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IRW-Press: Glenmark To Commence Field Program Over Ford Lake Zone



Published on 16 July 2014



by Press Office

(IRW-PRESS and WireNews)

Vienna, Austria

Glenmark Capital Corp. (TSX.V: GLM) (“Glenmark” or “the Company” ) is pleased to announce that it intends to initiate a fall field program at its Ford Lake Project, northeastern Saskatchewan. In addition to prospecting and surface sampling, Glenmark will implement a ground IP/resistivity survey to further refine and prioritize diamond drill targets at the Ford Lake Zone, a conductive subsurface anomaly which lies within the larger northeast trending Brown Lake Fault. The overarching purpose of the survey is to further evaluate the potential of the Ford Lake Zone to host a uranium deposit. The resistivity survey is to consist of 26km of lines with a spacing of 100m, oriented 90 degrees to the strike of the Ford Lake Zone and faulting. The proposed survey is subject to financing.

RDI and MAG3D sections from the 2011 VTEM PLUS (airborne magnetic/EM) survey flown by Arcturus Ventures Inc. first identified the Ford Lake Zone. The zone is ~ 1500m long by 500m wide and is a clear resistivity low (a conductive halo) lying within a large scale fault running NNE across the zone.  It is surmised that the resistivity lows may correspond to illite clay alterations above the unconformity.

The target was enhanced when diamond drilling by Union Carbide ~ 3km northeast of the Ford Lake Zone (and on the same fault) encountered positive results for uranium deposition. The Shift Lake Uranium Zone, which lies just outside the northeast border of Glenmark’s project area, was discovered by drilling a subsurface conductive anomaly. Multiple drill holes at Shift Lake tested positive for uranium; the highest reported value was 0.62% U over 2.75m in hole 79-17. Uranium was associated with areas of massive hydrothermal alteration at and beneath the unconformity. 

Methodology

Uranium deposits in the Athabasca Basin are the result of prolonged effects of hydrothermal alteration which is often related to structural features, such as faults. The proposed DC resistivity survey will test the high resistivity sandstone layers for areas of low resistivity, which may be evidence of the alteration of feldspars to clay minerals. Such alterations are common to all significant uranium deposits in the Athabasca. In addition, the majority of these deposits occur at faults intersecting the unconformity between Archean aged metasediments and granites, and the basin filled sandstone units. Graphite commonly forms along these faults and aids in the deposition of uraninite through a hydrothermal redox reaction. These linear graphitic zones have a high conductivity signature which is an excellent geophysical target for electromagnetics and DC resistivity surveys.

Peter Born, P.Geo. is responsible for the geological content in this new release. Dr. Peter Born P.Geo., the Company’s Qualified Person and Director, has not reviewed the original drill logs, assays or core of historic drilling  of the Shift Lake Zone. Geological and exploration information contained in this release is derived from sources believed to be credible.

Background

The Ford Lake Uranium Project covers an area of ~6358 hectares in in the Athabasca Basin, one of  the most prospective uranium region in the world, ~11km northwest of the Key Lake Mine, site of the largest uranium mill in the world. Cameco’s Key Lake Mine, which has produced over 200 million lbs of uranium, currently processes ore from the McArthur Mine. The Ford Lake Project lies within a  prolific discovery corridor and adjoins projects controlled by Cameco, Denison and AREVA. Basement depths are relatively shallow, between 100-150m.

The primary exploration target at Ford Lake is the Ford Lake Zone which is some 500m west of the Shift Lake Uranium Zone, where several drill holes intersected anomalous uranium values outlining a mineralized alteration zone of ~ 775m. Forty eight holes (79-15 to 79-62), totaling 9,752.1 m (31,995.1 ft) were completed by Phelps Dodge Corporation of Canada Ltd. to test HLEM and pulse EM anomalies. Four of the holes intersected values greater than 0.10% U3O8 (0.08% U). At 189m, Union Carbide hole 79-17 intersected a 2.75 m (9.0 ft) interval which returned 0.62% U3O8 (0.53% U).

For further information please contact:

Richard W. Grayston, President

Tel: (604) 990-1012

rwgrayston@telus.net

GLENMARK CAPITAL CORP.

1600 - 609 Granville Street, Vancouver, BC V7Y 1C9

Neither the 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. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward€looking statements”. Forward€looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward€looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward€looking statements.


Contacts

  •  
  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
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Posted 2014-07-16 18:15:00