Titan Uranium Completes Successful Drill Program at Sheep Mountain Project, Wyoming
15 July 2010 - 10:00PM
Marketwired
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
--------------------------------------------------------------------------
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.
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.
Contacts: Titan Uranium Inc. Investor Relations 306-651-2405 or
604-925-1810 306-651-5105 (FAX) ir@titanuranium.com
www.titanuranium.com
Titan Uranium Inc. (TSXV:TUE)
Historical Stock Chart
From May 2024 to Jun 2024
Titan Uranium Inc. (TSXV:TUE)
Historical Stock Chart
From Jun 2023 to Jun 2024