Homeland Uranium Inc. Identifies Significant New Uranium Targets in Niger
February 24 2010 - 3:08PM
Marketwired Canada
Homeland Uranium Inc., ("Homeland" or the "Company") is pleased to announce that
its ongoing exploration work in Niger has resulted in the delineation of several
significant multi-parameter target areas.
Homeland, through its wholly-owned Niger subsidiary company, Uranium
International Limited - Niger, controls eight contiguous licenses in two license
blocks known as Agelal and Asekra for a total of 3,730 square kilometers. The
licenses are located toward the eastern edge of the Tim Mersoi Basin,
immediately west of the Arlit fault and Areva's Somair and Cominak uranium
mining complexes in and around the city of Arlit.
Several surveys were completed over the past two years, including airborne
magnetics and radiometrics over the Asekra block, along with radon cup, mobile
metal ion ("MMI") over both license blocks, limited ground radiometrics and
geological mapping and satellite imagery acquired and processed over the entire
property and surrounding area. Additionally, over 90 historical drill holes were
geographically registered, digitized and incorporated into the company's data
base.
The most significant multi-parameter anomaly, Asekra Target One, has been
delineated on the Asekra concession. This target area strikes for more than 20
kilometres and is up to 8 kilometres in width, and comprises a large stratabound
anomaly cluster within an uplifted, fault-bounded block of Tchirezrine II
Formation rocks at surface and in shallow subcrop. This is the same
stratigraphic unit that hosts Areva's giant Imouraren uranium deposit, currently
under construction, located 30 kilometers to the east-southeast of Target One.
The target is defined by coincident radon anomalies, MMI including uranium,
molybdenum and other pathfinder element anomalies along with a pronounced
airborne radiometric anomaly coincident with the northern block-bounding fault.
There is no evidence of any prior work such as drilling or sampling ever having
been conducted over this target area.
Management believes that this combination of coincident geochemical and
geophysical anomalies overlying key uranium host geology and structure, and
covering such an extensive area, renders this target area quite significant.
Homeland's generative work has also led to the delineation of four additional
target areas that warrant follow up work. The next most significant, Asekra
Target Two, is located 50 kilometres south of Asekra Target One (also on the
Asekra concessions). This target area is somewhat narrower, up to 3-5 kilometres
wide and at least 20 kilometres long, characterized by coincident radon and MMI
anomaly clusters in turn coincident with a pronounced airborne radiometric
anomaly that runs the full width of the southernmost Asekra license along the
lineament fault. Shallow Cretaceous rocks overlie Upper Jurassic Tchirezrine II
rocks in this area, which lies roughly 30 kilometres north of the Chinese owned
and operated Abkorum uranium deposit, which occurs along a similar, parallel
west-southwest trending fault.
The delineation of these targets, both individually and collectively, marks a
major step forward in Homeland's progress in Niger toward discovery,
particularly in the first three target areas where there is no historical record
of any previous exploration and where the targets are both large and
multi-parameter in two out of the three cases.
Follow up field programs to map and sample these areas at surface are currently
in the final planning stages, along with a first phase drill program to test the
numerous discrete drill targets that will be generated from this work.
Homeland can also report that following the removal of Niger's President Mamadou
Tandja from government last February 18th by the Nigerien military and their
committee, The Supreme Council for the Restoration of Democracy in Niger, the
Company's offices remain open and staff are working and operating in Niger as
before. All government agencies are open and functioning normally.
Additional results will be released as they become available.
This news release may contain forward-looking statements based on assumptions
and judgments of management regarding future events or results. Such statements
are subject to a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements.
The technical information contained in this press release related to the above
described exploration activities is reported and verified by Avrom Howard,
P.Geo., Homeland's Vice President - Exploration, who is a qualified person as
defined by NI 43-101.
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