properties are
100% owned by the Company and are principally situated within the
eastern side of the Athabasca
basin, Northern Saskatchewan,
Canada.
The Uranium Properties are geologically located
in the Mudjatik Domain and the Wollaston Domain of the Eastern Athabasca Basin, one of the most
prolific uranium producing areas of the world. The Uranium
Properties were staked to explore for shallow basement-hosted
low-grade/high-tonnage uranium deposit and potential
unconformity-type high-grade uranium deposit. In summary, the
Uranium Properties include below:
Highrock Lake NE Property comprises two claims
of 2,759 hectares along the southeastern margin of the Athabasca Basin, about 20 km southeast of Key
Lake mine. The exploration target is pegmatite-hosted uranium
mineralization and unconformity-type high-grade uranium
mineralization.
Smalley Lake W Property covers one claim of
1,648 hectares, approximately 80 km southwest of Key Lake mine. The
exploration target is clastic sediment associated, shear hosted
uranium mineralization. A mineralized area of 240 meters long and
15 meters wide in a low ridge of biotite-quartz-feldspar psammite
was identified by Uranex Ltd. and E & B Explorations Ltd in
1977. Yellow uranium stain occurs as infillings in minute fractures
within the psammite. Scintillometer readings at the showing reached
8000 cps. Two grab samples returned values of 0.134% and 0.498%
U3O8, respectively.
Daly Lake North Property covering one claim of
3,812 hectares is located 80 km southwest of Key Lake mine. The
exploration target is pegmatite hosted U-REE mineralization.
Structurally controlled, basement-hosted U and Th (+/-REE)
mineralization has been identified within the Eastern Wollaston
Domain, such as the Uracan Resources Ltd.'s Pipewrench Lake uranium
showing to the south of the property and JNR Resources' (now
Denison's) Fraser Lakes mineralized
zones to the north.
Cochrane River Property consists of one claim of
1,664 hectares, located about 40 km northeast of the Proterozoic
Athabasca Basin. The exploration target is granite hosted uranium
mineralization and basement hosted unconformity-type high-grade
uranium mineralization. Prospecting conducted by Gulf Minerals
Canada Ltd. in 1979 delineated anomalous uranium near the eastern
boundary of the property, giving scintillometer readings of 500 to
4,000 cps. In the immediate showing area, the Archean granitoid
rocks are unconformably overlain by Wollaston Domain biotitic
pelite to psammopelitic gneisses. A sample collected by Gulf
Minerals Canada Ltd. in 1977 assayed 0.280%
U308, 0.05% ThO2, and 0.02%
MoS2.
Cunningham Lakes North Property covering one
claim of 1,665 hectares is located approximately 20 km west of
Millenium deposit. The exploration target is unconformity related
high-grade uranium mineralization. A 2009 ZTEM survey executed on
behalf of CanAlaska Uranium Ltd. defined one possible arcuate
conductor within this property, which should be followed up with
deep penetrating ground geophysics.
Cushing Lake Property comprises five claims
totalling 7,435 hectares, located approximately 26 km west of Cigar
Lake deposit. The exploration target is unconformity related
uranium mineralization. An airborne magnetic survey conducted by
Pitchstone Exploration Ltd. during the winter of 2005-2006
indicated a broad magnetic high in the northern part of the
property, surrounded by magnetic lows which are indicative of
pelitic meta-sediments within the Wollaston Domain. A moving loop
survey outlined several NEE trending conductors in the southwest
corner of this property within the magnetic low.
MillenMin has engaged Ping Dong, Ph.D., P.Geo., to examine and compile
all available historic and related mineral exploration data
associated with the Uranium Properties for preparation of a 2013
uranium exploration work program. The Company also intends to seek
additional acquisition opportunities for uranium properties in the
Athabasca Basin region.
The technical information in this news release
has been reviewed and approved by Dr. Ping
Dong, P.Geo., a consultant to MillenMin and the qualified
person as defined by NI 43-101.
About MillenMin
MillenMin is a Canadian company engaged in the
acquisition, exploration and development of uranium and gold
properties in Canada and intends
to deliver value through exploration activities. Pursuant to the
option agreement dated March 7, 2012
with Nevada Clean Magnesium Inc., the Company has completed its
2012 drilling program on its Windpass gold property situated at
Central British Columbia,
Canada.
Neither 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.
Forward-Looking Statements
This press release may include
forward-looking information within the meaning of applicable
securities laws including information concerning the business and
future results of the Company. Any such forward-looking statements
are subject to risks and uncertainties. Additional information on
these and other potential factors that could affect the Company's
actual results, performance or achievements are detailed in
disclosure documents filed from time to time with the applicable
securities regulatory authorities. The Company disclaims any
obligation to update or revise any forward-looking information or
statements except as may be required under the applicable
laws.
SOURCE MillenMin Ventures Inc.