TSX.V:UCR
TORONTO, July 5 /CNW/ - (Uranium City Resources Inc - UCR:TSX.V,
A0F7F5:Berlin) ("UCR" or the "Company") today announced it has received
results from the initial phase of the Company's 2006 drilling program. The
results confirm the presence of both elevated levels of uranium and metals
known to accompany uranium mineralisation of the Uranium City Mining District
("UCMD").
Bob Kasner, CEO of UCR said, "This first phase of drilling is a success
both geologically and technically. We are extremely encouraged that we
intersected numerous graphitic conductors and found anomalous values of
uranium and metals historically associated with uranium mineralisation in the
Uranium City region. Finding several graphitic layers is particularly
important since it's known that they are often associated with uranium
mineralisation. Based on these initial results we will begin to conduct
downhole probing later this year in order to get a better 3D idea of what the
rocks look like in the various drill holes completed so far."
Five high-priority targets were chosen from data compilation (VTEM
geophysical and geochemical surveys) and drilled. The targets that were
drilled are (i) Eagle Lake; (ii) Martin Lake; (iii) Moose Island; (iv)
Quartzite Ridge and; (v) Lorado.
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Eagle Lake Drilling
The purpose of drilling at Eagle Lake was to investigate a coincident
magnetic and EM anomaly, which was outlined in the VTEM geophysical survey.
Key items of drill hole EL06-01 are
- hole drilled with a core length of 200.20 m, dip of -45 degrees and
azimuth of 315 degrees
- the intersection of a wide sulphide (predominantly pyrite)
mineralisation over a core length of 40.75 m (from 6.90 to 47.65 m)
and an amphibolite unit over a core length of 1.0 m (from 46.65 to
47.65 m)
- sporadic high values of Ni (116 ppm), Cu (416 ppm), As (85 ppm), Co
(125.7 ppm) and V (381 ppm)
- weakly mineralised rocks with uranium values of up to 13.5 ppm
- mineralisation is associated with haematised rocks, which is a
characteristic feature of hydrothermal alteration throughout the UCMD
Martin Lake Drilling
The purpose of the Martin Lake drilling campaign was to investigate a
coincident magnetic and EM anomaly, which was outlined in the VTEM geophysical
survey. Key items of drill hole ML06-02 are
- hole drilled with a core length of 48.0 m, vertical dip and azimuth
of 0 degrees
- an intersection of Martin Formation conglomerate over a core length
of 43.0 m (from 5.00 to 48.00 m) with no significant values detected
by ground scintillometer
Moose Island Drilling
The purpose of the drilling campaign on Moose Island was to investigate an
EM conductor that was picked by Condor Consulting Inc. Key items of drill hole
MI06-01 are
- hole drilled with a core length of 198.0 m, dip of -50 degrees and
azimuth of 273 degrees
- an intersection of four graphitic schist layers between the core
length of 109.90 to 138.10 m, which represent the EM conductors found
in the VTEM survey
- an intersection of an amphibolitic unit within a dolomitic unit over
a core length of 0.94 m (from 188.06 to 189.00 m) returned high
values of Bi (15.6 ppm), Cu (543.4 ppm), Pb (349.1 ppm) and
Zn (648 ppm)
- weakly mineralised rocks with uranium values of up to 10.1 ppm
Quartzite Ridge Drilling
Drilling at Quartzite Ridge was conducted in order to test an EM conductor
picked by Condor Consulting Inc. Key items of drill hole QR 06-01 are
- hole drilled with a core length of 425.0 m, dip of -70 degrees and
azimuth of 317 degrees
- the intersection of the first graphitic schist lens over a core
length of 4.80 metres (from 262.20 to 267.00 m) with five more
graphitic schist layers intersected below
- sporadic high values of As (56 ppm), Bi (4.7 ppm), Co (60 ppm),
Cu (362.7 ppm), Ni (121.6 ppm), U (46.7 ppm) and Zn (247 ppm)
- an anomalous value of 250 ppb Au over a core length of 1.0 m
(from 229.77 to 230.77 m) was found within a conglomerate layer of
the Martin Formation
Lorado Target Drilling
Drilling at the Lorado target was designed to test an EM conductor that
was selected by Condor Consulting Inc. Key items of drill hole L06-01 are
- hole drilled with a core length of 543.0 m, dip of -66 degrees and
azimuth of 315 degrees
- intersection of six graphitic schist layers confirm the EM conductors
- sporadic high values of As (60 ppm), Co (39.6 ppm), Cu (175.9 ppm),
Ni (104.3 ppm), Pb (62.3 ppm), U (40.6 ppm), V (334 ppm) and
Zn (191 ppm)
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With the first phase of drilling for 2006 completed, UCR geologists and
management are currently assessing these results and refining further
exploration information.
Samples were submitted for analysis to TSL Laboratories in Saskatoon, an
ISO17025 accredited laboratory. Samples were digested with an aqua regia
extraction and analysed with an ICP-MS analytical finish. Samples were
submitted with internal standards and blanks for QA-QC purposes. Mr. John
Cook, P.Eng is the qualified person for the technical aspects of this news
release.
About Uranium City Resources:
Uranium City has ten, 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
mineralisation, drilling is to continue throughout 2006. UCR is well financed
and has approximately C$6.0 million in the treasury (as at 30-Apr-06).
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.
%SEDAR: 00021914E
