TSX.V: UCR
TORONTO, March 29 /CNW/ - (Uranium City Resources Inc - UCR:TSX.V, A0F7F5:Berlin): In September 2006, ("UCR" or the "Company") noted it had identified two targets for immediate drilling based on compiled historical data from past producing mines in the Uranium City Mining District ("UCMD") of Northern Saskatchewan. These two targets were denoted the East Target and the West Target. The East Target is in an area of the footwall of the St. Louis Fault approximately 1.5 km east of the former Verna Mine. This area was mined in limited quantity as a small open pit operation in 1981 with expansion plans to drive a ramp and commence underground operations. The suspension of mining operations in 1982 by Eldorado Nuclear put a halt to these expansion plans. Eldorado had conducted drilling in the area to the 100-110 foot level below surface and had obtained results in the vicinity of 0.30% U3O8 over a core length of 19 feet(1). According to the Eldorado mine closure report, surface mining operations had removed a total of 8,567 tons of 0.29% U3O8 containing 50,700 pounds of Uranium. Remaining resources to the 100 foot level were noted to be 47,800 tons of 0.285% U(3)O8 containing 267,500 pounds of Uranium(2). It must be noted that this work was completed prior to NI 43-101 standards being implemented. Uranium City Resources has not verified these Eldorado figures and is not treating these figures as a current mineral reserve or resource estimate. As such these figures should not be unduly relied upon.
(1) Eldorado Nuclear Ltd. Mining Division. Internal Report, 20 July
1981, Murray Strachan
(2) Eldorado Nuclear Ltd. Mining Division. Mine Closing Report, D.M.
Ward
These historical figures have however provided the basis for UCR to
undertake a complete drilling program at the East Target. As drilling was
getting underway in late September 2006, CEO Bob Kasner commented "we have
designated the East Target as a priority because there is a known deposit at
surface of which the lateral and down dip extension is largely un-tested. Our
goal is to expand the size of the East Target".
As drilling was continuing into November 2006, so too was scintillometer
work at surface by the UCR geological team. Scintillometer data successfully
outlined an anomalous trend of radioactivity extending from the East Target
along a strike length of approximately 2000 feet. Commenting on this
encouraging development, CEO Bob Kasner noted "the East Target is
demonstrating potential to be much larger than initially thought".
A total of 35 drill holes have now been completed and a significant amount
of assay data has now been obtained from this drilling. This data has
separately been reported in various press releases dating back to January
2007. The following table summarizes the results on 32 of these holes in a
concise fashion for the benefit of UCR shareholders and analysts.
The core lengths are actual lengths as drilled and have not been adjusted
for the true width of the mineralized zones.
SRC Geoanalytical Laboratories, Saskatoon, Saskatchewan, completed all
analyses using multi-acid partial and total digestion with ICP-OES analytical
finish. UCR converted from ppm (parts per million) to percentage U3O8.
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Average
Total Grade
Hole Within
Depth From To Length Interval
HOLE (metres) Dip (metres) (metres) (metres) (%U3O8)
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FT06-01 113.08 -45 degrees 25.33 26.33 1.00 0.0540
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31.58 37.58 6.00 0.0513
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45.18 49.18 4.00 0.3220
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68.60 71.60 3.00 0.0983
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FT06-02 135.32 -65 degrees No
significant
mineraliza-
tion
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FT06-03 91.13 -45 degrees 36.10 36.60 0.50 0.051
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76.72 77.82 1.12 0.041
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FT06-04 100.00 -45 degrees No
significant
mineraliza-
tion
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Average
Total Grade
Hole Within
Depth From To Length Interval
HOLE (metres) Dip (metres) (metres) (metres) (%U3O8)
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FT06-05 121.00 -45 degrees 45.30 45.77 0.47 0.142
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54.10 54.88 0.78 0.044
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56.00 57.00 1.00 0.033
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60.30 64.12 3.82 0.079
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71.81 72.47 0.66 0.164
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77.89 79.81 1.92 0.687
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FT06-06 151.00 -45 degrees No
significant
mineraliza-
tion
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FT06-07 121.53 -45 degrees 32.00 35.00 3.00 0.082
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41.00 43.00 2.00 0.086
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44.00 46.00 2.00 0.016
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65.00 69.00 4.00 0.080
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79.00 80.00 1.00 0.033
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86.84 88.00 1.16 0.109
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FT06-08 121.00 -45 degrees 95.00 97.00 2.00 0.210
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98.33 99.33 1.00 0.032
