VANCOUVER, March 2 /CNW/ - Uracan Resources Ltd. (the "Company") is pleased to announce the commencement of a multi hole, helicopter supported diamond drilling program on its 100% owned North Shore property project in Quebec. The first phase of this diamond drilling program has begun at the A4 area of the Costebelle claims. The Company had expected to begin its winter drilling program earlier in the year on the Grandroy zone in the Turgeon claims, but has been delayed due to unseasonably warm weather in the North Shore area of Quebec.
This winter drill program is designed to follow-up channel sampling results that were previously reported by the Company on November 25, 2009 and is intended to further define mineralization potential in the vicinity of Uracan's trenching in the Costebelle claims.
The 2009 results included 12 meters grading 0.123% (1,233 ppm or 2.47 lbs/t) U3O8 (A4 Zone) and 6.5 meters of 0.074% (735 ppm or 1.47 lbs/t) U3O8 (H3 Zone) in saw channel samples. The mineralized zones at Costebelle are generally open in all directions as channel sampling was limited to areas of existing outcrop exposure, with shallow overburden cover overlaying large areas of the targeted airborne anomalies.
Double S Resource Estimate
Work is well underway to update the resource at Double S, Middle and TJ Zones which are host to an NI 43-101 compliant inferred resource of approximately 154.9 million tonnes at an average grade of 0.012% U3O8 containing 18.48 million kilograms (40.73 million pounds) of U3O8 at a 0.009% cutoff. The Double S portion of this resource will be updated based on the results from the 2009 drilling program in this area. The resource estimate calculation is being conducted by SRK Consulting and a revised NI-43-101 compliant inferred resource is expected to be released later in Q/1, 2010.
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.
Investors are invited to visit the Uracan Resources IR Hub at http://agoracom.com/ir/UracanResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to URC@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
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.
SOURCE Uracan Resources Ltd.
For further information: For further information: Gregg J. Sedun, Chairman & CEO, (604) 682-5580; David Fry, Corporate Development, (778) 330-2759; Keith Schaefer, Vanguard Shareholder Solutions, (604) 608-0824; Marc Simpson, Exploration Manager, (604) 682-5580