TSX.V:UCR
RKLAND LAKE, ON, Oct. 26 /CNW/ - (Uranium City Resources Inc -
UCR:TSX.V, A0F7F5:Berlin) ("UCR" or the "Company") today announced that
drilling is ongoing at the East Target, located in the Uranium City Mining
District, Northern Saskatchewan. To date, a total of nine holes have been
completed. Drill results are expected in the coming weeks. UCR identified the
East Target as a high-priority target based on its geological setting and
outstanding exploration potential (please see UCR press release of 07-Sep-06).
Bob Kasner, CEO of UCR said, "We have designated the East Target as our
priority because there is a known deposit on surface and the lateral and
down-dip extent is largely untested. Our geologists have recently done
detailed exploration work at the East Target, and this drilling campaign will
test lateral and down-dip expansion potential. The potential of this target is
evidenced by the proximity of the three largest historical mines to the St.
Louis Fault, and the East Target is in the footwall of the St. Louis Fault."
Phase one of the 2006 winter drilling program at the East Target is
projected to consist of approximately 3,000 metres. Drilling is to test the
East Target along strike and down-dip for additional uranium mineralisation.
At the East Target, uranium mineralisation has been identified in multiple
veins from surface to a depth of up to 100 feet.(1) Historical drilling
returned values in the vicinity of 0.30% U(3)O(8) over a core length of 19
feet.(1)
Based on compilation of historical data, UCR has established that
according to the mine closure report, historical surface mining was a total of
8,567 tons of 0.29% U(3)O(8) containing 50,700 pounds of uranium.(2) Remaining
resources to the 100 foot level are 47,800 tons of 0.285% containing 267,500
pounds uranium.(2) UCR believes that there is very good potential to confirm
and expand these resources.
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(1) Eldorado Nuclear Ltd, Mining Division. Internal Report, 20-July-81 by
Murray Strachan
(2) Eldorado Nuclear Ltd, Mining Division. Mine Closing Report, by
D.M. Ward
((1)and(2)) This work was completed prior to NI 43-101 being implemented.
UCR has not verified the historical resource/reserve values, and is not
treating it as a current mineral reserve/resource estimate and should not
be unduly relied upon.
>>
The technical information in this news release has been reviewed by John
Cook, P. Eng., a qualified person as defined by National Instrument 43-101.
About Uranium City Resources:
Uranium City Resources has a number of 100% owned uranium projects within
the Uranium City Mining District, an area with over 30 years of past mining
and nearly 70 million pounds of uranium production. Since 2005, the Company
has spent over C$3 million exploring its properties and has outlined numerous
uranium targets. Recent drill programs have confirmed the presence of uranium
mineralization and drilling is to continue throughout 2006.
Forward looking statements:
This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond UCR's ability to control or predict, which could cause actual events or
results to differ materially from those anticipated in such forward-looking
statements. Although UCR believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should not be placed
on these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00021914E
