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Uranio delineates areas with high uranium potential

Uranio delineates areas with high uranium potential on its Malanzan-Olta concessions in La Rioja Province, Argentina

INTRODUCTION

Basel, 8th October 2008                News Release 7-2008  

Uranio AG, under its wholly owned subsidiary Uranio del Sur S.A., has finished its first phase of its regional exploration on its concessions that cover the Malanzan - Olta paleochannel (Fig. 1: MAL & OLT) in La Rioja Province. The result is quite positive. Different areas totaling 43,463.5 hectares of the total original area of 58,664 hectares have been identified to contain significant uranium showings. Uranio decided to drop the remaining areas in order to concentrate its further exploration work on the delineated areas. This has been done in accordance with the rules of the La Rioja Department of Mines.


Figure 1 Location of Uranio's properties in La Rioja and San Luis Province, northern Argentina. Concessions covering the Malanzan - Olta paleochannel (stars labeled "MAL", for Malanzan, and "OLT", for Olta) are in the Province of La Rioja, are in the Panganzo Basin (green), and are detailed in Figure 2 and Table 1.

MALANZAN - OLTA CONCESSIONS CURRENTLY TOTAL 43,464 HECTARES

Uranio's seven concessions that cover the Malanzan - Olta paleochannel are detailed in Table 1 and Figure 2. Five of these concessions, labeled with "A", have been reduced in size, following the rules of the La Rioja Department of Mines. Uranio now holds in this area 43,463.5 hectares-reduced from an original 58,664 hectares. All ground considered to be highly prospective for uranium has been retained.


TABLE 3. Names and area of Uranio's concessions that cover the Malanzan - Olta paleochannel (Figs. 1 &2). Concessions labeled "A" have been reduced in area as required by the La Rioja Mines Department.

CONCESSION NAME

AREA  IN HECTARES

OLTA 1A

5,749.3

OLTA 2

9,968.7

OLTA 3

9,803.3

OLTA 4A

5,971.7

OLTA 5A

3,406.0

MALANZAN 67A

5,200.9

MALANZAN 68A

3,363.6

TOTAL AREA OF SEVEN CONCESSIONS

43,463.5 HECTARES


Figure 2. Uranio's seven concessions of 43,463.5 hectares (Table 1 & box outlines) that cover the Malanzan - Olta paleochannel (yellow-hashed outline). These properties have key showings of unconformity-type uranium mineralization in basal rocks along a 50 kilometer paleochannel of Carboniferous-Permian sedimentary rocks that unconformably overlie Precambrian metamorphic and granitic rocks of the Sierra de Chepes Uplift. Background is an Aster image. Coordinates are Gauss Kruger (WGS84).

EXPLORATION ON THE MALANZAN - OLTA CONCESSIONS

Uranio's Malanzan - Olta property has key, significant showings of unconformity-type uranium mineralization in the basal rocks of a paleochannel that is more than 50 kilometers in overall length, and which consists of Carboniferous-Permian sedimentary rocks unconformably overlying the basement of Precambrian metamorphic and granitic rocks of the Sierra de Chepes Uplift. Known unconformity type showings on the side of the channel are partially leached of uranium (Uranio News Releases #2 & 3 of August 4th and 20th, respectively).Uranio has recently bought a field-portable and ruggedized Radon Gas Detection System (AB-5) from Pylon Electronics Inc., Ottawa, Ontario, Canada (Uranio News Release #5 of September 25th). The key significant areas within the Malanzan - Olta concessions (Fig. 2: areas labeled) will receive the first application of this system in the search for richer uranium zones toward the centre of the channels. These central zones, covered by sandstone and soil, are blind to conventional scintillometer prospecting.

CONCLUSIONS

Uranium exploration on the Malanzan - Olta concessions in La Rioja, Argentina, offers exciting opportunities for major discoveries of new uranium mines by Uranio. The Radon Gas Detection System surveys are expected to define drill targets on high-grade unconformity-type uranium deposits occurring between the paleochannel and underlying basement metamorphic and granitic rocks. Results of the new surveys will be released as available.
 
On behalf of the Board of Directors
"Peter Goeggel"
President and Director