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100.33 101.15 0.82 0.013
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FT06-09 152.00 -45 degrees 84.32 84.85 0.53 0.271
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95.90 96.55 0.65 0.326
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FT06-10 151.00 -45 degrees 70.77 71.77 1.00 0.040
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81.76 82.76 1.00 0.111
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87.90 89.90 2.00 0.043
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FT06-11 148.00 -45 degrees 65.80 67.80 2.00 0.043
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71.80 77.17 5.37 0.148
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FT06-12 151.00 -45 degrees 86.11 86.61 0.50 0.021
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91.32 92.06 0.74 0.037
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FT06-13 151.00 -45 degrees No
significant
mineraliza-
tion
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FT06-14 150.00 -45 degrees No
significant
mineraliza-
tion
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FT06-15 139.00 -45 degrees 63.71 64.71 1.00 0.174
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70.51 71.51 1.00 0.012
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71.51 72.51 1.00 0.014
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Average
Total Grade
Hole Within
Depth From To Length Interval
HOLE (metres) Dip (metres) (metres) (metres) (%U3O8)
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FT06-16 163.00 -45 degrees 74.83 78.83 4.00 0.080
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80.50 81.78 1.28 0.222
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84.30 90.30 6.00 0.098
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FT06-17 139.00 -45 degrees 61.60 62.30 0.70 0.027
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FT06-18 139.00 -45 degrees 121.20 122.20 1.00 0.041
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130.60 131.60 1.00 0.056
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FT06-19 295.00 -45 degrees 72.80 74.80 2.00 0.052
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FT06-20 271.00 -45 degrees 47.53 47.73 0.20 0.034
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74.95 75.40 0.45 0.047
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186.30 187.00 0.70 0.018
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187.56 188.32 0.76 0.013
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189.37 189.64 0.27 0.074
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226.48 226.92 0.44 0.097
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229.34 229.61 0.27 0.156
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FT06-21 217.00 -45 degrees 178.84 179.25 0.41 0.048
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FT06-22 145.00 -45 degrees 105.50 107.30 1.80 0.234
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FT06-23 150.30 -45 degrees 78.80 82.80 4.00 0.062
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FT07-24 181.00 -45 degrees 133.50 136.50 3.00 0.039
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FT07-25 180.00 -45 degrees No
significant
mineraliza-
tion
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FT07-26 160.00 -45 degrees 94.90 95.70 0.80 0.014
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FT07-27 150.00 -45 degrees 70.00 77.00 7.00 0.102
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87.00 88.00 1.00 0.021
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FT07-28 151.00 -75 degrees 77.00 78.00 1.00 0.012
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FT07-29 145.00 -45 degrees 56.00 60.00 4.00 0.200
(including
0.484% from
59.00 to
60.00m)
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FT07-30 151.00 -45 degrees 31.27 33.37 2.10 0.034
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FT07-31 150.00 -45 degrees No
significant
mineraliza-
tion
-------------------------------------------------------------------------
-------------------------------------------------------------------------
FT07-32 135.00 -45 degrees 44.00 45.00 1.00 0.015
53.00 54.00 1.00 0.039
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Commenting on these drill results, UCR's CEO, Bob Kasner stated "we are
very encouraged by these results. The East Target has expanded far beyond our
original estimates in length and depth. The mineralization is consistent with
that from historical mining in the Uranium City area. Geological features such
as" pinching and swelling" along strike and down dip are also consistent with
historical data. We now have enough drill data from the East Target to start a
43-101 resource calculation and plan to commence this effort shortly."
2007 Exploration Efforts
As previously reported in a press release dated March 26, 2007 Uranium
City Resources holds 10 exploration properties in the Uranium City Mining
District ("UCMD"). In order to evaluate the potential for Uranium
mineralization at some of these other properties, radiometric and geochemical
sampling programs were carried out between September 2006 and the present.
A detailed press release will be issued in the near future to discuss and
elaborate on these results.
Details will also be issued in the near future to outline the size and
scope of drilling activities for the remainder of 2007.
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.
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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.