Sibley Basin heating upGravity West Mining Corp.: Further Sibley Basin Uranium Properties Acquired Back
via COMTEX
Apr 19, 2007 9:39:00 AM
VANCOUVER, BRITISH COLUMBIA, Apr 19, 2007 (MARKET WIRE via COMTEX News Network) --
Gravity West Mining Corp. (TSX VENTURE: GRW) (the "Company") is pleased to announce that it has entered into an agreement to purchase a 100% interest in a 6,800 acre mineral property in the central Sibley Basin. Known as the Gull Bay property, these claims lie a short distance to the east of the Company's Voltaire Lake property, approximately 160 kilometres northwest of Thunder Bay. Located in the Lake Nipigon area of northwestern Ontario, the Sibley Basin is prospective for the presence of high-grade uranium deposits.
Consideration for a 100% interest in this property is cash payments totalling $84,000.00 and the issuance of 1,000,000 shares of the Company to the vendors, Mike Magrum (as to $15,000 and 330,000 shares), Impala Resource Services Ltd. (as to $15,000 and 330,000 shares), Colin Bowdidge (as to 340,000 shares) and 694411 Alberta Ltd. (as to $54,000). The properties are subject to a 2% Net Smelter Royalty in favour of the vendors with each of the vendors holding 1/4 of the Net Smelter Royalty. The Company may purchase up to one-half of this royalty from the vendors for $1,000,000. This acquisition is subject to TSX Venture Exchange approval.
The Sibley Basin is a Proterozoic sedimentary basin that is of the same general age as, and exhibits geological parallels to, the Athabasca Basin of Saskatchewan with its prolific and very rich uranium deposits. The claims cover a 10 kilometre length of the Black Sturgeon Fault, a major structure that runs through the entire basin and divides it into east and west sectors. The fault was active before, during and after deposition of the Sibley Basin sediments. The Black Sturgeon fault, as a controlling structure in the basin, is an important target for uranium exploration. All the major uranium deposits of the Athabasca Basin show an association with fault structures, which are believed to be the channelways that introduced mineralizing solutions.
Most of the length of the Black Sturgeon Fault lies within a provincial park; the Gull Bay property covers one of the few areas where it crosses land that is available for mineral exploration activities. No prior exploration for uranium is recorded in the property area. As a first step in exploration, the company plans to carry out a detailed airborne magnetic and electromagnetic survey over the Gull Bay property as well as its nearby Voltaire Lake property. On the Gull Bay property, the survey will be used to search for resistivity lows that may reflect alteration of the type commonly associated with unconformity-style uranium mineralization.
This acquisition brings Gravity West's total holdings in the Sibley Basin to 50,680 acres in two separate claim groups. The Company recently allowed five small claim blocks (approximately 15,000 acres) in the southern portion of the Sibley Basin to lapse as the Company felt they were not promising.
On its Black Sturgeon Uranium property just to the south of Gravity West, neighbour RPT Uranium Ltd. (TSX-V: RPT) announced on April 2, 2007 the results of the first phase of a winter diamond drilling program. RPT reported intersections of 4.68% U3O8 over a core length of 0.72 metres in one hole and 0.362% U3O8 over a core length of 0.30 metres in a second drill hole. These drill holes were drilled on the same section as a previously reported hole which intersected a uranium grade of 2.99% U3O8 over a core length of 1.55 metres. Based on these results, RPT announced the commencement of a further 21 hole drilling program totalling approximately 3000 metres.
Livio Susin, President of Gravity West, states, "Based on RPT Uranium's drill results near the Black Sturgeon Fault, we believe this addition could significantly enhance the potential of our Sibley Basin properties."
Glen MacDonald, P.Geo., a Director of the Company and a Qualified Person as defined under NI 43-101, has approved of the technical content of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Livio Susin, President and Director