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TORONTO , May 6, 2013 /CNW/ - MillenMin Ventures Inc. (MVM.V) ("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.
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.
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.
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