Uracan discovers significant new uranium mineralization in drilling on
Costebelle claims - Up to 25.95 meters of 0.048% (0.96 lbs/t) U3O8
TSX-V: URC
VANCOUVER, April 26 /CNW/ - Uracan Resources Ltd. (the "Company") is pleased to report on assay results from the initial 12 drill holes completed during its 2010 winter drilling campaign on the Costebelle A4 zone, part of the Company's 100% owned North Shore Project in Quebec.
The twenty hole, 3023 meter winter drill program, was designed to follow up surface exploration targets outlined during 2008 and 2009 surface sampling and mapping programs. Highlights include 25.95 meters of 480 ppm (0.048% or 0.96 lbs/t) U3O8 in CA4-10-7, 33.9 meters of 230 ppm (0.023% or 0.46 lbs/t) U3O8 in CA4-10-11, 41 meters of 197 ppm (0.020% or 0.39 lbs/t) in CA4-10-10, and 15.85 meters of 331 ppm (0.033% or 0.66 lbs/t) U3O8 in CA4-10-4. The grades of uranium mineralization seen at Costebelle A4 to date are notably higher than those seen at the Double S zone elsewhere on the North Shore property.
Drilling to date has confirmed that uranium mineralization at the Costebelle A4 Zone continues down dip from the surface channel samples. The area with drill results received to date occurs along an approximately 350 meter length within an overall potential strike length of approximately 1,500 meters, as defined by airborne radiometrics, surface mapping and channel sampling. Mineralization is open along strike and to depth starting from surface throughout this area.
Uranium mineralization at the Costebelle A4 zone occurs as broad multiple stacked mineralized zones hosted by pegmatite dykes and sills with drilled thicknesses ranging from 0.5 meters up to 41 meters. The true thickness of these zones is unknown at this time but is thought to be similar to drilled thickness. Uranium occurs both as disseminated mineralization throughout the pegmatites as well as higher grade secondary enriched zones occurring along fracture planes. Additional drill results are still pending from areas along strike from the drill holes discussed in this news release.
The Costebelle A4 zone is located approximately 65 kilometers northeast of the existing combined NI 43-101 compliant inferred resource at the Double S, Middle and TJ zones totals 154.9 million tonnes with an average grade of 0.012% U3O8. This combined resource contains approximately 18.48 million kilograms (40.73 million pounds) of uranium using a 0.009% cut-off. An updated resource estimation is pending on the Double S zone, based on the results of the 2009 drill program there.
Costebelle A4 Drilling
A total of 3,023 meters in 20 diamond drill holes was completed during March and April of 2010. Uracan's winter drilling objective was to determine the extent of significant surface occurrences of uranium mineralization outlined during 2008 and 2009 at the Costebelle A4 zone. Numerous other potentially significant mineralized zones in the Costebelle claim group remain to be drill tested.
A summary of selected mineralized zones from the returned assays is included below:
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Area Drill Hole From (m) To (m) Length (m) U3O8 % U3O8 ppm
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A4 CA4-10-1 18.1 24 5.9 0.023 226
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A4 CA4-10-1 37.5 48.94 11.44 0.023 233
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A4 CA4-10-2 18 18.5 0.5 0.179 1792
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A4 CA4-10-2 93 109.5 16.5 0.012 121
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A4 CA4-10-2 additional assays
pending
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A4 CA4-10-3 hole abandoned
due to drilling
problems
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A4 CA4-10-4 42 57.85 15.85 0.033 331
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A4 CA4-10-5 86.45 92.6 6.15 0.012 124
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A4 CA4-10-6 assays pending
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A4 CA4-10-7 2.55 28.5 25.95 0.048 480
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A4 CA4-10-8 4.5 10.5 6 0.018 182
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A4 CA4-10-8 additional assays
pending
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A4 CA4-10-9 4.5 15.3 10.8 0.014 138
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A4 CA4-10-10 3 44 41 0.020 197
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A4 CA4-10-11 9 42.9 33.9 0.023 230
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A4 CA4-10-11 additional assays
pending
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A4 CA4-10-12 28.5 43.5 15 0.015 152
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A4 CA4-10-13 33 49.3 16.3 0.018 182
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A4 CA4-10-14 assays pending
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A4 CA4-10-15 assays pending
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A4 CA4-10-16 assays pending
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A4 CA4-10-17 assays pending
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A4 CA4-10-18 assays pending
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A4 CA4-10-19 assays pending
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A4 CA4-10-20 assays pending
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A map showing the Costebelle A4 drill hole locations can be found at http://www.uracan.ca/i/photos/A4Geology.pdf. Drill hole coordinates and a complete listing of assay results will be posted on Uracan's updated website: www.uracan.ca.
QA/QC
Samples were shipped by company personnel in sealed containers to Chemex Laboratories of Val D'Or, Quebec for analysis. Chemex is the laboratory facility used for all assays from the North Shore Property program. Samples are weighed and catalogued before sample preparation. The samples are crushed to 70% less than 2mm, split and then pulverized to 85% of the sample being less than 75 (micro)m. All samples are assayed using ICP-MS with analysis completed for 47 elements.
A QA/QC program was implemented as part of the sampling procedure for the drill program. Field duplicates, field blanks and certified standards were inserted into the sample stream with at least one blank, one duplicate and one standard inserted per group of 40 samples sent to the laboratory. The laboratory also has an extensive in house QAQC system as part of their quality control system.
About Quebec, Canada
Quebec has been voted as the Top Mining Jurisdiction In the World since 2007 by the Fraser Institute Mining Survey and has been in the top 10 since 2001: www.fraserinstitute.org.
Uracan Resources Ltd. is a publicly-listed uranium exploration company, exploring for shallow, bulk tonnage style uranium mineralization in Canada. Uracan is led by a team of proven exploration and mine entrepreneurs and mine-builders. The information in this news release has been prepared and reviewed by Marc Simpson, P. Geo., the Company's Qualified Person under National Instrument 43-101 standards.
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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