News: Drilling close to Magma Metals has startedURSA Major Minerals Mobilizes Second Drillfor Its Ontario Exploration Program and Initiates Drilling at the FoxMountain Project, Thunder Bay Area3/31/2011 6:30 AM - NFD
TORONTO, ONTARIO, Mar 31, 2011 (Marketwire via COMTEX News Network) --
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URSAMajor Minerals Incorporated (TSX:UMJ) ("URSA Major" or the "Company")is pleased to announce that the Company has initiated a drilling programto test high-priority nickel-copper-platinum group metal targets on theCompany's 100% owned Fox Mountain Project located 75 km north ofThunder Bay, Ontario. Two holes for a total of approximately 1,000metres will be drilled to test airborne geophysical anomalies associatedwith prospective ultramafic intrusive rocks.
In November 2010,URSA Major contracted Aeroquest Limited to complete a 610 line kmairborne magnetic and time domain EM survey of the Company's DisraeliProperty (total 207 claim units) that hosts ultramafic and gabbroicintrusions. The Aeroquest survey identified a number of geophysicalanomalies and the Company is currently drill testing two anomalies thatare located close to an access road. It is anticipated that the initialdrilling program will be completed in mid-April. The Company anticipatesthat additional anomalies will be tested during the summer after theCompany has had an opportunity to complete further geological mappingand prospecting. The Disraeli claims were acquired by staking, are 100%owned by the Company, and are not subject royalties.
RichardSutcliffe, URSA Major's CEO, commented "Our work to date at Fox Mountainhas suggested a favourable geological environment to host high-gradeplatinum group metals and nickel copper sulphides. This initial programwill test geophysical anomalies and geological structures that areconsistent with sulphide mineralized magma channels, a known host tomineral deposits in this area."
In late November 2010, URSA Majoralso acquired 144 claim units on the Seagull Intrusion that arecontiguous with the Disraeli property. These claims were acquired from amajor mining company and are 100% owned by the Company, subject tocertain royalty and back-in rights. The Seagull Intrusion is known tocontain high grade platinum-palladium mineralization with selected drillresults of up to 7.9 g/t platinum plus palladium and gold, 0.47% copperand 0.33% nickel reported by Rainy Mountain Royalty Corp. on adjacentground in 2005. The Company is naming the combined properties as the FoxMountain project.
At the Fox Mountain Project, the Company istargeting a similar geologic environment as Magma Metals Limited'sCurrent Lake deposit (Indicated Mineral Resource of 9.49 MT at 2.3g/tPt-Eq), located 25 km south of the Fox Mountain Project, and Kennecott'sEagle Deposit (Reserves of 3.2MT at 3.89% Ni) in Michigan.
Asannounced on March 14, 2011, URSA Major also has a 7,000 metre drillingprogram in progress at the Shakespeare East Deposit. The intent of theprogram is to increase the resource estimate down plunge from theShakespeare East Deposit. Initial assay results for this program areanticipated in mid-April.
About URSA Major Minerals Incorporated
URSAMajor is a Canadian mining company with an operating mine in theSudbury area and nickel sulphide deposits containing significant NI43-101 compliant nickel and copper reserves and resources. The Companyis focused on maintaining profitable operations at the Shakespeare Mine,expanding its nickel, copper and platinum group metal (PGM) productionand increasing mineral resources through exploration and development,primarily in Ontario, Canada.
This release was prepared by management of the Company who takes full responsibility for its contents.
Somestatements contained in this release are forward-looking and,therefore, involve uncertainties or risks that could cause actualresults to differ materially. Such forward-looking statements includecomments regarding mining and milling operations, mineral resourcestatements and exploration program performance. Factors that could causeactual results to differ materially include metal price volatility,economic and political events affecting metal supply and demand,fluctuations in mineralization grade, geological, technical, mining orprocessing problems, exploration programs and future results ofexploration programs, future profitability and production.
SOURCE: URSA Major Minerals Incorporated
URSAMajor Minerals Incorporated Dr. Richard Sutcliffe President & CEO416-864-0615 URSA Major Minerals Incorporated Alison Tullis InvestorRelations Manager 416-864-0615 atullis@ursamajorminerals.comwww.ursamajorminerals.com
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