Titan Uranium Inc.
TSX VENTURE : TUE
FRANKFURT : T4X
June 15, 2009 10:03 ET
Titan Uranium Inc. Announces Virgin Trend Project Drill Results
SASKATOON, SASKATCHEWAN--(Marketwire - June 15, 2009) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, is pleased to announce drill results from the Virgin Trend project. The project is the subject of a Letter of Agreement between Titan and Japan Oil, Gas and Metals National Corporation (JOGMEC) wherein JOGMEC can earn a 50% interest in the Virgin Trend project by funding Cdn $9 million in exploration over three years. The partners have agreed to amend the Letter of Agreement and extend the first farm-in period from March 31, 2009 to March 31, 2010. Titan is the operator of the exploration programs.
Drilling on the Virgin Trend project was carried out in February and March 2009. One vertical diamond drill hole was completed for a total of 1340.55 metres which is one of the deepest holes drilled to date in the Athabasca Basin. The hole was drilled to test coincident gravity, magnetic and electromagnetic anomalies defined by airborne and ground surveys in 2007 and 2008 including an anomaly defined by JOGMEC's proprietary ground Squitem system.
The drill hole intersected the unconformity between the flat lying Athabasca sandstone rocks and the underlying steeply dipping basement rocks at 1237.55 metres depth. Analytical results from composite samples taken at 10 metre intervals displayed highly anomalous boron values in the sandstone rocks (up to 2320 ppm). Background is typically 100 ppm boron. From subcrop at 67 metres to 900 metres, 60% of the 84 samples exhibited greater than 500 ppm boron and all but two showed greater than 100 ppm boron. Anomalous boron concentrations were also noted from 1010 metres to 1100 metres and from 1190 metres to 1230 metres, just above the unconformity. The analytical results indicated the presence of illite and sudoite clay species throughout the sandstone rocks generally in areas with the greatest boron concentrations. In addition, the sandstone and basement rocks displayed evidence of faulting which is typically associated with bleaching. The probe results showed no significant radioactivity. Boron, illite and sudoite anomalies are typically part of hydrothermal alteration systems associated with unconformity style uranium mineralization in the Athabasca Basin.
The Virgin Trend project, which includes the Virgin Trend and Knight properties, is located in the central portion of the Athabasca Basin in northern Saskatchewan and comprises 44 claims totaling 161,985 hectares (400,273 acres). The project area covers the trace of the Virgin River Shear Zone/Dufferin Lake/Black Lake Fault, an extensive regional fault system with repeated movement during the period of uranium mineralization in the Athabasca Basin. The southern portion of the Virgin Trend project neighbours the Cameco Corp./Areva Resources Canada Inc./Formation Capital Corp. Virgin River property that hosts the Centennial deposit where the highest grade-thickness intervals reported to date are found in hole VR-031W1 which intersected 7.62% U3O8 over 17.8 metres (Formation Capital Corp. PR, March 26, 2009).
J. Allan McNutt, P. Geo., M.A.Sc., is Titan's Qualified Person (as defined by National Instrument 43-101) for uranium projects and is responsible for the technical information contained in this release.
About Titan Uranium Inc.
Titan's growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. Titan has gained market recognition for its ability to attract strategic partners to participate in exploration on its properties by virtue of its 1.6 million acre land position and technical expertise. In 2008, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed two letters of agreement with Titan to explore the Company's Virgin Trend and Border Block projects as an element of its mandate to seek a stable supply of natural resources for Japan. In April 2008, Vale Exploration Canada Inc. (VEC), a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE), the world's second largest mining company by market capitalization, signed an agreement with Titan on the Sand Hill Lake project. Titan also has a major joint venture project underway in the Thelon Basin with Mega Uranium Ltd. Additional partnerships are at the planning stage.
Partners of Titan have the option to expend Cdn $22.5 million in exploration programs managed by Titan between 2009 and 2012. The partners can earn a portion of Titan's interest in these strategically located properties in the Athabasca and Thelon basins. Optionees of Titan properties spent Cdn $6 million on exploration programs managed by Titan in 2008 and will contribute Cdn $4.7 million in 2009.
Recently, Titan entered into a definitive agreement to acquire Uranium Power Corp. which has significant uranium assets in the western USA (Titan Uranium Inc. PR, May 8, 2009). Titan is well-financed and ideally positioned to emerge as a pre-eminent exploration and development company in the uranium industry. Based in Saskatoon, Saskatchewan, Titan boasts proven senior leadership and a highly experienced technical team.
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.