Uragold Bay finishes drill program at BeauceUragold Bay Resources Inc (C:UBR)
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Last Close 12/16/2011
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Monday December 19 2011 - News Release
Mr. Bernard Tourillon reports
URAGOLD COMPLETES ITS DIAMOND DRILLING PROGRAM ON THE BEAUCE PLACER GOLD PROPERTY
Uragold Bay Resources Inc. has completed its diamond drilling program on the Beauce placer property located near Saint-Simon-les-Mines in the Beauce region of Southern Quebec. The campaign encountered no interruption or significant technical problems and was successful in sampling the targeted sectors intersecting several occurrences of volcaniclastic beds which are considered favourable for gold discoveries.
Four NQ diameter diamond drill holes were sunk for a total length of 1,038 metres, including approximately 950 metres in bedrock. This short campaign tested various targets including (1) the immediate up ice area of the gold-rich buried till that was sampled from last spring's Sonic drill program (2) two magnetic lows and (3) an EM conductor axis, with both (2) and (3) known from a historical airborne geophysical survey. A quick in the field descriptive log was performed of the cores. The holes intersect pyritic black slate and volcaniclastic beds of the Beauceville Formation with frequent quartz veining. Bedding variation along core and abundant quartz veins (up to 50%) suggest that a fold hinge was intersected in hole RG11-02 which corresponds to the magnetic low target. The volcaniclastics beds which represents a favourable unit for gold are present in hole RG11-01 to RG11-03 and remained to be confirmed in hole RG11-04. These are grey to light grey coloured rocks of heterogeneous granulometry. Visual examination revealed local pyrite, pyrrhotite or chalcopyrite mineralization within the volcanic beds. Visible alterations includes silicification, epidotization, quartz veining lixiviation and brecchiation.
The cores will be brought to a dedicate space where they will be logged, split and sampled, after which the samples are to be submitted for assay. Assay results will be communicated to shareholders at a later date.
As previously reported, (Uragold press releases of April 18 and July 5, 2011) Uragold confirmed the existence of a buried orange-brown gold bearing till where analysis of recovered gold grains from Uragold's sonic drill program suggests a proximity to a bedrock source of gold, within the limits of the UBR Property.
Dr. Remi Charbonneau PhD (P. Geo) of Inlandsis Consultants, is a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.
© 2011 Canjex Publishing Ltd.