Pathfinder to Conduct Major Airborne Survey on Thelon Basin Uranium Project
Fugro's MEGATEM II system is a deep penetrating, high-resolution electromagnetic and magnetic geophysical system capable of identifying conductors in basement rocks that can be overlain by thick sandstone basin infill. As basement conductors are often related to fault structures, the survey will focus on areas of the property where major structures have been recognized by government and Pathfinder geologists based on a recently released calculated vertical gradient magnetic map (see map at http://www.pathfinderresources.com/Projects/TMag.htm). Fault structures and basement conductors are key elements associated with world-class, high-grade, unconformity related uranium deposits such as Cameco Corporation's (TSX: CCO) McArthur River and Cigar Lake mines in the Athabasca Basin.
The MEGATEM II survey will cover the majority of the Thelon Uranium Project, a large area comprising over 1,000,000 acres. Developed in 2001, MEGATEM II is far superior to survey systems used during the last major uranium exploration boom in the 1970's as it can detect conductors considerably deeper in the earth and at much higher resolution. Conductors defined by the survey program will provide targets for follow-up ground exploration and drilling.
Given Pathfinder is exploring the largest property in the Thelon Basin, recognized as a highly prospective region for hosting high-grade, unconformity related uranium deposits, identification of conductors from the upcoming survey would add considerable value to the project and significantly enhance the Company's strategic position in the region. The survey is scheduled to commence in May 2006 and results should be available in June or July.
Pathfinder can earn an 80% interest in the uranium rights on approximately 1.2 million acres of Diamond North's Thelon exploration claims and permits. Pathfinder is the operator of the Project.
About Pathfinder Resources Ltd.
Pathfinder Resources is a mineral exploration company focused on the discovery of high-value uranium deposits. Pathfinder is exploring the largest property in the Thelon Basin, recognized as one of the most prospective regions for discovery of high-grade uranium deposits. The Company's other uranium interests include 88,000 acres in the Hermitage Uranium Belt of Newfoundland, and a partnership in a uranium syndicate formed to acquire prospective uranium properties in Central America. Shares of Pathfinder are listed on the TSX Venture Exchange with the symbol "PHR". For further information visit the Company's website at www.pathfinderresources.com.
Diamonds North is a dynamic exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.
ON BEHALF OF THE BOARDS OF DIRECTORS
Victor A. Tanaka
President
Pathfinder Resources Ltd.
Mark Kolebaba
President
Diamonds North Resources Ltd.
Contacts:
John Gomez, Investor Relations
Pathfinder Resources Ltd.
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Email:
Nancy Curry, Corporate Communications
Diamonds North Resources Ltd.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.