TSX-V: URC
VANCOUVER, Dec. 2 /CNW/ - Uracan Resources Ltd. (the "Company") reports that further to its news release of October 27,
2010, it is pleased to announce initial assay results from the first
drill holes completed during its 2010 fall drilling campaign. This
drilling focused on two areas of the property: the Costebelle A4 and
CC11 zones, part of the Company's 100% owned North Shore Project in
Quebec. The CC11 zone represents a new discovery for 2010, emphasizing
the potential for the North Shore Property to host additional
significant uranium mineralization.
Highlights include 11.5 meters of 0.053% U3O8 (532ppm or 1.06 lbs/t) in CC11-10-04, 12.8 meters of 0.037% U3O8 (371ppm or 0.74 lbs/t) in CA4-10-25, and 15.25 meters of 0.024% U3O8 (236ppm or 0.48 lbs/t) in CA4-10-21.
The 16 hole, 2,075 meter fall drill program was designed to follow up
exploration targets outlined during the winter 2010 drill program at
the A4 zone, as well as drilling targeted surface sampling results from
the 2010 work program.
The CC11 zone drilling represents a new discovery in the Costebelle
claim area and is located approximately 3 kilometers east of the A4
zone. Mineralization at the CC11 zone is hosted by a mineralized
pegmatite ranging up to 14.65 meters drilled length. Mineralization in
drilling and surface channel sampling has been defined over an 800
meter strike length within a 1200 meter airborne radiometric anomaly.
Drilling has also confirmed that uranium mineralization at the
Costebelle A4 Zone continues down dip from the surface channel samples
and previous drill holes. The area with drill results received to date
occurs along an approximately 500 meter length within an overall
potential strike length of approximately 1,500 meters, as defined by
airborne radiometrics, surface mapping and channel sampling along with
previous drilling.
Mineralization is open along strike and to depth starting from surface
throughout this area. Mineralization has been extended to
approximately 200 meters down dip from the surface outcrop
mineralization.
Uranium mineralization at the Costebelle A4 zone occurs as broad
multiple stacked mineralized zones hosted by pegmatite dykes and sills
with drilled thicknesses ranging up to 41 meters as noted in winter and
fall 2010 drilling. The true thickness of these zones is unknown at
this time but is thought to be similar to drilled thickness.
Costebelle CC11 Drilling
A total of 414 meters in 4 diamond drill holes was completed during
October and November 2010 at the CC11 zone. Drilling was targeted on
surface channel results outlined as part of a mapping and sampling
program on the area. Mapping, airborne and surface geophysical work
outlined a potential 1200 meter long pegmatite body. Drilling was
carried out over an 800 meter strike length of this pegmatite.
The drilling encountered significant uranium mineralization in all drill
results received to date. Additional assays are pending for the two
remaining drill holes. The table below summarizes the results from the
drill program at CC11. The Company plans to follow up this drilling
this winter with further diamond drilling to further define uranium
mineralization in this area.
Area
|
Drill Hole
|
From (m)
|
To (m)
|
Length (m)
|
U3O8 %
|
U3O8 ppm
|
CC11
|
CC11-10-01
|
2.6
|
15.45
|
12.85
|
0.025
|
246
|
CC11
|
CC11-10-02
|
Assays
Pending
|
|
|
|
|
CC11
|
CC11-10-03
|
Assays
Pending
|
|
|
|
|
CC11
|
CC11-10-04
|
7.5
|
19
|
11.5
|
0.053
|
532
|
Costebelle A4 Drilling
A total of 1660.75 meters in 12 diamond drill holes was completed during
October and November 2010. Uracan's fall drilling objective was to
further identify the extent of mineralization encountered in drill
results and surface results outlined during both the winter 2010 drill
program and the subsequent summer 2010 sampling program.
Drilling continues to outline mineralization extending to depth with
similar widths and grades to those seen in the previous drill program
at the A4 zone.
A summary of selected mineralized zones from the returned assays is
included below:
Area
|
Drill Hole
|
From (m)
|
To (m)
|
Length (m)
|
U3O8 %
|
U3O8 ppm
|
A4
|
CA4-10-21
|
32.65
|
47.9
|
15.25
|
0.024
|
236
|
A4
|
CA4-10-21
|
73.6
|
94.25
|
20.65
|
0.017
|
168
|
A4
|
CA4-10-21
|
169.5
|
175.5
|
6
|
0.023
|
234
|
A4
|
CA4-10-22
|
assays pending
|
|
|
|
|
A4
|
CA4-10-23
|
15.5
|
17.6
|
2.1
|
0.014
|
144
|
A4
|
CA4-10-24*
|
14.6
|
16.1
|
1.5
|
0.022
|
219
|
A4
|
CA4-10-25
|
78.4
|
91.2
|
12.8
|
0.037
|
371
|
A4
|
CA4-10-26
|
13.5
|
18
|
4.5
|
0.014
|
138
|
A4
|
CA4-10-27
|
assays pending
|
|
|
|
|
A4
|
CA4-10-28
|
assays pending
|
|
|
|
|
A4
|
CA4-10-29
|
assays pending
|
|
|
|
|
A4
|
CA4-10-30
|
assays pending
|
|
|
|
|
A4
|
CA4-10-31
|
assays pending
|
|
|
|
|
A4
|
CA4-10-32
|
assays pending
|
|
|
|
|
* Note: CA4-10-24 abandoned at 21 meters due to drilling difficulties -
CA4-10-25 completed 1 meter west of CA4-10-24
A map showing the Costebelle A4 and CC11 drill hole locations as well as
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 ALS
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 µm. 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 20 samples sent to
the laboratory. The laboratory also has an extensive in house QA/QC
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.