Glemmark Receives Approval for DD-Group Uranium Claims
VANCOUVER, BC / ACCESSWIRE / June 11, 2015 / Glenmark Capital Corp. (TSX.V: GLM, US OTC: GLRKF and Frankfurt: 17G) ("Glenmark" or the "Company") is pleased to announce that on June 10, 2015, the TSX Venture Exchange accepted for filing an option agreement with an arm's length vendor, by which the Company can earn 100% interest in the DD-Group claims, which cover over 6,660 hectares along the Key Lake Road in northern Saskatchewan. The new claims will be added to the Company's Key Lake Road Uranium Project, which after this acquisition will span more than 14,700 hectares.
Under the terms of the agreement, Glenmark can earn a 100% interest in the DD-Claims by making a one time $20,000 payment to the vendor and issuing 4,000,000 shares within five days of TSX Venture Exchange Approval. The Vendor has also been granted a 1% NSR which can be repurchased by Glenmark for $1,000,000.
Background
The following is derived from the "Key Lake Road Project - 2007 Fall and 2008 Winter Drilling Report" by B. Tan P.Geo. and K. Wheatley P.Geo.
Forum Uranium Corp. In 2005, Forum Uranium Corp. identified several outcrops of uranium mineralization 200 metres east of the C-1 conductor. The mineralization occurred in graphitic pelite and calc-silicate. Grab samples from the trenches contain uranium values up to 0.72% U3O8. In the summer of 2006, several trenches were dug and mapped in detail. Observations in the trenches revealed that the uranium mineralization occurred in the north-northwest fractures system containing strong potassic alteration and hematization.
In the fall of 2006 three angle holes DD-01, DD-03 and DD-04 were drilled perpendicular to the north-northwest fractures system to test the down-dip extension of the mineralized outcrops. Uranium mineralization was intersected in holes DD-01 (0.022% U3O8 over 0.25m and 0.078% U3O8 over 0.5m) and DD-03 (0.02% U3O8 over 0.5m, 0.069% U3O8 over 0.75m and 0.023% U3O8 over 0.95m). The mineralization occurred in fractures and breccias within the graphitic pelitic gneiss and they were associated with strong pyritization which occurred in stringers up to one cm wide, nodules and fracture fills.
In the fall of 2007 and winter of 2008, Forum Uranium Corp. completed drilling along the 40 kilometre long Key Lake Road shear zone. Several sub-parallel conductors (C-1, C-2, C-3 and several other unnamed conductors) were outlined by the VTEM survey along this shear zone. Both the C1 and C2 conductors were interpreted as very strong with conductance ranging from 10 to over 100 siemens. Thrust faults with strongly graphitic shears have been intersected along both conductors.
In winter 2007 hole DD-16 was drilled 50 m east of DD-03 and spotty mineralization up to 0.057% U3O8 over 0.2 m were encountered up to 193m in depth. In 2008 two more follow-up holes were drilled on the same drill profile. DD-19 was located east of DD-16 and DD-21 was located west of DD-03 (Figure 6). Spotty uranium mineralization grading from 100 to 786ppm U3O8 were intersected in both holes, the assay results are shown below:
DDH #
From (m)
To (m)
Length (m)
ppm U3O8
DD-19
156.8
157.0
0.2
159
DD-19
157.1
157.3
0.2
127
DD-19
176.7
176.9
0.2
246
DD-19
176.9
177.1
0.2
123
DD-19
178.5
178.7
0.2
816
DD-19
178.7
178.9
0.2
157
DD-19
178.9
179.1
0.2
109
DD-19
179.3
179.5
0.2
192
DD-19
179.5
179.7
0.2
316
DD-19
179.7
179.9
0.2
115
DD-19
179.9
180.1
0.2
116
DD-19
237.3
237.5
0.2
115
DD-19
237.5
237.7
0.2
164
DD-19
237.7
237.9
0.2
786
DD-19
307.5
307.7
0.2
340
DD-19
138.0
138.2
0.2
202
DD-21
50.9
51.1
0.2
402
DD-21
92.3
92.5
0.2
105
A wide conductive zone over 100m wide with conductance of less than 1 to 4 siemens was outlined at the southern extension of the DD Zone (Figure 5). It was interpreted that the weak conductance could be caused by a wide zone of sulphide mineralization as was found in the DD zone. The uranium mineralization in the DD zone is associated with sulphide mineralization. Hole DD-20 was drilled 600m to the south and hole DD-23 was drilled 1200m to the south. Disseminated weak graphite and strong pyritization were intersected in both holes, but no radioactive anomalies were encountered.
The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, P. Geo. Dr. Born is a Qualified Person, as that term is defined in National Instrument 43-101, and has approved this news release.
For further information, please contact:
Rob Gamley
Contact Financial Corp.
Phone: (604) 689-7422
Email: rob@contactfinancial.com
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.
SOURCE: Glenmark Capital Corp.
