Uracan has 3 drills drilling 15,000 - 20,000 metres total in first half
2008 in Quebec and Saskatchewan
Trading Symbol: (TSX - V): URC
- first resource estimate on North Shore Property expected May/June 2008
- 2 drills now drilling in Quebec
- 1 drill now operating in Saskatchewan
- ongoing drilling will provide steady news flow for several months
VANCOUVER, Feb. 19 /CNW/ - Uracan Resources Ltd. (the "Company") is
pleased to announce that it plans to commence the preliminary stages of a
resource estimate for the Double S zone at the North Shore Property, Quebec.
As well the company outlines its drilling program for the first half of 2008.
The second drill rig for the company's 100% owned North Shore Property
began drilling on February 14. The first drill is exploring extensions to the
1500 metre strike length of the Double S Zone discovery. Uranium
mineralization at Double S begins at surface, and is open down dip and along
strike. Double S lies within the large 225 km(2) Turgeon Lake Intrusive
Complex (TLIC), which hosts numerous uranium anomalies. The TLIC is formed by
multiple granite and pegmatite intrusions which created a dynamic environment
for uranium mineralization. Mineralization is hosted both in the granitic and
The second drill has been mobilized on the WeeGee block of claims, to the
southeast of TLIC. This drill will initially target uranium mineralization
encountered on the Wee Gee Claims during prospecting and mapping conducted
during 2006 and 2007. Subsequently the drill will move to target anomalies
outlined on the TLIC during 2006 and 2007. The drilling will continue through
to spring break up and restart once break up is complete.
Management expects to drill approximately 15,000 metres in 80-100 holes
at the 1000 sq km North Shore Property by the end of June 2008, making it one
of the most active programs in Canada. In 2007, Uracan drilled 20,000 metres
At the company's 100% owned Pipewrench Lake property 100 km south of the
Athabasca Basin, one drill is actively turning and the first drill hole was
recently completed, with additional drilling ongoing. The target is an at- or
near-surface uranium deposit hosted in the Wollaston domain which forms the
basement rock of the majority of the high grade uranium mines in the Basin.
Uracan staked Pipewrench Lake in late 2006 because of historical drill
holes encountering up to several pounds per ton near surface over significant
6.6 metres of 0.10 % U3O8 (21.8 feet of 2.3 lbs U3O8)
3.9 metres of 0.14 % U3O8 (12.9 feet of 3.1 lbs U3O8)
18.29 metres of 0.07 % U3O8 (60 feet of 1.6 lbs U3O8)
13.66 metres of 0.06 % U3O8 (44.8 feet of 1.3 lbs U3O8)
11.31 metres of 0.06 % U3O8 (37.1 feet of 1.3 lbs U3O8)
Much of the mineralization in the drill holes is hosted by pegmatites and
graphitic pelites, often with uranophane mineralization on surface exposures.
Management expects to drill a minimum of 2500 m in the initial drill
program at Pipewrench Lake.
Uracan Resources Ltd. is a publicly-listed uranium exploration company,
exploring for shallow, bulk tonnage style of 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking statements relating to the future
performance of Uracan Resources Ltd. Forward-looking statements, specifically
those concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Company's filings with the
appropriate securities commissions.
For further information:
For further information: Gregg J. Sedun, President and CEO; or Marc
Simpson, Exploration Manager, (604) 682-5580; Keith Schaefer, Vanguard
Shareholder Solutions Inc., (604) 608-0824, www.vanguardsolutions.ca