- Published: 15 October 2009
- Written by Editor
Uracan's Grandroy yields intercepts of up to 0.213% (4.26 lbs/t) U3O8 over 5.4 meters
Highlights:
- 0.213% (2,130ppm or 4.26 lbs/t) U3O8 over 5.4 meters and 0.089% (886 ppm or 1.77 lbs/t) U3O8 over 10.5 meters at Grandroy Zone
- Highest grade intervals encountered in drilling to date on Uracan's North Shore Property
Uracan Resources Ltd. (the "Company") is pleased to report assay results from 3 of the 9 drill holes completed at the Grandroy zone at Uracan's 100% owned North Shore Project in Quebec.
Two of the nine drill holes completed at Grandroy encountered significant uranium mineralization. Drill hole GR-09-07 intersected 0.213% (2,130ppm or 4.26 lbs/t) U3O8 over a core length of 5.4 meters, starting at 5.8 meters down hole.
GR-09-08 intersected 0.089% (886 ppm or 1.77 lbs/t) U3O8 over 10.5 meters starting from the bottom of the drill casing at 1.5 meters below surface, indicating that this drill hole likely collared in mineralization. Included within this 10.5 meter interval was a sub interval grading 0.195% (1,943.3 ppm or 3.9 lbs/t) U3O8 over a core length of 4.5 meters.
The drill assay results from these two holes confirm the grade and general trend of uranium mineralization encountered in channel saw cut sampling of historic trenches earlier this year of 20 meters of 0.174% (1,740 ppm or 3.48 lbs/t) U3O8: please refer to the Company's news releases from August 26 and September 29, 2009.
The drilling and trenching results received to date indicate that the mineralization at Grandroy is hosted by flat lying to shallowly southwest dipping near surface pegmatite bodies. The true thickness of this mineralization is not known at this time but is thought to be similar to the thicknesses encountered in the drilling. The mineralized pegmatite bodies have been noted as hosting up to 5% disseminated Uraninite crystals by field personnel.
At Grandroy, drilling and channel sampling results to date have defined approximately 80 meters of strike length. Mineralization remains open along strike to the southwest and down dip from the area of current drilling and surface sampling.
Grandroy Drilling Results
The Grandroy drill program was implemented to follow-up channel sampling results that were previously reported by Uracan. A total of 762 meters in 9 diamond drill holes was completed at Grandroy during the summer drill campaign.
Results received to date for Grandroy are outlined in the following table:
<<
-------------------------------------------------------------------------
From To Length U3O8
Area Drill Hole (m) (m) (m) U ppm U3O8 % ppm
-------------------------------------------------------------------------
Grandroy GR-09-01 14.5 16 1.5 379 0.045 446.8
-------------------------------------------------------------------------
Grandroy GR-09-07 5.8 11.2 5.4 1,807 0.213 2,130.7
-------------------------------------------------------------------------
Grandroy GR-09-08 1 11.5 10.5 751 0.089 886.0
-------------------------------------------------------------------------
Grandroy GR-09-08 includes 1 5.5 4.5 1,653 0.195 1,949.3
-------------------------------------------------------------------------
>>
Additional assay results for Grandroy are still pending and will be released once they are received from the laboratory.
The other six drill holes intersected unmineralized metasediments and/or metagabbros with occasional pegmatite dykes. It is thought that the Grandroy area is near the margin of the Turgeon Intrusive Complex and the surrounding Wakeham Group metasediments and metagabbros. Further work will be undertaken to better outline the morphology of the mineralized zone at Grandroy in the near term.
Turgeon Lake Drilling
A total of 263 meters of diamond drilling in 3 holes was completed at the Lac Turgeon Zone. All assays for Lac Turgeon are still pending and will be released once they are received.
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 2 mm, 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 QA/QC system as part of their quality control system.
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.
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 to This email address is being protected from spambots. You need JavaScript enabled to view it. 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.
SOURCE: Uracan Resources Ltd.
Gregg J. Sedun, Chairman & CEO, (604) 682-5580; David Fry, Corporate Development, (778) 330-2759; Keith Schaefer, Vanguard Shareholder Solutions, (604) 608-0824; Marc Simpson, Exploration Manager, (604) 682-5580
