TSX.V: UCR
KIRKLAND LAKE, ON, Feb. 28 /CNW/ - Uranium City Resources Inc. ("UCR"), is pleased to provide the following update on developments at its East Target property located in the Beaverlodge/Uranium City Mining District in north-west Saskatchewan:
In a Press Release dated October 29, 2007 shareholders were advised that engineering firm Watts Griffis McOuat (WGM) had made a few recommendations on the Mineral Resource estimate being calculated for the East Target property. In particular, WGM had recommended that UCR twin a few drill holes from the historic drilling by Eldorado to confirm the mineralization, grades and lithology. UCR is now pleased to announce that the assay results have been obtained on these holes. The lengthy delay in obtaining these results is due to laboratory backlog arising from the unprecedented level of Uranium exploration activity being conducted in Saskatchewan.
The assay results from confirmation holes FT07-42 to FT07-46 are as follows:
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HOLE Total Hole Dip From To Length Average Grade
Depth Within Interval
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(meters) (meters) (%U(3)O(8))
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FT07-42 188.00 -45 27.35 28.35 1.00 0.013
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93.00 94.00 1.00 0.012
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95.00 96.00 1.00 0.031
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99.00 102.00 3.00 0.159
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Including 0.312%
over 1m between
101.00 and 102.00m
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FT07-44 119.00 -90 26.00 34.00 8.00 0.031
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FT07-45 104.00 -90 18.00 20.00 2.00 0.141
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30.00 37.00 7.00 0.060
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FT07-46 77.00 -65 21.00 25.00 4.00 0.690
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including 1.693%
over 1m from 23.00
to 24.00m
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These assays confirm the previous U values and depth of mineralization in the Eldorado historic drill holes. This confirmation of the Eldorado historic holes will allow UCR to integrate this Eldorado drill hole data into its database for the resource estimate calculation to be performed by Watts, Griffis and McOuat in the near future.
Assay results have now also been received for exploration holes FT07-43, FT07-47, FT07-48, FT07-50, FT07-52 FT07-53, FT07-55, FT07-56, FT07-61, FT07-62 and FT07-63 which are given in the next table. FT07-47and FT07-48 are holes drilled halfway between previous UCR drill holes done in 2006 and confirm the presence of U mineralization between those holes. Other holes were done along the western extension of the mineralization in areas previously not tested by drilling.
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HOLE Total Hole Dip From To Length Average Grade
Depth Within Interval
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(meters) (meters) (%U(3)O(8))
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FT07-43 154.00 -45 no significant
mineralization
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FT07-47 119.00 -45 97.63 99.63 2.00 0.054
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FT07-48 131.00 -45 103.00 104.00 1.00 0.253
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109.00 114.00 5.00 0.365
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including 0.594%
over 3m from 110.0
to 113.0m
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FT07-50 169.00 -45 123.00 124.00 2.00 0.020
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129.00 135.00 6.00 0.096
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148.00 149.00 1.00 0.132
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FT07-52 169.00 no significant
mineralization
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FT07-53 200.00 -45 142.00 143.00 1.00 0.014
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FT07-55 119.00 -45 45.00 51.00 6.00 0.021
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FT07-56 186.00 -70 36.00 43.00 7.00 0.010
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57.00 62.00 5.00 0.012
FT07-61 147.60 -45 35.25 39.00 3.75 0.023
45.60 46.60 1.00 0.024
FT07-62 146.30 -45 no significant
mineralization
FT07-63 144.50 -45 10.40 17.40 7.00 0.036
24.00 25.00 1.00 0.044
32.00 37.00 5.00 0.034
40.00 41.00 1.00 0.031
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These results confirm that the U mineralization at the East Target extends along strike and at depth. The variation in assay grade is due to the "pinching and swelling" of uranium mineralization common to the uranium deposits of the Uranium City Mining Camp. This assay data will also be forwarded to Watts Griffis McOuat for inclusion in the resource calculation.
Two drills remain active for UCR in the Uranium City area. One drill will continue exploring the East Target mineralization both on land and on its southwest extension under Verna Lake toward the St Louis Fault which hosts the former Eldorado mines, Ace, Fay and Verna. Seven new holes have been already drilled at the East Target and their assays are pending. The second drill will test U mineralization under Athabasca Lake at Nicholson Bay and Fish Hook Bay projects. These targets were previously discussed in a Press Release dated February 7, 2008. This drilling will commence shortly as drilling permits have now been obtained. Other potential drill targets on the Willson Lake claim block, and other UCR properties, are also currently being identified.
The technical information in this news release has been reviewed by Jim Kermeen, P. Eng. a Qualified Person as defined by National Instrument 43-101.
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 control or prediction and 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.