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Ucore Rare releases NI 43-101 resource at Bokan
2013-10-21 09:51 ET - News Release
Mr. Jim McKenzie reports
UCORE ANNOUNCES RESOURCE UPGRADE FOR BOKAN DOTSON-RIDGE
Ucore Rare Metals Inc. has provided an upgraded resource estimate for the Bokan Dotson-Ridge rare earth element (REE) project in southeast Alaska. The upgraded Resource has been prepared by Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska ("Aurora"). As a third-party consultant, Aurora was additionally responsible for the data collection, quality control, modeling, and reporting associated with the Resource estimate upgrade.
Mineral Resources were modeled via five alternative total rare earth oxide (TREO) cut-off grades, with a baseline case ("Base Case") employing a TREO cut-off of 0.4%. The Base Case renders an Inferred Mineral Resource of 2.0 million tonnes grading 0.61% TREO, an Indicated Mineral Resource of 2.9 million tonnes grading .61% TREO, and a skew of approximately 40% HREO over TREO.
In keeping with the initial mine design set out by Stantec Inc. of Tempe, AZ, ("Stantec"; released April 18, 2012), the upgraded Mineral Resource excludes the I&L Zone (previously included in the initial resource estimate released by the Company March 7, 2011). On the recommendation of Stantec, I&L mineralization, located outside of the primary Dotson Zone of mineralization, will be examined as part of a prospective Phase II mine expansion program after the commencement of initial mine production.
"This Resource Upgrade is an important advancement for Ucore, and the end product of an extensive field recon and drill program at Bokan, combined with extensive post-drilling analysis," said Jim McKenzie, President and CEO of Ucore. "The upgraded Resource is a foundation component of our Feasibility Study, scheduled for delivery in 2014, during the Company's final pre-construction NEPA permitting exercise. Our great thanks to the US Forest Service for facilitating the field program and to Aurora for delivering this upgrade."
A summary of the upgraded Mineral Resource is as follows:
Indicated Mineral Resource Estimate TREO LREO HREO TREO Contained CUT-OFF TONNES (%) (%) (%) TREO (lbs) 0.20 3,609,000 0.332 0.229 0.561 44,623,264 0.30 3,350,000 0.347 0.238 0.584 43,119,056 0.40 2,936,000 0.365 0.249 0.614 39,731,596 0.50 2,104,000 0.407 0.273 0.679 31,486,697 0.60 1,273,000 0.462 0.305 0.766 21,491,601 Inferred Mineral Resource Estimate TREO LREO HREO TREO Contained CUT-OFF TONNES (%) (%) (%) TREO (lbs) 0.20 2,426,000 0.332 0.220 0.552 29,514,910 0.30 2,214,000 0.350 0.230 0.580 28,302,005 0.40 1,995,000 0.366 0.239 0.605 26,601,729 0.50 1,462,000 0.401 0.261 0.662 21,331,282 0.60 836,000 0.456 0.294 0.750 13,819,080 Notes: 1. Total Rare Earth Oxides (TREO) includes: La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 2. Heavy Rare Earth Oxides (HREO) includes: Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3 3. The mineral resource estimate was completed by Mr. Jim Robinson, a Senior Consulting Geologist at Aurora. Mr. Robinson is an independent qualified person for the purposes of NI 43-101 standards of disclosure for mineral projects of the Canadian Securities Administrators and has verified the data disclosed in this release. A Technical Report with the estimate will be filed on SEDAR within 45 days. 4. The resource estimate is based on: -- A database of 80 diamond drill holes totaling 16,000 m and 56 surface channels totaling 200 m. This diamond drilling and channel sampling was completed by Ucore in 2008, 2009, 2010 and 2011 on the Dotson Ridge zone. -- All geochemical analyses were performed by ALS Chemex, Eco-tech Laboratories Ltd., and Activation Laboratories. -- The specific gravity (SG) used is the overall mean of 2.77, determined from 90 SG readings. -- Block model was estimated by the Ordinary Kriging interpolation method on blocks of maximum 4 m x 4 m and minimum 1 m x 1 m dimensions. -- All REE assays exceeding the 95% confidence level (CL) were cut to the 95% CL for each element. -- All intercepts with a true width of less than 1.5 m were diluted to a potential mining width of 1.5 m.
Rare earth grades by individual light rare earth oxides at the 0.4% cut-off are as follows:
La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 Indicated .070 .170 .020 .084 .022 Inferred .070 .170 .020 .085 .022
Rare earth grades by individual heavy rare earth oxide at the 0.4% cut-off are as follows:
Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Indicated .002 .023 .004 .026 .006 Inferred .002 .023 .004 .026 .005 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 Indicated .015 .002 .010 .001 .160 Inferred .013 .002 .009 .001 .154
The drill-defined Mineral Resource at Bokan Dotson-Ridge commences at surface and is open both at depth and along strike. Additional information regarding significant drill results from the Company's 2009-2011 exploration programs and maps and sections detailing the drill-hole locations and individual REE values are available at: www.ucore.com.
The Company is working towards the completion of a Feasibility Study, which will incorporate the results of this upgraded Mineral Resource estimate, together with additional resource modeling. The Company plans to release the results of this study in 2014.
NI 43-101 Compliance
James Robinson, P.Geo., an independent geologist with Aurora Geosciences, has prepared the technical data provided in this news release and is the qualified person responsible for its accuracy.
We seek Safe Harbor.
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