Post by rwctrader2004 on Oct 8, 2004 17:07:24 GMT -5
LAS VEGAS--(BUSINESS WIRE)--Oct. 8, 2004--CMKM Diamonds, Inc., (Pink Sheets:CMKX - News) is pleased to announce it has reached an agreement with United Carina Resources Corp. (UCA) CDNX whereby CMKX can earn a 50 percent interest in recently acquired uranium properties in the Athabaska Basin area of northern Saskatchewan. The terms of the agreement call for CMKX to pay $100,000 dollars on signing and spend $500,000 on exploration during the first year. A further $100,000 is payable on the first anniversary and $750,000 dollars is to be spent during the second year of the deal.
The properties consist of approximately 35,800 acres and are located in the Wollaston Lake - Hatchet Lake area of Saskatchewan. A substantial amount of exploration has been carried out on these properties in the past and United Carina Resources Corp. is undertaking a compilation of all the data available and will undertake fieldwork as soon as possible. Previous work on the claims outlined several conductive zones, which yielded assays in excess of 1% U3Oa. The properties are located 30 kilometers north and northeast of four known uranium deposits (Rabbit Lake, McLean Lake, Collins Bay, and Eagle Point). United Carina will be the operator of the project and Mr. Dave Billard of Saskatoon will be the Qualified Person for the project.
The Wollaston area is one of the world's most prolific districts for rich uranium deposits. Two classifications of deposits are present: the unconformity-type and the basement-type. The unconformity deposits are related to the base of the Athabasca sandstone and usually occur at the contact of the Archean granitoid gneisses with the Aphebian meta sediments (e.g. Collins Bay, McClean Lake). Basement deposits are hosted solely in the meta sediments (e.g. Rabbit Lake, Eagle Point).
All known deposits are related to the junction of north-easterly and northerly-trending faults, and have a close association with graphitic rocks. These deposits may be up to 1000 meters long, 100 meters wide, and less than 20 meters thick. The ore pods consist of a high-grade uranium ore. The deposits are surrounded by extensive alteration halos of chlorite, cericite, illite, and tourmaline. The majority of these deposits straddle the edge of the Athabasca sandstone and exhibit varying degrees of geophysical responses and radiometric signatures.
The claim blocks held by United Carina Resources Corp. have many of the above geophysical characteristics and hence have good exploration potential for uranium.
To view further company updates, you can go to our website located at www.casavantmining.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements, other than the statements of historical facts, may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risks and uncertainties, including, without limitation, demand and competition for the Company's products and services, the availability to the Company of adequate financing to support its anticipated activities, the ability of the Company to generate cash flow from operations and the ability of the Company to manage its operations.
The properties consist of approximately 35,800 acres and are located in the Wollaston Lake - Hatchet Lake area of Saskatchewan. A substantial amount of exploration has been carried out on these properties in the past and United Carina Resources Corp. is undertaking a compilation of all the data available and will undertake fieldwork as soon as possible. Previous work on the claims outlined several conductive zones, which yielded assays in excess of 1% U3Oa. The properties are located 30 kilometers north and northeast of four known uranium deposits (Rabbit Lake, McLean Lake, Collins Bay, and Eagle Point). United Carina will be the operator of the project and Mr. Dave Billard of Saskatoon will be the Qualified Person for the project.
The Wollaston area is one of the world's most prolific districts for rich uranium deposits. Two classifications of deposits are present: the unconformity-type and the basement-type. The unconformity deposits are related to the base of the Athabasca sandstone and usually occur at the contact of the Archean granitoid gneisses with the Aphebian meta sediments (e.g. Collins Bay, McClean Lake). Basement deposits are hosted solely in the meta sediments (e.g. Rabbit Lake, Eagle Point).
All known deposits are related to the junction of north-easterly and northerly-trending faults, and have a close association with graphitic rocks. These deposits may be up to 1000 meters long, 100 meters wide, and less than 20 meters thick. The ore pods consist of a high-grade uranium ore. The deposits are surrounded by extensive alteration halos of chlorite, cericite, illite, and tourmaline. The majority of these deposits straddle the edge of the Athabasca sandstone and exhibit varying degrees of geophysical responses and radiometric signatures.
The claim blocks held by United Carina Resources Corp. have many of the above geophysical characteristics and hence have good exploration potential for uranium.
To view further company updates, you can go to our website located at www.casavantmining.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements, other than the statements of historical facts, may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risks and uncertainties, including, without limitation, demand and competition for the Company's products and services, the availability to the Company of adequate financing to support its anticipated activities, the ability of the Company to generate cash flow from operations and the ability of the Company to manage its operations.