- Up to 0.192% (3.84 lbs/ton) U3O8 over 4 meters seen in channel
sampling at Grandroy, width and strike remain open. Additional
sampling underway to outline potential width
- Grab samples at Turgeon Est with up to 0.685% (13.7 lbs/ton) U3O8
- Diamond drilling program to commence shortly on Grandroy and Turgeon
- For reference, the NI 43-101 compliant inferred resources to date on
the Quebec properties are approximately 154.9 million tonnes at an
average grade of 0.012% U3O8 containing 18.48 million kilograms
(40.73 million pounds) U3O8 using a 0.009% cutoff.
VANCOUVER, Aug. 26 /CNW/ - Uracan Resources Ltd. (the "Company") is
pleased to announce initial results from its ongoing summer exploration and
mapping program on the North Shore Property.
As part of the 2009 geological mapping program, grab and channel samples
were collected in historic trenches over the Grandroy and Turgeon Est areas.
These zones are approximately 7 kilometres North of the Double S zone. At
Grandroy, these samples returned up to 4 meters of 0.192% (3.84 lbs/ton) U3O8
in channel sampling. Additional channel samples are underway in this area to
further define the extent of mineralization in the historic trenches that are
over 140 metres in strike length. The extent of mineralization in the Grandroy
area is unknown due to limited outcrop exposure in the area; however airborne
radiometrics indicate a potential strike length of over one kilometre. As
well, significant Uraninite and secondary uranium minerals have been
identified in surface exposures at the Grandroy zone.
At Turgeon Est sampling encountered up to 0.685% (13.7 lbs/ton) U3O8 and
0.303% (6.06 lbs/ton) U3O8 in grab samples at Turgeon Est, along with 0.077%
(1.54 lbs/ton) U3O8 across 1 meter in channel sampling. The extent of
mineralization in the Turgeon Est area is unknown due to limited outcrop
exposure in the area.
Assessment work records for these historical locations previously
reported equivalent uranium grades based on scintillometer readings of up to
48 meters grading 0.217% (4.34 lbs/ton) U3O8. Uracan's results in this news
release are from chemical assay data received from the same laboratory that
processes Uracan's diamond drill core.
Diamond Drilling Program
An initial 1,000 meter helicopter supported diamond drilling program,
focussed on the Grandroy and Turgeon Est Zones, will commence shortly. This
program is designed to identify the width, strike and uranium grades at the
Grandroy and Turgeon Est Zones.
Channel samples were collected across areas of interest marked by
geological personnel using rock saws to cut channels in the bedrock. Channel
sample intervals were generally 1 meter lengths while grab samples were also
collected at specific locations by geological field personnel. All sample
locations were marked in the field with hand held GPS units. The samples were
shipped by Company personnel in sealed containers to ALS Chemex Laboratories
of Val D'Or, Quebec for analysis using standard analytical techniques for the
samples. ALS Chemex is the laboratory facility used for all assays from the
North Shore Property program.
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.
Neither the 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 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 & 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