Ucore survey finds high-priority targetsHi everyone,
Ucore survey finds high-priority targets at Lost Pond
2007-10-02 08:20 ET - News Release
Mr. Jim McKenzie reports
UCORE URANIUM INC. UPDATES AIRBORNE AND PROSPECTING INITIATIVES IN NEWFOUNDLAND AND LABRADOR
Ucore Uranium Inc. has provided an update on its continuing exploration programs in Newfoundland and Labrador. Exploration activities included prospecting and geological evaluation on the Lost Pond property and airborne geophysical surveying on nine other properties.
Lost Pond, Newfoundland
At the Lost Pond property, work was divided between detailed mapping on the main U-2 showing area and regional prospecting on uranium anomalies identified from the 2006 airborne radiometric survey. This survey covered an area of 450 square kilometres, in western Newfoundland. Regional prospecting on the numerous uranium airborne targets has resulted in four additional high-priority targets. The various targets include:
U-2 property (Main showing)
This gridded area covers a number of uranium showings characterized by intense hematite and clay alteration, associated with fractured and brecciated syenite. The zones discovered to date are hosted within the Proterozoic aged Grenville metamorphic terrain and are proximal to a major Paleozoic unconformity. Geological mapping and sampling have been completed on the main U-2 grid, where drilling this past winter intersected a banded hematite/magnetite/sericite/chlorite cataclastic unit (0.045 per cent U3O8 over 12.3 metres) and channel sampling defined a higher grade fracture system with values up to 0.189 per cent over three metres.
Recent sampling on the U-2 grid includes grab samples of 0.56 per cent and 0.70 per cent U3O8 from an area in the centre of the grid where the mineralization has been exposed. Sampling outside of the central grid area is limited due to overburden cover. A ground magnetic survey has also been completed and a radon gas geochemical survey is scheduled for October. These surveys will provide additional target areas for testing this fall. Backhoe trenching is scheduled for October and a drill program will follow. The 2007 summer program has confirmed the existence of a plus-200-metre-wide strongly altered iron rich cataclastic zone. The system is uranium enriched with both high-grade uranium fracture zones and lower grade disseminated uranium zones.
Southwest Bay of Grand Lake
Two distinct anomalous areas proximal to a north-south granite/sandstone contact. Assay values range up to 0.11 per cent U3O8 from outcrops on both sides of the Lake.
Northcott South showings
Four different showings have been uncovered over a one-square-kilometre area. Uranium mineralization is associated with shear zones and late stage melts associated with the Hare Hill igneous complex. Assays values to date are up to 0.15 per cent U3O8.
Roadside hematite zone
This zone consists of intense hematite/biotite alteration bands over a minimum of five metres. Assay values obtained from initial sampling were up to 0.14 per cent U3O8 uranium.
Lost Pond East
Initial prospecting in this area had located float consisting of highly altered material (heavy biotite/chlorite/manganese mineralization) which assayed greater than 1.18 per cent U3O8. Recently, an outcrop of a similar alteration has been found one kilometre north with scintillometer readings off scale of at least 10,000 counts per second. Assays are pending from a number of recently submitted samples.
Results are pending from additional sampling carried out in September from these target areas and the continuing regional prospecting survey. Assays are also pending from high-grade samples which had originally assayed greater than 10,000 parts per million uranium (1.18 per cent U3O8). A backhoe trenching program, focused on the U2 grid and the new discoveries, is scheduled for mid-October.
Airborne surveys, Newfoundland
Airborne radiometrics, magnetics and electromagnetics have been completed on seven properties on the island. A total of 4,440 line kilometres of surveying was completed by Aeroquest Limited and the data and preliminary maps are expected shortly. Follow-up prospecting is scheduled for October and November. The properties include four separate groups on the south coast within the Hermitage belt, two proximal to the Deer Lake basin and one at Portland Creek on the Northern Peninsula.
Airborne surveys (radiometrics and magnetics) were also recently completed on two properties in Labrador. Ucore owns a 100-per-cent interest in approximately 550 claim units in the South Voisey Bay property. A total of 800 line kilometres were completed on this property. The final property, located in the Central mineral belt of Labrador, is a 50/50 joint venture with Bayswater Resources. The airborne on this property was completed in early September and follow-up is in progress. Follow-up on the SVB property airborne is not anticipated until 2008.
All rock samples discussed in this release have been analyzed by Actlabs of Ancaster, Ont., where they were assayed for uranium (total) by the delayed neutron count (DNC) method. Actlabs is an ISO17025- and CAN-P-1579-accredited laboratory. Further analyses by Actlabs for various trace elements using a multiacid/ICP method are still in progress.
"Our Newfoundland-based exploration team has accomplished a great deal during the summer 2007 exploration season, advancing our multiple properties within the region," said Jim McKenzie, president and chief executive officer of Ucore. "An extensive multiphrase approach has been completed on time, within budget and with promising results."
Wayne Reid, PGeo, is Ucore Uranium's qualified person, and has reviewed the technical data presented in this news release. Mr. Reid is the vice-president of exploration for Ucore.
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