TSX-V: URC
VANCOUVER, April 26 /PRNewswire-FirstCall/ - Uracan
Resources Ltd. (the "Company") is pleased to report on assay
results from the initial 12 drill holes completed during its 2010
winter drilling campaign on the Costebelle A4 zone, part of the
Company's 100% owned North Shore Project in Quebec.
The twenty hole, 3023 meter winter drill program, was designed
to follow up surface exploration targets outlined during 2008 and
2009 surface sampling and mapping programs. Highlights include
25.95 meters of 480 ppm (0.048% or 0.96 lbs/t) U3O8 in CA4-10-7,
33.9 meters of 230 ppm (0.023% or 0.46 lbs/t) U3O8 in CA4-10-11, 41
meters of 197 ppm (0.020% or 0.39 lbs/t) in CA4-10-10, and 15.85
meters of 331 ppm (0.033% or 0.66 lbs/t) U3O8 in CA4-10-4. The
grades of uranium mineralization seen at Costebelle A4 to date are
notably higher than those seen at the Double S zone elsewhere on
the North Shore property.
Drilling to date has confirmed that uranium mineralization at
the Costebelle A4 Zone continues down dip from the surface channel
samples. The area with drill results received to date occurs along
an approximately 350 meter length within an overall potential
strike length of approximately 1,500 meters, as defined by airborne
radiometrics, surface mapping and channel sampling. Mineralization
is open along strike and to depth starting from surface throughout
this area.
Uranium mineralization at the Costebelle A4 zone occurs as broad
multiple stacked mineralized zones hosted by pegmatite dykes and
sills with drilled thicknesses ranging from 0.5 meters up to 41
meters. The true thickness of these zones is unknown at this time
but is thought to be similar to drilled thickness. Uranium occurs
both as disseminated mineralization throughout the pegmatites as
well as higher grade secondary enriched zones occurring along
fracture planes. Additional drill results are still pending from
areas along strike from the drill holes discussed in this news
release.
The Costebelle A4 zone is located approximately 65 kilometers
northeast of the existing combined NI 43-101 compliant inferred
resource at the Double S, Middle and TJ zones totals 154.9 million
tonnes with an average grade of 0.012% U3O8. This combined resource
contains approximately 18.48 million kilograms (40.73 million
pounds) of uranium using a 0.009% cut-off. An updated resource
estimation is pending on the Double S zone, based on the results of
the 2009 drill program there.
Costebelle A4 Drilling
A total of 3,023 meters in 20 diamond drill holes was completed
during March and April of 2010. Uracan's winter drilling objective
was to determine the extent of significant surface occurrences of
uranium mineralization outlined during 2008 and 2009 at the
Costebelle A4 zone. Numerous other potentially significant
mineralized zones in the Costebelle claim group remain to be drill
tested.
A summary of selected mineralized zones from the returned assays
is included below:
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Area Drill Hole From (m) To (m) Length (m) U3O8 % U3O8 ppm
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A4 CA4-10-1 18.1 24 5.9 0.023 226
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A4 CA4-10-1 37.5 48.94 11.44 0.023 233
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A4 CA4-10-2 18 18.5 0.5 0.179 1792
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A4 CA4-10-2 93 109.5 16.5 0.012 121
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A4 CA4-10-2 additional assays
pending
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A4 CA4-10-3 hole abandoned
due to drilling
problems
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A4 CA4-10-4 42 57.85 15.85 0.033 331
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A4 CA4-10-5 86.45 92.6 6.15 0.012 124
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A4 CA4-10-6 assays pending
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A4 CA4-10-7 2.55 28.5 25.95 0.048 480
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A4 CA4-10-8 4.5 10.5 6 0.018 182
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A4 CA4-10-8 additional assays
pending
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A4 CA4-10-9 4.5 15.3 10.8 0.014 138
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A4 CA4-10-10 3 44 41 0.020 197
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A4 CA4-10-11 9 42.9 33.9 0.023 230
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A4 CA4-10-11 additional assays
pending
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A4 CA4-10-12 28.5 43.5 15 0.015 152
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A4 CA4-10-13 33 49.3 16.3 0.018 182
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A4 CA4-10-14 assays pending
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A4 CA4-10-15 assays pending
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A4 CA4-10-16 assays pending
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A4 CA4-10-17 assays pending
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A4 CA4-10-18 assays pending
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A4 CA4-10-19 assays pending
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A4 CA4-10-20 assays pending
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A map showing the Costebelle A4 drill hole locations can be
found at http://www.uracan.ca/i/photos/A4Geology.pdf. Drill hole
coordinates and a complete listing of assay results will be posted
on Uracan's updated website: www.uracan.ca.
QA/QC
Samples were shipped by company personnel in sealed containers
to Chemex Laboratories of Val D'Or,
Quebec for analysis. Chemex is the laboratory facility used
for all assays from the North Shore Property program. Samples are
weighed and catalogued before sample preparation. The samples are
crushed to 70% less than 2mm, split and then pulverized to 85% of
the sample being less than 75 (micro)m. All samples are assayed
using ICP-MS with analysis completed for 47 elements.
A QA/QC program was implemented as part of the sampling
procedure for the drill program. Field duplicates, field blanks and
certified standards were inserted into the sample stream with at
least one blank, one duplicate and one standard inserted per group
of 40 samples sent to the laboratory. The laboratory also has an
extensive in house QAQC system as part of their quality control
system.
About Quebec, Canada
Quebec has been voted as the
Top Mining Jurisdiction In the World since 2007 by the Fraser
Institute Mining Survey and has been in the top 10 since 2001:
www.fraserinstitute.org.
Uracan Resources Ltd. is a publicly-listed uranium exploration
company, exploring for shallow, bulk tonnage style uranium
mineralization in Canada. Uracan
is led by a team of proven exploration and mine entrepreneurs and
mine-builders. The information in this news release has been
prepared and reviewed by Marc
Simpson, P. Geo., the Company's Qualified Person under
National Instrument 43-101 standards.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. The foregoing information may contain
forward-looking information relating to the future performance of
the Company. Forward looking information is subject to a number of
known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those anticipated in
our forward looking statements. Such risks and other factors
include, among others, the actual results of exploration
activities, changes in world commodity markets or equity markets,
the risks of the mining industry including, without limitation,
those associated with the environment, delays in obtaining
governmental approvals, permits or financing or in the completion
of development or construction activities, title disputes, change
in government and changes to regulations affecting the mining
industry, and other risks and uncertainties detailed from time to
time in the Company's filings with the Canadian securities
administrators (available at www.SEDAR.com ). Forward-looking
statements are made based on various assumptions and on
management's beliefs, estimates and opinions on the date the
statements are made. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in the forward-looking information contained herein. The Company
undertakes no obligation to update forward-looking statements if
these assumptions, beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
law.
SOURCE Uracan Resources Ltd.