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Titan Uranium Inc. Commences Summer Drilling Program on Border Block Project |
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Wednesday, 28 July 2010 09:44 |
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Titan Uranium Inc. (“Titan” or the “Company”) (TSX-V:TUE, FSE:T4X) announce that the Company’s Summer 2010 drilling program is now underway on the Border Block project. The Border Block 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% undivided interest in the project by funding Cdn $6 million in exploration over four years.
Aggressive Drilling Inc. completed mobilization of the drilling crew and equipment to the Border Block project site and the drill campaign commenced July 22, 2010. The planned program consists of approximately 1,500 metres of diamond drilling to test prospective targets identified by recently completed (Spring 2010) SQUID Time Domain ElectroMagnetic (TDEM) and D.C. Resistivity surveys. D.C. Resistivity is the geophysical technique of choice in the Athabasca Basin due to its ability to image hydrothermal alteration systems, which form resistivity “chimneys”, often associated with fault zones and unconformity-type uranium deposits. The Border Block project is located in the southwest area of the Athabasca Basin, near the Alberta border and comprises the Maybelle River, Gartner Lake, King and Castle South Extension properties. The project (76,354 hectares/188,675 acres) covers an area where historic exploration data identified favourable basement rocks capable of hosting uranium mineralization. The basement rocks are thought to be correlative with those found on the adjacent AREVA/UEX Corp.’s Shea Creek project which hosts significant uranium mineralization in the Anne, Collette and Kianna deposits. |
