Titan Uranium Completes Successful Drill Program at Sheep Mountain Project, Wyoming
15 July 2010 - 10:01PM
Marketwired Canada
Titan Uranium Inc. (TSX VENTURE:TUE)(FRANKFURT:T4X) is pleased to announce that
it has completed a 62 hole definition drill program at its 100% owned Sheep
Mountain uranium project in Fremont County, Wyoming. The drilling was conducted
to better define the limits of the planned Congo Open Pit. Of the 62 holes
completed, all but 8 exceeded the grade-thickness cut-off used in the recently
completed Preliminary Feasibility Study (see Titan press release April 12,
2010). In addition, 5 monitor wells were drilled and completed.
The drill program was completed using up to four rigs contracted from Eagle
Drilling of Glendo, WY and Lou's Drilling of Riverton, WY. Downhole logging
services were provided by Hawkins CBM Logging of Cody, WY.
Twenty-one of the drill holes intersected mineralization in excess of 1.0 ft%
eU3O8. A further 33 holes intersected mineralization with grade x thickness (GT)
between 0.10 and 1.0 ft% eU3O8. The cut-off for inclusion in the Probable
Reserves for the open pit in the Preliminary Feasibility Study was 0.10 ft%
eU3O8. Equivalent uranium grades (eU3O8) were estimated by the logging
contractor using industry standard equipment which was regularly calibrated in
the US Department of Energy test pits in Grand Junction, CO.
Highlights of the drill results are shown in the following table:
--------------------------------------------------------------------------
Best single intersection plus sum total GT for drill holes
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Total
Depth
Hole # (ft) From To Thickness %eU3O8 GT sum GT
--------------------------------------------------------------------------
Congo 6 390 106.0 112.0 6.0 0.112 0.672 1.765
--------------------------------------------------------------------------
Congo 8 400 43.5 44.5 1.0 0.519 0.519 1.063
--------------------------------------------------------------------------
Congo 13 600 548.5 554.0 5.5 0.097 0.531 1.035
--------------------------------------------------------------------------
Congo 20 540 145.0 149.5 4.5 0.091 0.410 1.215
--------------------------------------------------------------------------
Congo 22 540 400.0 406.5 6.5 0.092 0.598 1.200
--------------------------------------------------------------------------
Congo 27 400 72.0 78.0 6.0 0.197 1.182 1.182
--------------------------------------------------------------------------
Congo 33 400 189.5 193.0 3.5 0.109 0.382 1.328
--------------------------------------------------------------------------
Congo 37 500 192.5 196.0 3.5 0.218 0.763 3.029
--------------------------------------------------------------------------
Congo 38 500 100.0 103.5 3.5 0.203 0.711 2.724
--------------------------------------------------------------------------
Congo 40 500 112.5 121.5 9.0 0.116 1.044 2.535
--------------------------------------------------------------------------
Congo 41 400 311.0 318.0 7.0 0.125 0.875 2.105
--------------------------------------------------------------------------
Congo 42 400 256.0 259.5 3.5 0.173 0.606 1.257
--------------------------------------------------------------------------
Congo 45 360 341.5 348.5 7.0 0.086 0.602 1.989
--------------------------------------------------------------------------
Congo 47 340 192.5 197.0 4.5 0.063 0.284 2.121
--------------------------------------------------------------------------
Congo 48 160 63.0 73.5 10.5 0.234 2.457 2.457
--------------------------------------------------------------------------
Congo 49 360 308.0 313.0 5.0 0.193 0.965 3.561
--------------------------------------------------------------------------
Congo 53 200 156.0 165.0 9.0 0.640 5.760 7.235
--------------------------------------------------------------------------
Congo 55 200 99.0 102.5 3.5 0.288 1.008 1.008
--------------------------------------------------------------------------
Congo 61 200 61.5 66.5 5.0 0.478 2.390 5.786
--------------------------------------------------------------------------
Congo 62 120 103.5 114.0 10.5 0.150 1.575 1.575
--------------------------------------------------------------------------
Congo 66 260 227.5 231.5 4.0 0.177 0.708 1.431
--------------------------------------------------------------------------
Additional mineralization was discovered approximately 175 feet to the north of
the Congo Pit in Monitor Well MW-9. MW-9 intersected 9.0 ft grading 0.300% eU3O8
and is found in the same stratigraphic horizon as drill hole Congo 53 which
intersected 9.0 ft grading 0.640% eU3O8. This illustrates the potential to
increase the size of the reserves. Further work is planned to explore the full
potential of the ore body.
Brian Reilly, President and CEO of Titan commented, "The drilling has both
confirmed previously defined mineralized zones and also extended the zones in
several areas. We are now in a position to finalize the design and engineering
of the pit as part of the Nuclear Regulatory Commission license application."
Chris M. Healey, a Professional Geologist licensed in the State of Wyoming and
Chief Operating Officer for Titan, is the Qualified Person responsible for the
technical content of this release.
About Titan Uranium Inc.
Titan Uranium's vision is to be a leading mid-tier North-American uranium
exploration, development and mining company. Our mission is to create
shareholder value by advancing quality projects to production.
Our growth strategy is driven by three elements:
- Development: A pre-feasibility study has been completed at the Sheep Mountain
Uranium Project, Wyoming. The deposit contains a NI 43-101 compliant probable
reserve of 14.2M lbs. of U3O8 (6,393,000 tons at 0.111% e U3O8) (see Titan press
release April 12, 2010).
- Exploration: The goal is to discover world class uranium deposits by exploring
over 1.5M acres of land in the proven Athabasca and prospective Thelon Basins.
Exploration programs are also active in Utah and Wyoming.
- Consolidation: The Company is actively pursuing M & A opportunities and
focused on uranium-friendly jurisdictions such as Saskatchewan and Wyoming.
Titan has gained market recognition for its ability to attract strategic
partners to participate in the exploration of its properties. Japan Oil, Gas and
Metals National Corporation and Mega Uranium Ltd. are partners in current
exploration programs managed by Titan.
Titan is well-financed and ideally positioned to emerge as a pre-eminent player
in the uranium industry.
ON BEHALF OF TITAN URANIUM INC.
Brian A. Reilly, President
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. This News Release
includes certain "forward-looking statements". All statements other than
statements of historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Titan Uranium, are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from Titan Uranium's expectations are exploration risks detailed
herein and from time to time in the filings made by Titan Uranium with
securities regulators.
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