TSX.V:UCR
TORONTO, Nov. 14 /CNW/ - Uranium City Resources Inc (UCR:TSX.V,
A0F7F5:Berlin) ("UCR" or the "Company") today announced an update of its
ongoing drilling and exploration campaign at the East Target. UCR has to date
completed a total of 16 holes at this target and recently conducted a detailed
scintillometer survey around it.
The scintillometer survey performed by UCR geologists outlined an
anomalous trend of radioactivity extending from East Target along a strike
length of approximately 2,000 feet. Scintillometers measure radioactivity in
"counts-per-second" (CPS). Values encountered during this survey had an
average background of approximately 50-100 CPS and the anomalous values were
typically several thousand CPS. A large difference between the anomalous
values and the background is indicative of significant radioactivity and is
thus an effective tool for uranium exploration. Most encouragingly, the survey
can also be regarded as geologically significant because the anomalous trend
is parallel to the St. Louis Fault, which is located approximately 1,200 feet
to the South. The St. Louis Fault hosted the three largest uranium mines in
the Uranium City camp. The Ace, Fay and Verna mines were all situated on or
adjacent to the St. Louis Fault.
Bob Kasner, CEO of UCR said, "Our goal is to expand the size of the East
Target, which would support the potential to increase the existing historical
resource." The results of the scintillometer survey are extremely encouraging
and will help us to further focus our ongoing drilling."
UCR will be evaluating this recently identified anomalous extension to
determine its potential for future drilling. Assay results from the East
Target drilling campaign are pending and will be released in the coming weeks.
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.
