Landmark Minerals Inc.
TSX VENTURE : LML

Landmark Minerals Inc.

July 11, 2007 12:08 ET

Landmark and Galore Commence Uranium Exploration Program in NWT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2007) - Landmark Minerals Inc. (TSX VENTURE:LML) and Galore Resources Inc. (TSX VENTURE:GRI) announce the commencement of a uranium exploration program to cover a 220-square-kilometre land position 150 kilometres southeast of Yellowknife, Northwest Territories. The properties are located on the East Arm of Great Slave Lake and are accessible by lake barge from Yellowknife, Hay River, and Pine Point.

Landmark and Galore hold a commanding land position in the Athapuscow basin, an area which is under explored despite favourable geology, known high-grade uranium occurrences, and excellent access. The partners are continuing compilation of an extensive historic database, and have mobilized an exploration crew to carry out a systematic program of prospecting, mapping, and sampling to prioritize drill targets.

A total of six properties, owned 100% by Landmark and subject to an earn-in with Galore, have been staked along a 200-kilometre belt within the Athapuscow Aulocogen. The Athapuscow Aulocogen is a non-metamorphosed, intracratonic, sedimentary basin of mid-Proterozoic age covering an area of 70 x 250 kilometres. The basin contains mostly clastic sedimentary rocks including fluvial sandstone and shale locally containing graphite and bitumen. Dolomite and volcanic sequences are also known. It overlies uranium-enriched Archean crystalline rocks with a regolith, preserved at the unconformity, which contains chemical traps such as graphite capable of reacting with uranium-bearing groundwater to precipitate uranium. The overall geological setting is similar to the Athabasca Basin in northern Saskatchewan which hosts the world's richest large uranium deposits.

Uranium mineralization was first discovered and explored on ground now covered by the Landmark-Galore claims in the 1960's through to the early 1980's. A compilation of previous exploration data has identified multiple exploration targets on the existing properties as follows:

Meridian Lake

The Meridian Lake property covers 36.8 square kilometres near the east end of the East Arm of Great Slave Lake. Reports obtained from the International Atomic Energy Agency in Vienna state that, "Grab assays from trenches on a 120-metre x 335-metre zone show remarkably high grades of 2.6 to 6.7% U3O8." Anomalous values of copper, cobalt, silver, and gold are variably associated with uranium minerals, as well as hematite, graphite, and sulfides. All of the known uranium mineralization is in clastic sediments. The potential for uranium at the underlying unconformity has not been addressed. The regolith at the underlying unconformity was identified in 1969, which was before the significance of regolith-hosted unconformity-style uranium was recognized in the Athabasca Basin.

Toopon Lake

At Toopon Lake, a total of three uranium targets have been identified on the 23-square-kilometre property. Bedrock exposures are dominated by dolomite, sandstone, shale, and felsic tuff. Primary and secondary uranium mineralization reportedly grading from 0.01% to 0.56% U3O8 appears to be stratigraphically controlled.

Union Island

The Union Island property covers 40.6 square kilometers. It is underlain by dolomite, carbonaceous mudstone, and graphitic slates unconformably overlying crystalline basement. Quartz-hematite breccias have been identified at the unconformity. Primary and secondary uranium mineralization in fractured dolomites and slates near the unconformity was tested with 12 drill holes in 1968 and 1981. Results of up to 0.184% U3O8 across an apparent intercept of 1.7 metres and another zone of 0.092% U3O8 across 3.0 metres, including 0.195% across 1.3 metres, have been reported.

Wilson Island

The Wilson Island property covers 61.9 square kilometres, and it is underlain by hematitic sandstone and orthoquartzite. Multiple zones of uranium mineralization identified by prior work programs consist of secondary uranium minerals controlled by a complex set of fractures in hematitic sandstone. Assays of up to 2.17% U3O8 and 125 grams of silver per tonne have been reported.

Simpson Island

Two separate properties on Simpson Island cover a total area of 27.4 square kilometres. Small veins containing from background up to 24% U3O8 and 188 grams of silver per tonne have been reported in hematitic sandstones.

Preble Island

Claims covering a total of 34.7 square kilometres enclose over 200 radiometric anomalies identified by Seru Nucleaire in 1979. Various primary and secondary uranium and copper minerals are associated with hematite- and calcite-filled fractures in basalt, conglomerate, and sandstone. Selected surface samples are reported to have assayed from 0.1 to 6.6% U3O8. Two drill holes completed in 1979 failed to reach the pre-Athapuscow unconformity, and did not adequately test the structurally controlled nature of known mineralization exposed on surface.

All of the East Arm properties contain uranium mineralization related to faults and fractures in Athapuscow sediments. Most of the mineralization is dominated by secondary uranium minerals in variably oxidized rocks, and is locally accompanied by enrichments in gold, silver, copper, and zinc. The possibility that the known surficial showings represent uranium minerals remobilized from a deeper primary source, such as uranium along the pre-Athapuscow unconformity, or uranium in a sub-surface reduced zone, has not been adequately tested by prior work programs.

Background

On May 10, 2007, Landmark announced an option agreement with Galore Resources Inc. whereby Galore can acquire a 50% joint venture interest in Landmark's properties. To exercise the option, Galore is required to spend $2 million on acquisition and exploration costs by October 1, 2009, including a commitment of $600,000 by December 31, 2007, and has issued 50,000 shares to Landmark. Galore has the further right to increase its interest from 50% to 60% in one contiguous claim block of up to 100 square kilometres, at Galore's selection, by spending an additional $1 million on the selected claim block within 13 months of earning its 50% interest.

Landmark Minerals is a junior exploration company based in Vancouver, Canada with uranium properties in Newfoundland, New Brunswick, Quebec, Northwest Territories, Yukon, and Alaska. In addition to the NWT alliance with Galore Resources, Landmark is partnered with Ucore Uranium at Bokan Mountain, Alaska and two Newfoundland properties.

ON BEHALF OF THE BOARD OF LANDMARK MINERALS INC.

Harmen J. Keyser, P.Geol., President

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

Contact Information

  • Landmark Minerals Inc.
    Harmen J. Keyser, P.Geol.
    President
    (604) 801-5432
    (604) 662-8829 (FAX)
    Website: www.landmarkminerals.com