Landmark Acquires Newfoundland Uranium Propertyadmin
Landmark Minerals has acquired, by staking, a 100% interest in 256 mineral claims covering 6,400 hectares in southwestern Newfoundland considered prospective for stratiform uranium mineralization.
The property covers the southern part of the Deer Lake sedimentary basin, which has been explored for uranium mineralization since the 1970′s. Companies currently active in the basin include Altius Minerals, JNR Resources, Spruce Ridge Resources, and Ucore Uranium.
To the northeast of Landmark’s Deer Lake property, uranium-bearing boulders grading in excess of 10% U3O8 (Altius news release June 14, 2006) have been found in glacial till. The bedrock source of the float boulders has not yet been identified, possibly due to extensive till cover and a complex glacial history. In addition, bedrock uranium occurrences grading up to 3.7% U3O8 (Spruce Ridge news release November 1, 2006) from selective sampling have been reported to the northeast, and bedrock values grading up to 1.8% U3O8 across one meter (Ucore news release November 14, 2006) have been reported to the southwest from similar geological environments.
The Deer Lake basin is dominated by Carboniferous non-marine sandstone, quartzite, siltstone, conglomerate, and rare dolomite and limestone. The exploration model being used by Landmark to evaluate and explore the Deer Lake property is the Colorado Plateau, where stratiform uranium mineralization is hosted in sandstones and siltstones deposited in a non-marine fluvio-lacustrine environment. The most important factors controlling the location of this style of uranium deposits are host rock permeability and adsorptive/reducing agents such as organic matter.
Despite a well-known exploration model and an extensive exploration history in the Deer Lake basin, most previous work has been focused on surficial radiometric anomalies and exploring for the source of high grade float boulders. Landmark considers gently dipping sequences of alluvial, fluvial, and lacustrine deposits known near the bottom of the basin as being the most prospective targets in the Deer Lake basin. Reduced bitumen- and limestone-bearing basal conglomerates are considered to be especially prospective, particularly along the southwestern part of the basin. Landmark’s Deer Lake property is underlain by favorable strata which are shallow, relatively undeformed, and close to the presumed provenance area of uranium-bearing groundwaters.
“With the spot price of uranium at record high levels, we are pleased to have acquired such a large land position in a very prospective belt,” said Harmen Keyser, President of Landmark. “This property was selected because of the favorable geology, known high grade uranium occurrences elsewhere in the same basin, excellent access, our current Newfoundland joint venture interests, and financial exploration incentives available in Newfoundland.”
Landmark Minerals is a junior uranium exploration company based in Vancouver, Canada with mineral interests in Newfoundland, Quebec, Northwest Territories, and Yukon, Canada.
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.
Contacts: Landmark Minerals Inc. Harmen J. Keyser, P.Geol. President (604) 801-5432 (604) 662-8829 (FAX)