DENVER, Dec. 15, 2004 (PRIMEZONE) -- Trend Mining Company (OTCBB:TRDM) is pleased to announce that it has expanded its controlling land positions at both its Cree Lake uranium project and its Peter Lake project in northern Saskatchewan.
Cree Lake
Saskatchewan's unconformity-type uranium deposits are among the richest in the world. Such deposits occur at or near the unconformable contact between underlying basement rocks of the Churchill Province of the Canadian Shield and the overlying sedimentary rocks of the Athabasca Basin. Basement rocks often contain graphitic horizons, which are thought to be significant in the control of uranium deposition and hence serve as a useful exploration guide during geophysical prospecting from the surface.
Trend's land position is located along the western shore of Cree Lake and overlies the contact of the Mudjatik and Virgin River Domains. This contact zone is manifested by the graphite-bearing Cable Bay Shear Zone, a major structure and possible control for uranium mineralization in this part of the Athabasca Basin. Diabase Peninsula -- and Trend's land position -- is known to encompass hydrothermally altered sandstone boulders as well as being characterized by electromagnetic geophysical anomalies suggestive of graphitic conductors at depth. Both the altered boulders and the geophysical anomalies are considered to be diagnostic indicators of potential uranium mineralization.
As noted in a press release dated December 14, 2004, Nuinsco Resources Limited ("Nuinsco") (TSX Venture Exchange:NWI) has entered into an agreement to explore for uranium mineralization on mining claims that Trend owns or holds under purchase option agreement in the Athabasca Basin. Trend has expanded that land position by acquiring a further 1603 hectares (6 square miles) to the southwest of existing claims along the Cable Bay shear zone. Trend now controls, and Nuinsco will be exploring, a total of 4,224 hectares (16 square miles) along the favorable Cable Bay Shear Zone.
Peter Lake
The Peter Lake Domain is a geologic province generally recognized to host what is believed to be the second largest mafic layered intrusive complex in North America, the same type of rocks which host the Bushveld platinum-palladium occurrences in South Africa and the Stillwater platinum-palladium occurrences in Montana. In turn, the Peter Lake suite of rocks hosts known occurrences of copper-nickel and platinum-palladium mineralization scattered over a strike length of some 80 kilometers (50 miles). The geologic potential of the Peter Lake Domain remains under-assessed, particularly when compared to other regions of Canada.
During the summers of 2002-2004, the Geological Survey of Canada (GSC) and the Saskatchewan Geological Survey (SGS) jointly commenced a broad research program in the Peter Lake Domain and which by coincidence covered Trend's mining claims ("Peter Lake"). The Company believes that the justification for this program, in part, was recognition that the Peter Lake Domain may harbor potential for significant mineralization and appears to be one of the last areas of Canada not to have been subjected to modern, regional geological surveys and research. The Company judges that jointly these two agencies have spent several million dollars in geological, geochemical, and geophysical research, results of which began to be open filed at the SGS Open House held in Saskatoon on November 30, 2004. The Company has been told that most of the data is expected to be publicly available by May, 2005.
With Canadian agencies carrying out this major research program at Peter Lake, the Company determined to await the 2005 field season before making any site-specific commitments to prospecting its claims. During 2004, Trend conducted limited work and acquired additional ground to protect and expand its existing 31,796 hectare (122 square mile) land position. Results of limited geochemical sampling from Trend's new claim at Ant Lake were indicative of historic grades found by prospectors and the tenor of material that the Peter Lake Domain may hold: 3.05 ppm Palladium, 0.4 ppm Platinum, 717 ppb Gold, 0.95% Copper, and 0.02% Nickel.
Following results of its 2004 review, the Company expanded the project by acquiring 532 hectares near Ant Lake, 900 hectares at Swan Lake, and 3,420 hectares at Seahorse Lake. Trend now controls nine mining claims covering 36,648 hectares (141 square miles) in the Peter Lake Domain, and is planning a broad reconnaissance program during the summer of 2005 to search for larger concentrations of the types of mineralization already identified.
Trend Mining Company is a U.S.-based exploration company that has 100% ownership and a large land position at two North American precious metals properties with potential for hosting significant amounts of platinum, palladium, gold and other metals as well as one uranium project in Saskatchewan with potential for hosting high grade, unconformity-type uranium mineralization.
Throughout this press release there are forward looking statements and assumptions made by management within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by those sections. Factors that could cause results to differ materially from those projected are, but not limited to, adverse price fluctuations of underlying metals, the company's ability to acquire and develop properties, competition from larger more established companies, the ability to finance future acquisitions and projects, and governmental regulation. Trend Mining Company believes that the projects it has entered into and those it will enter into show promise, but there can be no guarantee of that. This press release is for informational purposes only and should not be construed as an offer to solicit, buy, or sell any security.