Diamond Drilling Underway at Bokan Mountain Uranium Project
Date: Aug. 2, 2007
Ucore Uranium Inc. (“Ucore” or the “Company”, TSX-V: UCU) and Landmark Minerals Inc. (“Landmark,” TSX-V: LML) are pleased to announce that diamond drilling is underway at the Bokan Mountain uranium-rare earth project in Alaska .
The first hole has been completed on time and on budget at the I&L zone, part of the much larger Bokan Intrusive Complex. The Bokan Intrusive is a peralkaline, polyphase, granitic intrusive complex with known mineralization occurring in the outermost ring dike and radial dikes extending outward into the country rock, as in the Dotson Shear zone. The I&L zone, like the past producing Ross Adams mine both occur in the outer most ring dike. The Dotson shear/radial dike zone is a priority drill target and will be tested as permitting allows.
The first phase of drilling is budgeted for 2,000 meters to (1) test the Ucore-Landmark geological model for the style of mineralization in the Bokan Intrusive Complex, (2) explore previously untested portions of the Bokan Intrusive Complex, (3) determine if the I&L zone mineralization persists to depth and/or along strike within the much larger Bokan Intrusive Complex, and (4) verify results of previous drilling programs at I&L. Drill core is being logged by geologic and radiometric methods, and samples of core will be shipped for chemical assay. Drill results will be reported once received and confirmed.
Uranium mineralization at Bokan Mountain is hosted in complex shears, veins, dikes, and pipe-like bodies within, and proximal to, a Jurassic peralkaline intrusive complex. In addition to uranium, important concentrations of light and heavy rare earth elements (REE), beryllium, tantalum, niobium, zirconium, and thorium have been reported by the US Bureau of Mines. More than 35 uranium prospects, including the I&L zone and Ross Adams mine, are known. Ross Adams produced 1.3 million pounds of U3O8 at an average grade of 0.76% between 1958 and 1971, and is Alaska ’s only uranium mine. An integrated program of ground and airborne geophysics, prospecting, and geological mapping is underway to prioritize the next phase of drill targets.
Ucore and Landmark have the option, through their jointly held Alaska subsidiary Landmark Alaska Limited Partnership, to acquire a 100% interest in the Bokan Mountain property, subject to production royalties ranging from 2 to 4%, for cash payments totaling US $870,000. Ucore is earning a 75% interest in Landmark Alaska Limited Partnership by funding the first US $2 million in acquisition and exploration costs and paying to Landmark 50,000 Ucore shares.
Mr. John McKenney, CPG, a qualified person in accordance with NI 43-101, is theBokan Mountain project manager for Landmark Alaska Limited Partnership and has reviewed the technical data presented in this news release.
For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Uranium Inc. at:
Telephone: (902) 482-5214
Fax: (902) 492-0197
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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