Delta Uranium Acquires Interest in Wheeler River Area of Athabasca Basin, Saskatchewan
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TORONTO, ONTARIO, May 27 (MARKET WIRE) --
Delta Uranium Inc. (TSX: DUR) ("Delta ") is pleased to announce that it
has entered into an option agreement dated May 20, 2009 (the "Option
Agreement") with Solitaire Minerals Corp. ("Solitaire") whereby Delta
will have an option to earn up to an undivided 80% interest (the
"Option") in Solitaire's 274 hectare Wheeler River C 3 Property (the
"Property") located approximately 20 km NNW of the former producing Key
Lake Mine in the SE Athabasca Basin.
Pursuant to the Option Agreement, Delta will earn an undivided 60%
interest in the Property upon the following:
a) Subject to TSX approval, issue to Solitaire 250,000 common shares in
the capital of Delta, at a deemed price of $0.10 per share,
b) expend on exploration and development of the Property the following
amounts within the specified time limits:
i) $500,000 ("Phase I") on or before October 31, 2011; and
ii) an additional $500,000 ("Phase II") on or before October 31, 2012; and
c) pay to Solitaire the amount of $100,000 or issue to Solitaire common
shares in the capital of Delta equivalent to such amount, upon completion
of Phase II but in any event no later than October 31, 2012.
In the event that Delta only completes Phase I, it would have earned an
undivided 60% ownership interest in the Property.
Wayne Isaacs, Chairman & CEO of Delta, stated "This is a valuable step in
Delta's evolution. The option agreement with Solitaire provides Delta
with an opportunity to gain a foothold in the Athabasca Basin in
proximity to a recent discovery by Denison, and in the richest uranium
region in the world. I am excited about our entry into Athabasca and
specifically into this area of the basin where recently published results
by operators appears to exceed everyone's expectations. We intend to
immediately commence work on this property as management believes that it
can be developed into a very valuable asset in a short period of time.
With this expansion of operations into the Athabasca region we are
continuing our efforts to increase shareholder value through recognizing
and unlocking the true value of our uranium assets".
Wheeler River C 3 Property
For the purposes of providing information relating to the Wheeler River
Property, Delta is relying on information provided to it by Solitaire.
All information pertaining to the Wheeler River Property was derived from
historical geological reports and the current drilling program and does
not presently conform to the standards as outlined in NI 43-101.
The Wheeler River C3 Property is located in the Athabasca Basin of
northern Saskatchewan, Canada and lies within the Key Lake-McArthur River
corridor, one of the most prolific uranium mining districts in the world.
A helicopter-borne VTEM time domain electromagnetic and magnetic survey
was flown over the Wheeler River C3 Property in 2007 by GeoTech Airborne
Geophysical Surveys. Inversion of these data by Condor Consulting has
indicated an approximately 1000m x 500m zone of conductivity, located at
or near the unconformity at approximately 200m depth.
This lies within a northeast trending magnetic low that could indicate
basement metapellitic rocks, which are prospective for uranium in the
Athabasca Basin. Limited compilation of historical data has also
indicated the presence of basement conductor axes underlying the VTEM
anomaly, identified from Noranda ground TDEM surveys. Further, three
historical Noranda drillholes do not explain the VTEM or historical
basement conductive responses.
The drillholes do, however, confirm the presence of the potentially
prospective rocks of the Wollaston/Mudjatik terrain. Further detailed
compilation of historical data and a ground DC-Resistivity / IP program
has been recommended to identify discrete drill targets for basement
hosted unconformity uranium.
Discoveries of Note in the Claim Area (All data has been sourced from the
October 2007, Condor Consulting VTEM EM and Magnetic Survey Report
prepared for Raytec Development Corp.):
-The Wheeler River claim area is situated on part of the original
Cogema's Martin Lake-Wheeler River grid where drilling 3km to the north
intersected 1.6% U3O8 over 5.2 meters and 0.1% U over 4.0 meters in clay
alteration above the unconformity.
-2 km to the south, the Cameco-Uranerz Esker Lake grid Drill hole EL-81
encountered sooty pitchblende mineralization within sheared and altered,
grey to black, fine-grained graphitic biotite gneiss. Grab samples taken
from this zone returned 2,300 ppm U and 3.5% Cu over 0.1 meters. A second
hole EL-103, hit a sequence of pegmatoids within arkosic to semipelitic
gneiss which returned 1560 ppm U over 0.5 meters. Drill hole EL-105,
encountered two major zones of shearing and brecciation with graphite
enrichment within chloritized and sericitised gneiss from 200 to 237
meters. Small sooty pitchblende crystals, 10% to massive graphite, plus
pyrite and chalcopyrite occur as infillings within the zones of shearing.
A 0.1 meter wide grab sample taken from this zone of shear-bound
mineralization returned 1660 ppm U. North-northwest shearing was noted
which strikes through S-107753, with uranium mineralization discovered
within several kilometers on either side.
-5 km to the west, exploration by Phelps-Dodge on the Shift Lake property
encountered uranium mineralization within sandstone at 189 meters which
returned up to 1.42% U3O8 over 1.0 meter.
Qualified Person
Technical information in this news release has been prepared and/or
reviewed by Colin Bowdidge, Ph.D., P.Geo., V.P. Exploration, Director and
Qualified Person as defined in NI 43-101 for Delta. For the purposes of
providing information relating to the Wheeler River C3 Property, Delta is
relying on information provided to it by Solitaire. All information
pertaining to the Wheeler River C3 Property was derived from historical
geological reports and does not presently conform to the standards as
outlined in National Instrument 43-101 - Standards of Disclosure for
Mineral Projects.
About Delta Uranium Inc.
Delta Uranium is TSX listed Canadian exploration company actively engaged
in the acquisition, evaluation and exploration of uranium mineral
properties in northeastern and northwestern Ontario, Athabasca Basin and
Western Newfoundland, Canada.
The TSX has not reviewed and does not
accept responsibility for the adequacy of this news release.
Contacts:
Delta Uranium Inc.
Wayne Isaacs
Chairman and CEO
(416) 363-3582
news@deltauranium.com
www.deltauranium.com
Copyright 2009, Market Wire, All rights reserved.
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