Universal Power
With the clink of money in your pocket, Universal Power Corp. (TSX.V: UNX, FSE: 3U2A) is ready to begin exploring both in Africa and also a world away, in northern Canada.
The Vancouver-based junior hopes to start work on your property Mbamba Bay uranium in southern Tanzania before the end of the year.
Meanwhile, Universal Power is two thirds of the way through a negotiated private placement, raising a gross of 2.68 million U.S. dollars in late November. The company expects to complete the placement shortly, bringing in another $ 720,000.
And get your project underway in Africa, Universal Power is also planning to start work this spring on its recently acquired in the Great Bear iron ore-copper-gold property in Canada's Northwest Territories.
Universal Power completed the acquisition of the 45,000 acre property, which covers 20 blocks of demand in October. Great Bear, 430 kilometers north of Yellowknife, lies between Alberta Star Development Corp. 's Eldorado South project and Cooper Minerals Inc.' Terra s properties, which saw diamond drilling in 2007 season of exploration.
The Great Bear property is geologically similar to Olympic Dam deposit at Roxby Downs in southwest Australia. Olympic Dam is a large deposit of copper, uranium, gold and silver, which supports an underground mine and an integrated metallurgical processing plant. It is larger the world's only known deposit of uranium, although uranium accounts for only a small portion of the proceeds from the mine.
And Universal has also launched geophysical work on its draft Sibley, in northwestern Ontario, to identify drill targets for this winter. Universal Power has the option to earn a 60% interest in 217 claims units in the Havoc Lake area, near Thunder Bay.
The Sibley Basin is a mid-Proterozoic age sedimentary basin that has the potential to host unconformity related uranium deposits such as those found in uranium-rich Athabasca Basin.
In Tanzania – based on a recently completed to NI-43-101-compliant report – Universal expects its Phase 1 exploration Mbamba Bay to include geological mapping and sampling, Radiometric study of land, shallow ditches and shallow reconnaissance air blast drilling about 100 holes.
Phase 1 is expected to cost around $ 250,000, with a hole of $ 400,000 over 50 years, reverse circulation drilling program to follow, depending on the results initials.
The 960-square mile property Mbamba Bay, one of two owned by Universal Power to Tanzania, near Lake Nyasa in the south. Both Mbamba Bay and smaller property in cluster Mbinga East African Karoo super, equivalent to the Canadian Shield in containing mineral rich in discoveries.
The regional geology of the area is characterized by Proterozoic metamorphic rocks of the crystalline basement that are covered by young Karoo sedimentary rocks. The area is prospective for sandstone hosted and igneous-type uranium deposits.
The sandstone of the Karoo is similar to the stone sandstone in South Africa and home to Colorado uranium deposits.
Airborne radiometric data collected in the 1980s, indicates the granites and gneisses are anomalous in uranium, and represent the source rocks for redox-style uranium deposits. The southern margin of the sedimentation basin, including paleo-channels excavated in the basement rock, are prospective areas of uranium.
In 1979 and 1980, nationwide surveys in the air radiometric, by GeoSurvey International radiometric anomalies identified in the Bay area Mbama. The highest total counts ranged from 2,000 counts per second to 10,000 PC, and checked into granitic area in the southern part of the project.
The detailed geological mapping, trenching and ground radiometric surveys conducted in early 1980, the Mbamba Bay Area, identified 20 meters of sandstone at the top and 40 meters of the transition zone, through a total thickness of about 100 meters statigraphical column. This is a very favorable geological environment considered for deployment against the type uranium deposits.
Roll-fronts are named by the crescent of uranium (in solution) makes at the interface between oxidizing and reducing conditions within the permeable sandstone or conglomerate host rock.
Universal Power has conducted an extensive literature review, a ground reconnaissance radiometric survey and preliminary logistical planning. The literature review has established a geological framework and an interpretation of the radiometric anomalies originating in the GeoSurvey International survey in the air.
The review confirmed the location of the property and the validity of the land. During the field visit, several radiometric readings were taken at the anomaly locations identified by the International GeoSurvey survey.
The readings are elevated up to 3,100 cps.
The company has identified structural trends that appear to extend into the project area Mbamba Bay deposit near uranium Paladin Resources Kayelekera in Malawi. The tank has Kayelekera proved to be a resource of over 25 million pounds of uranium.
Paladin recently approved a bankable feasibility study that indicated a mine life of seven years and a processing life of 11 years from existing resources.
The work of Mantra Resources of Australia, near the western boundary of the property Mbamba Bay, has returned values up to 0.68% U3O8 in the trenches and limited rock sampling.
This article is designed to serve informational only and is not a recommendation to buy or sell shares of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in this article are the author except where statements are attributed to different people the author, if the opinions are those of the person to whom 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
Article Source: ArticlesBase.com – Universal Power Corp. Sees Analogies in Key Uranium Regions
JESUITS – ‘gadget’ Ep102 – Kensington Universal Power
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UNIVERSAL USB DC POWER CAR CHARGER AUTO ADAPTER NEW $0.49 |
