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 Diamante-Los Patos property, Provinces of Salta and Catamarca Trenching has confirmed the discovery of a new uranium district at its 100% owned Diamante-Los Patos (DLP) property, Provinces of Salta and Catamarca, NW Argentina.
The results are interpreted to reflect the surface expressions or leakage from a large, structurally controlled, volcanic-hosted system focused on the flanks of the Cerro Galan Caldera complex. Mineralization, as presently defined, remains open in all directions including at depth. In light of the encouraging results the Company is presently staking additional ground as well as substantially increasing its aggressive work program. The Cerro Galan Caldera Complex measures some 60 kilometres in diameter and is believed to be the second largest caldera in the world. Uranium mineralization is hosted by dacitic to rhyolitic ignimbrite and associated felsic fragmental volcanics. Mineral endowment calculations of similar felsic volcanic deposits demonstrate that they are ideal uranium sources capable of producing very significant volumes of uranium mineralization, examples include the Macusani District, Peru and the Streltsovka District, Russia (reserves and past-production quoted at 560 million lbs / t U3O8 in 20 deposits). The four main mineralized areas are: Diamante Zone (2.5 km X 2.5 km); Alfredo Zone (1.7 km X 0.5 km); Southwest Zone (2.5 km x a minimum of 50 metres) and Los Patos Zone (4.0 km X 1.0 km). Within these areas of higher anomalism, there are numerous sub-zones or "hot spots". Ground radiometric and soil geochemical anomalies coincide with and extend beyond the currently known mineralization. In general the zones are poorly exposed; the lack of outcrop has hampered interpretation and will be addressed by future work programs. Mineralization is found principally as cement in porous rock units (fragmental volcanic rocks - agglomerates and tuffs) and in breccia and fracture zones associated with faults. Local concentrations of unconsolidated mineralized material also occur in colluvium believed to have been derived from nearby bedrock sources. Such a near surface setting of the uranium mineralization potentially lends itself to very low mining and recovery costs. Details of the four discovery zones is as follows: Diamante Zone A total of 2188 linear metres was excavated in 20 trenches. Due to thick overburden (+5 metres) less than 20% of the trenches reached the bedrock target. Elevated values of uranium are presently confined to a 400-metre wide, northwest trending corridor which is open to the southeast and trends into and is covered by a large (post mineralization) sinter mound to the northwest. To date the highest mineralization is found in trenches DZ#17 and DZ#18. Trench DZ#17 cut 13.5 metres grading 0.45 lbs/t U3O8 (172 ppm U); trench DZ#18 located approximately 30 metres to the northwest, cut 22.5 metres averaging 0.5 lbs/t U3O8 (194 ppm U). The zone remains open to the NW and SE along strike and at depth. A number of grab samples were taken where anomalous radioactivity was noted in trenches. These samples coincide with the mineralized zones and demonstrate that locally mineralization can grade in excess of 26 lbs/t U3O8. Further to the south, trenches DZ# -1, 2, 4, to 6, and 12 cut multiple zones varying from 3 to 6 metres wide of anomalous uranium mineralization (Table 1). For example, trench DZ#4, the southernmost trench, cut two 3-metre wide zones averaging 0.29 lbs/t U3O8 (112 ppm U) and 0.43 lbs/t U3O8 (168 ppm U) respectively. Trench DZ#2, located roughly 50 metres NW of trench DZ#4 cut two zones; 4.5 metres grading 0.36 lbs/t U3O8 (140 ppm U ) and 3.0 metres grading 0.28 lbs/t U3O8 (108 ppm U). Table 1: Summary of significant trench results -- Diamante Zone
The mineralized zones define a series of multiple, parallel, NW trending lenses peripheral to and trending beneath the large centrally located, 1,500 by 1,000 m, hot spring sinter. The centre of the Diamante system is interpreted to occur below this large sinter zone. The Alfredo Zone, located roughly 5 km northwest of the Los Patos Zone, was discovered in mid- November. A total of 60 characterization samples from mineralized outcrops returned values ranging from geochemcially anomalous to 6.6 lbs/t U3O8 (2530 ppm U) and average 0.81 lbs/t U3O8 (315 ppm U). Mineralization is associated with a series of northwest trending breccia and fracture zones related to parallel, steeply dipping faults. Detailed sampling (trenching) is scheduled to occur in February. The newly discovered Southwest Zone is located about 7 km south of the Diamante Zone. It has been partly defined but is at least 2.5 km long (north-south) by a minimum of 50 metres wide. In total, 18 grab samples were taken from areas of anomalous radioactivity with values ranging from geochemically anomalous to 6 lbs/ton U3O8 (2334 ppm U) and average 1.49 lbs/ton U3O 8 (575 ppm U). Finally at the secondary Los Patos Zone, 146 chip and panel samples taken from nine trenches returned values ranging from background to weakly anomalous. The best value encountered was 0.91 lbs/t U3O8 (351 ppm U). To the north of the area of trenching, 43 grab samples were taken from an area of scintillometer "hot spots". The average grade of these samples is 0.69 lbs/t U3O8 (268 ppm U). Future Work In light of the encouraging results, the Company has staked additional ground surrounding and adjacent to the newly discovered Southwest Zone. Detailed mapping and structural analysis will aim to define favourable structural -- geological trap sites. Finally, ongoing systematic trenching and surficial sampling will delineate and attempt to expand the known mineralization and its associated feeder zones prior to an initial drill test at the earliest opportunity. "The discovery of a new uranium district with the potential for outlining one or more, bulk minable uranium deposits is very exciting" stated president and CEO Henk Van Alphen. "Since the area is essentially flat, leachable mineralization starts at surface and access and infrastructure are reasonable; mining costs should be in the lower quartile." Amblayo Property Located in the province of Salta about 90 km SW of the Capital Salta City . The Amblayo Property is road accessible and covers approximately 50,000 Ha (8 exploration permits). The permits cover a series of stratabound, (strataform) sandstone hosted, uranium occurrences. The formerly producing Don Otto Uranium Mine (Land still owned by CNEA - Atomic Energy Association of Argentina) lies within the large concession area owned by Wealth Minerals Ltd. Other known occurrences owned by Wealth Minerals on the Amblayo Property include El Lenadero, Emmy, El Desecho, Carrizalillo and Pedro Nicolas. There are at least three and up to five mineralized horizons within a thickness of 20-25 meters. Grab samples by previous workers reportedly assayed up to 2.8% uranium. Alemania Property The Alemania Property covers an area of about 15,000 Ha and is located in Salta Province about 100 Km South of Salta City . It covers parts of the favourable Cretaceous Stratigraphy (Yacoraite Formation) and contains at least one known uranium occurrence in sandstone. |
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