Athabasca & Thelon basins
Junior Explorer of Choice for Uranium in Canada.
Message: Announces Border Block Project Drill Results
| April 1, 2009 |
| Titan Uranium Inc. Announces Border Block Project Drill Results |
| SASKATOON, SASKATCHEWAN--(Marketwire - April 1, 2009) - Titan Uranium Inc. ("Titan" or the "Company") (TSX VENTURE:TUE)(FRANKFURT:T4X), a North American generative explorer, is pleased to announce phase two drill results from the Border Block project. The 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 (Titan Uranium Inc. PR, November 12, 2008). JOGMEC accelerated funding on the project by providing an additional $500,000 for a total of $1.5 million during the first earn-in period ending March 31, 2009. Titan is the operator of the exploration programs. Phase two drilling on the Border Block project was carried out in February 2009. Two diamond drill holes were completed for a total of 955 metres. Analytical results have been received for holes GL-08-02A and GL-09-3A. Both holes show anomalous values of boron (up to 2,610 ppm B over a background of 100 ppm), nickel (up to 52.8 ppm Ni over a background of 1 ppm) and elevated values of arsenic, cobalt and vanadium. Graphitic horizons, interpreted to be the cause of the electromagnetic anomalies, were intersected in each hole. The analytical results also indicated the presence of illite and sudoite clay species in the basal sandstone rocks. The nature of the clay species combined with the presence of pathfinder elements (boron, nickel arsenic, cobalt and vanadium) which exhibit elevated values and graphitic host rocks, are typically found in the vicinity of unconformity-type uranium mineralization in the Athabasca Basin. Additional ground geophysical surveys (TDEM) completed in February 2009 have located numerous basement electromagnetic conductors which warrant further exploration. Titan and JOGMEC will be reviewing the drilling and geophysical data in preparation for a summer drill program. 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. J. Allan McNutt, P. Geo., M.A.Sc., is Titan's Qualified Person (as defined by National Instrument 43-101) for uranium projects and is responsible for the technical information contained in this release. About Titan Uranium Inc. Titan's growth strategy is driven by advancing exploration projects to discovery in the proven Athabasca and prospective Thelon basins. Titan has gained market recognition for its ability to attract strategic partners to participate in exploration on its properties by virtue of its 1.6 million acre land position and technical expertise. In 2008, Japan Oil, Gas and Metals National Corporation (JOGMEC) signed two letters of agreement with Titan to explore the Company's Virgin Trend and Border Block projects as an element of its mandate to seek a stable supply of natural resources for Japan. In April 2008, Vale Exploration Canada Inc. (VEC), a wholly-owned subsidiary of Companhia Vale do Rio Doce (VALE), the world's second largest mining company by market capitalization, signed an agreement with Titan on the Sand Hill Lake project. Titan also has a major joint venture project underway in the Thelon Basin with Mega Uranium Ltd. Additional partnerships are at the planning stage. Partners of Titan have the option to expend Cdn $22.5 million in exploration programs managed by Titan between 2009 and 2012. The partners can earn a portion of Titan's interest in these strategically located properties in the Athabasca and Thelon basins. Optionees of Titan properties spent Cdn $6 million on exploration programs managed by Titan in 2008 and will contribute Cdn $6.8 million in 2009. Titan is well-financed and ideally positioned to emerge as a pre-eminent explorer in the uranium industry. Based in Saskatoon, Saskatchewan, Titan boasts proven senior leadership, a highly experienced technical team and a dominant land position in Canada's world-class uranium districts. ON BEHALF OF TITAN URANIUM INC. Brian A. Reilly, President |
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