Poplar Point

The Poplar Point property consists of 2 mineral dispositions (S-107651 and S-107652) totaling 9654 hectares. The project straddles the north central edge of the Athabasca Basin and extends basin ward (Figure 1 and 5). The property is located about 20 kilometers west of the Fond du Lac unconformity-type uranium deposits and other uranium occurrences. Exploration on the Poplar Point property and area has taken place sporadically since the late 1970s. Based on a 2005 VTEM ground geophysical surveys completed by Cameco, three distinct north-south trending electromagnetic (EM) conductive systems have been identified. These conductive trends occur within separate low magnetic susceptibility corridors that transect the property.  Although no drill-holes have specifically targeted these EM conductive zones, historical drilling completed by Eldorado Nuclear in the 1970s proximal to these geophysical features, intersect favorable altered Athabasca sandstone.

The altered sandstone sections reported consisted of bleaching accompanied by well developed illite/chlorite/dravite clay alteration in contact with graphitic basement rocks. Two shallow drill holes (PW-03 and PW-04) intersected  anomalous geochemical mineralization (197ppm U, 907pppm B, 6.4ppm Cu, 38.5ppm Ni and 7.68ppm Pb) and illite clay alteration considered potentially  favorable  for unconformity-related mineralization (Source: Cameco reports)

Previous operators conducting exploration on the Poplar Point project area have identified highly potential geological, structural and geophysical features. These favorable features have not been drill tested and remain underexplored.  To refine drill hole targeting, Uravan anticipates completing a surface geochemical programs in late 2011 or summer 2012 followed by drilling. Drilling is pending favorable surface geochemical results. Funding will be required to complete further work on this project, either as a JV funding partner or equity capital financing.