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Uragold Increases its Gold Exploration Potential for the Beauce Paleoplacer Project, Closes the Fancamp Claims Acquisition and Files a New NI 43-101 Technical Report
(via Thenewswire.ca) Montreal, Quebec / TheNewswire / January 22, 2015 / Uragold Bay Res...
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[{"type":"text","content":"Uragold Increases its Gold Exploration Potential for the Beauce Paleoplacer Project, Closes the Fancamp Claims Acquisition and Files a New NI 43-101 Technical Report(via Thenewswire.ca)\n\n \nMontreal, Quebec / TheNewswire / January 22, 2015 / Uragold Bay Resources Inc. (\"Uragold\") (TSX Venture: UBR), is pleased to announce that it has filed a new technical report in accordance with National Instrument 43-101, entitled, \"Technical Report on the Beauce Paleoplacer Property, South-Eastern Quebec\" (\"Technical Report\") with Canadian securities regulators. The project is located in the municipality of Saint-Simon-les-Mines in the Beauce region of Southern Quebec. The Technical Report is available at www.sedar.com and on the Company's website.\n\n\n \nThis report was prepared in order to fulfill TSX-Venture requirement regarding the Company's acquisition of the Fancamp claims (please refer to news release dated September 17, 2014 and October 22, 2014 for more detail).\n\n\n \nThe closing of the Fancamp claims acquisition increase Uragold Gold Exploration Target from the original range of 23,000 ounces (741,000 m3 @ 0.97 g Au/m3) and 140 000 ounces (741,000 m3 @ 5.9 g Au/m3) to a new Gold Exploration Target, for the entire historical paleoplacer channel now controlled by Uragold, ranging between 61,000 ounces (2,200,000 m3 @ 0.87 g Au/m3) and 366,000 ounces* (2,200,000 m3 @ 5.22 g Au/m3).\n\n\n \nSALIENT POINT OF THE NEW EXPLORATION TARGET DELINEATION:\n\n\n \n\n\n- Sonic Drilling during 2011 revealed that the gold bearing unit corresponded to a brown clayey diamict and a saprolite that is at least partly of a glacial origin, rather than purely alluvial gravel. These units are generally just above the Basement rocks and frequently gradational onto it;\n\n\n\n- The polygonally calculated \"Exploration Target\" is estimated as 1 892 503 grams (60,844 ounces) contained within 2,157,171 m3 of saprolite and brown tillite under some 9 248 334 m3 of overburden (giving a stripping ratio of 1: 4.3) at an average grade of around 0.877 g/ m3 for the brown diamictite and the saprolite combined;\n\n\n\n- Evidence from the historical drilling versus the Beauce Placer Mining Company production figures suggests that due to the \"nugget effect\" the final gold recovery could be significantly higher (up to 6 times) than the drilling estimate of th...