A major uranium districtI've made some pretty deep research about the area up on the North Shore which I posted here a couple of months back. Seems like the area is becoming a major U3O8 area play.
JOURDAN reports significant drill hole intervals at the prospective Baie Johann-Beetz Property in the Lower North Shore Uranium Belt (Quebec), intersects up to 131.2 metres of 0.013% U3O8, including 23.0 metres of 0.030% U3O8
Jourdan's Baie Johann-Beetz property is located not far away from Uracan's Turgeon claim group (Double S and Grandroy). It's basically located between the Turgeon and the Costabelle claim group.
So what we have here is an emerging area play, with widespread U3O8 mineralization. Low, grade, bulk, open pittable.
Looking forward to the resource update, drill results from Costabelle and rising U308 prices.. and then drilling of the higher grade discovery Grandroy.. until then, I'm taking every chance to accumulate below 0.20. The management has created great wealth for share holders in the past and will do it again with Uracan. They are professionals who knows this business.
According to Octacon Capital, explorers are trading at around $3.38/lb... URC is incredibly undervalued compared to it's peer group. It should be trading in the $1.00-$1.50 range.
BTW, keep Grandroy in mind, it could turn out to be something really special...
As you will see, Uracan has discovered some of the highest uranium grades ever found at surface, in a new zone on our North Shore Property in Quebec. One of the drill holes on the new Grandroy zone returned values of 2130 ppm, (0.213% U3O8), or 4.26 pounds per ton, from surface.
To our knowledge this is one of the highest grades of uranium at surface that have ever been reported from anywhere in the world. To put that grade in context, Paladin Energy mines 800 ppm uranium in Namibia. Other large, near-surface discoveries in the last several years – Extract Resources, Bannerman Resources, Mantra Resources – are in the 200-500 ppm range.
Uracan drilled an initial 9 holes in this new zone, and three of them returned mineralization greater than a pound per ton. Mineralization remains open along strike to the southwest and down dip from the area of current drilling and surface sampling. The Grandroy zone is a short distance from Uracan’s main ore body, the Double S property that hosts 40.7 million lbs U3O8 NI 43101 inferred resource. This property has excellent infrastructure with provincial highway through the property as well as inexpensive hydro power and deep sea port access nearby.