Uracan discovers multiple new areas of uranium mineralization in Quebec
TSX-V: URC
Highlights
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- 0.176% (1,762 ppm or 3.52 lbs/t)U3O8 over 4 meters at MB Zone
- includes 5,989 ppm or 11.98 lbs/t U3O8 over 1 meter
- 0.139% (1,389 ppm or 2.78 lbs/t) U3O8 over 2 meters near Chan Zone
- 0.053% (529 ppm or 1.06 lbs/t) U3O8 over 12 meters south of Middle
Zone
This summer program was designed to map, sample and explore areas of the granitic intrusion that had not received as much attention in the past. It was also a priority to continue mapping and sampling in locations of known uranium occurrences like Double S.
The 2009 Summer Exploration program on the TLIC consisted of a combination of mapping, scintillometer surveys and rock saw channel sampling in addition to the ongoing exploration drill program on the property. A total of 42 channels containing 376 samples were taken in seven separate zones throughout the TLIC. The results of two of these zones, the Grandroy and Turgeon zones were previously released on
MB Zone
The MB zone is a new zone covering the triangular area located between the Double S and TJ zones immediately north of Middle Zone. It is approximately 1,500 meters in length north to south by 800 meters east to west.
This area is cradled between the zones (Double S, Middle and TJ) that are host to the previously announced NI 43-101 compliant inferred resource of approximately 154.9 million tonnes at an average grade of 0.012% U3O8 containing 18.48 million kilograms (40.73 million pounds) of U3O8 at a 0.009% cutoff.
This area had not been previously explored in great detail either by historic operators or by Uracan. This summer's mapping identified numerous outcrops dominated by pegmatite and granite with occasional smoky quartz veins. Channel assay results reveal numerous anomalous showings such as 0.176% (1,762 ppm or 3.52 lbs/t) U3O8 over 4 meters containing a sub-interval of 0.599% (5,989 ppm or 11.98 lbs/t) U3O8 over 1 meter. See Table 1 below for further results.
Table 1: Selected MB Zone Channel Assay Results
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Average grade Average grade
Zone Channel U3O8% U3O8 ppm Length (m) Comments
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new area -
between Double
S and TJ Zones
- N of Middle
MB MB-3 0.054 544 3 Zone
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new area -
between Double
MB MB-8 0.298 2983 1 S and TJ Zones
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new area - NE
MB MB-9 0.058 585 3 of Double S
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new area - NE
MB MB-9 0.032 322 4 of Double S
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includes 1m
MB MB-10 0.176 1762 4 @ 5989ppm
U3O8
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The Chan zone is northwest and adjacent to the TJ zone. It is approximately 1,200 meters (1.2 km) by 1,500 meters (1.5 km) in overall area. It has had a total of 9 drill holes completed on it during the Winter 2008 drilling program (see news release
Mapping and channelling of the granitic and pegmatitic outcrops in the outer regions of the
Table 2: Selected Chan Zone Channel Assay Results
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Average grade Average grade
Zone Channel U3O8% U3O8 ppm Length (m) Comments
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North of main
Chan CH-01 0.024 240 12 Chan zone
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North of main
Chan CH-02 0.120 1203 1 Chan zone
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NE of main
Chan CH-03 0.072 720 3 Chan zone
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NE of main
Chan CH-04 0.033 330 12 Chan zone
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NE of main
Chan CH-05 0.053 529 6 Chan zone
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NE of main
Chan CH-06 0.032 324 6 Chan zone
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NE of main
Chan CH-07 0.139 1389 2 Chan zone
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Double S Zone
Mapping and sampling in the Double S zone occurred both in the main zone as well as on the periphery to the east and north of the main zone beyond the currently defined inferred resource area. Sample SS-2 was taken approximately 800 meters north east of the main Double S zone and returned values grading 0.03% (262 ppm or 0.6 lbs/t) U3O8 over 7 meters. Sampling along strike with the main Double S zone but 800 meters to the northwest revealed assay values of up to 0.052% (519 ppm or 1.04 lbs/t) U3O8 over 4 meters. Selected channel results are presented in Table 3 below.
Table 3: Selected Double S Zone Channel Assay Results
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Average grade Average grade
Zone Channel U3O8% U3O8 ppm Length (m) Comments
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East of Double
Double S, off main
S SS-2 0.026 262 7 zone trend
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may connect
with SS-11 -
broad topo low
btwn sample
Double areas - NNE of
S SS-10 0.052 519 4 Double S
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may connect
with SS-10 -
broad topo low
btwn sample
Double areas - NNE of
S SS-11 0.030 303 4 Double S
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Double North of main
S SS-12 0.026 263 5 zone trend
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AH Zone
AH zone is a triangular area, northwest and adjacent to the
Table 4: Selected AH Zone Channel Assay Results
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Average grade Average grade
Zone Channel U3O8% U3O8 ppm Length (m) Comments
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new area North
of Chan
AH AH-01 0.049 487 14 drilling
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Middle Zone
Mapping and sampling in the Middle zone was limited due to time constraints as it was mapped at the end of the field season. A single channel grading 0.053% (529 ppm or 1.06 lbs/t) U3O8 over 12 meters was cut in outcrop approximately 1,200 meters south of the main Middle zone. This channel cut was made in the southern portion of a 300 m wide radiometric anomaly that stretches 2,000 meters to the northwest and parallel to the Middle Zone Inferred Resource area. No other sampling was completed on this area prior to the end of the 2009 summer work program.
Table 5: Selected Middle Zone Channel Assay Results
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Average grade Average grade
Zone Channel U3O8% U3O8 ppm Length (m) Comments
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Middle south of main
Zone MZ-01 0.053 529 12 Middle Zone
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Program Review
When all zones are viewed together, they cover an area approximately 6,500 meters by 2,000 meters oriented in a northwest to southeast trend. This area continues to show real promise as surface sampling and mapping outside of the main drilled zones and resource areas continue to provide significant results.
Uracan continues to analyse its findings and is developing an exploration plan for the coming year that will continue to address the vast potential of the region. A significant number of radiometric anomalies remain to be mapped and sampled. Maps detailing the results from the zones discussed above will be put on the Uracan website www.uracan.ca in the near future.
QA/QC
Channel samples were collected across areas of interest marked by geological personnel using rock saws to cut channels in the bedrock. Channel sample intervals were generally 1 meter lengths while grab samples were also collected at specific locations by geological field personnel. All sample locations were marked in the field with hand held GPS units. The samples were shipped by Company personnel in sealed containers to ALS Chemex Laboratories of Val D'Or,
Uracan Resources Ltd. is an advanced stage uranium exploration company, exploring for shallow, bulk tonnage style uranium mineralization in
Investors are invited to visit the Uracan Resources IR Hub at http://agoracom.com/ir/UracanResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence [email protected] to where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the mining industry, and other risks and uncertainties detailed from time to time in the Company's filings with the Canadian securities administrators (available at www.SEDAR.com ). Forward-looking statements are made based on various assumptions and on management's beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
For further information: Gregg J. Sedun, Chairman & CEO, (604) 682-5580; Keith Schaefer, Vanguard Shareholder Solutions, (604) 608-0824; David Fry, Corporate Development, (778) 330-2759; Marc Simpson, Exploration Manager, (604) 682-5580
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