Set Nwt
Universal Power Revs in exploration in Tanzania
With the spot price of uranium through climbing $ 93/lb (again) and a shortage of sulfuric acid in Kazakhstan – the chemical needed for the leaching process that isolates U3O8 from ore – likely to worsen demand, there are all indicators that prices will skyrocket uranium (again) in the coming months. And despite the recent upheavals gold and precious metals, most analysts expect the bull markets for precious and base metals continue to snowball.
Universal Power Corp. (TSX.V: UNX, FSE: 3U2A) aims to exploit a number of promising projects on the resource market bull-charging current.
"I believe – and the company believes – that we are in the second inning of a supercycle world's uranium, fossil fuels, base metals and gold – and maybe money too, "says Barry Swanson, Director and CEO of Universal. "We want to ensure that we are quite diverse to reach all of these classes. "
Universal has three main targets: In Tanzania, in the Northwest Territories (Canada) and Ontario – Aimed at increasing shareholder value. Tanzania Mbamba Bay project recently announced some forward momentum.
Tanzanian Mbamba Bay property to advance the exploration
Tanzania has become increasingly attractive for mineral exploration in recent years. A political climate copy – filled with mining policies of the environment – has contributed to an annual economic growth of 5% since 2000, and operation Mining accounts for more than half of Tanzania's currency. Mining has exploded in the country, and more and more structures very promising are being explored it.
Universal Power Mbamba Bay project, near Lake Nyasa, is a perfect example. The property is 960 km square promising for both sandstone hosted and igneous uranium deposits. The airborne radiometric in the early 1980s suggests as granites and gneisses in the target zone are anomalous uranium, and are source rocks of a uranium deposit redox substantial style. Detailed mapping and radiometry of land in the same period has shown a depth of 20m sandstone and deeper than 40m stone transition. These conditions are associated with roll-front type uranium deposits.
Exploration results on neighboring countries, geologically contiguous properties indicate that the area is richly anomalous. The property is on the same structural trend as the uranium deposit Kayelekera owned by Paladin Resources in Malawi, which is a proven resource of over 25 million pounds of uranium. The work done by Resources Mantra near the western boundary Mbamba graded up to 0.68% U in the trench and chip samples. Drilling in the region conducted by Geosurvey International returned intersections of 0.04% uranium oxide compared to 11.7 million, with the richest intersections weighing 0.122% oxide uranium over 1.6 million.
Universal Power has completed a review of existing data on the area, and a field survey radiometric which returned values up to 3100 cps (counts per second).
Barry Swanson, President of Universal Power Corp. said: "We a report back from our technical team on the ground there, and I have reviewed the information with our QP [person qualified under the regulations Canadian NI43-101] here. We decided to go ahead and do some additional work, so obviously things are looking promising for us in this area at this time. "
An initial exploration budget of $ 250,000 has been set for the next phase of mapping Detailed geological and sampling of radiometric ground survey over, trenches and shallow RAB (reconnaissance air blast) drilling 100 holes. Results indicate that Universal has made a second exploration phase includes an additional 50 (deeper) hole reverse circulation drilling.
Another project in Tanzania, the emergence Mbinga, is a predominantly sandstone-hosted a series of 10 uranium anomalies and thorium, which is part of the Karoo trough SE Tanzania. According to Swanson, "The abnormalities we see here are equally exciting and timely, we will do some exploration work there as well on a program of Phase I. I expect that is the case over the next 3-4 months. "
Universal Power Corp. has a 90% interest in two of its projects in Tanzania.
Canada
The company holds interests closer to home well. The 100% owned Project Great Bear Lake, an area of over 45,000 hectares, shows occurrences of both uranium and IOCG (iron oxide copper gold) deposits.
The main exploration project for the Great Bear is an area of the Great Bear magmatic zone, which has many parallels striking with the structure of Olympic Dam Roxby Downs in southwest Australia. Both structures display technothermal evolution, composition of the sequence reception, co-existing magnetite and hematite, which result from two contrasting hydrothermal fluids, and are placed in a wide crustal fault. The structure of Olympic Dam has reported a resource of 2.32 billion tons of high-grade copper, gold, silver and oxide uranium (1.6% Cu, 0.5 g / t Au, 3.5 g / t Ag and 0.4 kg / t uranium oxide). Recent increases in production at the mine indicate that Mine has a duration of at least 50 to 100 years.
The Great Bear has historically been productive as well. There are three geologically connected historic mining camps on the property – Port Radium, Contact Lake and Terra Mining – have collectively donated a total of 48 million ounces of silver, £ 15 million of uranium oxide and 7,000 pounds of copper for the period 1930-85.
The region is attracting the attention of a number of major players. Alberta Star Development Corp. undertook a major exploration project on its Contact Lake adjacent to the universal power of the Great Bear property including extensive drilling. The 2007 exploration season has seen the costs in the area, by Alberta Star and other companies, more than 25 million.
"Today it was announced by Cooper, who is a neighbor of ours, they come to acquire a little more down next to us, "said Swanson's interest to accelerate in the region." I expect that this project will warm spring that this area becomes more active. "
Universal is an aggressive exploration describing the property of Great Bear and believes there is excellent potential for high grade mineralization in the polymetallic project. 400 km northeast of Yellowknife, NWT, the area is easily accessible.
In Ontario, the emphasis on the Universal Power Project Havoc in the Sibley Basin is also based on similarities with a similar class World – the region has striking parallels to Saskatchewan's Athabasca Basin, the world's largest uranium deposit unconformity.
Universal has an option to acquire a 60% interest in the property, which consists of 217 claim units. The presence of high-grade uranium was confirmed in the region in 2005 by Rampart Ventures, whose drilling program returned best values of 2.99% U3O8 over 1.5 m. The Sibley Basin, as Athabasca is a mid-Proterozoic age sedimentary basin. It is the least explored sedimentary basins all age Helikian in Canada, and is easily accessible through an extensive network of forest roads.
Management
A team with expertise and experience leading the efforts of Universal. Barry Swanson, CEO, has over 15 years of investment experience and the financial industry. The recent addition of Duane Parnham, in an advisory role managerial, strengthens the technical Universal. Mr. Parnham is also CEO and director of Forsys Metals Corp., and has a long history of success in geological and environmental consultation – it has raised more than $ 100 000 000 EUR for the past three years. John Poloni has a long career in the diversified mining projects, with 35 years experience in the industry. Finally, Mike Magrum Universal is the qualified person for their efforts uranium, he has experience in most basins uranium Proterozoic in Canada.
Outlook
There other projects on the horizon of the League of Universal Power. "We are looking actively pursuing other, greater opportunities – we supply very good projects, "says Swanson. "I'm looking to add a Another project closer to the end of the year or early next year. "
This article is for information only and does not constitute a recommendation to buy or sell shares of any company mentioned herein. It is based on sources believed reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in this article are those of the author, unless states are awarded to persons other than the author, in this case, the opinions are those of the individual to whom they are attributed.
About the Author
Resourcex Investor is an internationally distributed newsletter about emerging junior resource companies. Sign up for a free 1-month trial to our newsletter and get instant access to news and investing tips that have helped many of our readers make more money. http://www.resourcex.com
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