Business
UCR Summarizes Results from East Target Drilling
UCR Summarizes Results from East Target Drilling.
About this update from Strategic Resources Inc.
[{"type":"text","content":"\n\n\n\nTSX.V: UCR\n\n\nTORONTO, March 29 /CNW/ - (Uranium City Resources Inc - UCR:TSX.V,\nA0F7F5:Berlin): In September 2006, ("UCR" or the "Company") noted it had\nidentified two targets for immediate drilling based on compiled historical\ndata from past producing mines in the Uranium City Mining District ("UCMD") of\nNorthern Saskatchewan. These two targets were denoted the East Target and the\nWest Target. The East Target is in an area of the footwall of the St. Louis\nFault approximately 1.5 km east of the former Verna Mine. This area was mined\nin limited quantity as a small open pit operation in 1981 with expansion plans\nto drive a ramp and commence underground operations. The suspension of mining\noperations in 1982 by Eldorado Nuclear put a halt to these expansion plans.\nEldorado had conducted drilling in the area to the 100-110 foot level below\nsurface and had obtained results in the vicinity of 0.30% U3O8 over a core\nlength of 19 feet(1). According to the Eldorado mine closure report, surface\nmining operations had removed a total of 8,567 tons of 0.29% U3O8 containing\n50,700 pounds of Uranium. Remaining resources to the 100 foot level were noted\nto be 47,800 tons of 0.285% U(3)O8 containing 267,500 pounds of Uranium(2). It\nmust be noted that this work was completed prior to NI 43-101 standards being\nimplemented. Uranium City Resources has not verified these Eldorado figures\nand is not treating these figures as a current mineral reserve or resource\nestimate. As such these figures should not be unduly relied upon.\n\n\n(1) Eldorado Nuclear Ltd. Mining Division. Internal Report, 20 July\n 1981, Murray Strachan\n(2) Eldorado Nuclear Ltd. Mining Division. Mine Closing Report, D.M.\n Ward\n\nThese historical figures have however provided the basis for UCR to\nundertake a complete drilling program at the East Target. As drilling was\ngetting underway in late September 2006, CEO Bob Kasner commented "we have\ndesignated the East Target as a priority because there is a known deposit at\nsurface of which the lateral and down dip extension is largely un-tested. Our\ngoal is to expand the size of the East Target".\nAs drilling was continuing into November 2006, so too was scintillometer\nwork at surface by the UCR geological team. Scintillometer data successfully\noutlined an ano...