|July 07, 2014|
Ituna Starts 2014 Work Program at Tarku
|Cranbrook, BC - Ituna Capital Corporation (TSX-V: TUN) is pleased to announce it has commenced the 2014 first phase of exploration on the Tarku Uranium property on the Athabasca Basin in Northern Saskatchewan. A time-domain EM (TDEM) and magnetic airborne geophysical survey will be flown during July covering approximately 900 line-kilometres over the property area. The geophysical survey has been designed to cover a 20 km strike length of the Virgin River Shear zone, the same deep structure hosting Cameco's Centennial deposit. A recent data compilation by TerraLogic Exploration Inc. has revealed numerous coincident geochemical and geophysical targets along the Virgin River shear system within the Tarku property. Most notable is a 5 km wide cluster of strongly anomalous lake sediments which returned up to 122 ppm U (AR 74G04-0025). For comparison, uranium in regional government lake-sediment samples down ice of the Patterson Lake South deposit returned a maximum of 6 ppm U (GSC OF 1642).|
The Property is located 100 km SE of Fission's Patterson Lake South project, and 40 km S of Cameco's Dufferin Lake Zone and Centennial deposit. The Tarku Property covers approximately 40 km strike length of the north trending Virgin River shear system, a major crustal break which has acted as a conduit for various styles of mineralization, including orogenic gold and basement-hosted unconformity-related uranium mineralization as is being explored for Uranium by Cameco at the Centennial deposit to the north. Historical drilling and trenching on the property in the 1960's focussed on the gold potential returning up to 2.4 g/t Au in quartz veins hosted in volcanic greenstone units in contact with graphitic bearing metasedimentary rocks. Early work on the property did not assess the uranium potential, but the historical drilling did consistently intercept graphite-rich lithologies which are an important rock type conducive to the formation of unconformity uranium deposits.
The detailed phase I airborne geophysical survey will be used to define/refine the location of conductors indicative of graphite-bearing lithologies conducive to uranium deposition, or sulphide-rich horizons prospective for gold mineralization. A phase II field program including prospecting/ geological mapping and soil geochemical surveys will be initiated as follow-up to the phase I airborne survey and historical data compilation, with the intent of firming new diamond drill targets.
Athabasca Nuclear Director, Jarrod Brown, P.Geo., is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.
About Ituna Capital Corporation
Ituna Capital Corporation (Ituna) began as a Capital Pool Company. Clear Creek Resources Inc. Clear Creek) was formed on March 21, 2011 for the purpose of exploring, developing and commercially exploiting precious metal projects in Westerns Canada. In 2014 Clear Creek and Ituna entered into a 3-cornered amalgamation that resulted in an RTO of Ituna. Ituna's focus is to further explore the Tarku Property (see ITUNA news release dated January 17, 2014) as recommended in the Technical Report dated January 31, 2014 entitled "Clear Creek Resources Ltd. Technical Report on the Tarku Exploration Project Northern Saskatchewan Canada" (also filed April 29, 2014 on SEDAR at www.sedar.com), with the objectives of confirming and expanding the extent of mineralization at target areas on the Tarku Property so that its potential for development can be determined.
About TerraLogic Exploration Inc.:
TerraLogic provides mineral exploration and geologic consulting to the mining and exploration industry. Located in Cranbrook, British Columbia, TerraLogic has been operating mineral exploration projects in North America since 2004. Since then, they have successfully managed over $50 million of exploration activity. TerraLogic has been contracted to manage and execute Dolly Varden's 2014 Work program. Please visit www.terralogicexploration.com for additional information.
On behalf of the Board of Directors,
ITUNA CAPITAL CORPORATION
Per: "Bernie Kennedy"
Bernie Kennedy, CEO
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