Three new uranium mineralized zones identified on the Bayswater / Ucore Makkovik River Joint Venture Property, Central Mineral Belt, Labrador
· Assays from grab samples return values ranging from 0.10% to 0.14% U3O8 from 3 separate new uranium showings
· 29 priority airborne radiometric anomalous targets identified
(Vancouver, B.C.) Ucore Uranium Inc. (TSX-V: UCU) reports that a 2,280 line kilometer airborne radiometric and magnetic survey has been completed on its joint ventured MakkovikRiver property with Bayswater Uranium Corporation (TSX-V: BAY). The airborne data are currently being processed and final map products are being prepared by NovaTem Inc.Numerous equivalent uranium radiometric anomalies have been generated from the survey and 29 priority targets have been identified from in-house processing. To date, preliminary follow-up examination of targets has led to the discovery of three new radioactive zones of interest containing potentially significant uranium mineralization. The joint venture’s goal is to further investigate these targets along with the remainder of the anomalies during the 2008 field season. High priority targets will be brought to the drill stage and drill tested if warranted.
The MakkovikRiver joint venture landholdings comprise 829 claims covering 20,725 hectares in previously exempt lands. Additional information concerning the joint venture can be found in a previous press release dated August 01, 2007. No exploration has taken place in this area during the recent uranium boom due to negotiations that led to a recent settlement of land claims with the Nunatsiavut Government. Historically, limited work was performed in this area for granite-hosted uranium deposits. The claims are predominantly underlain by Proterozoic granitic and mafic intrusive units containing similar-aged volcanic rocks that host many of the uranium deposits elsewhere within the Central Mineral Belt of Labrador.
During the 2007 field season, a total of 94 rock samples were collected from outcrop and boulders by the UCU-BAY joint venture prospecting team as follow-up of the various airborne radiometric anomalies. Results from this work have led to the identification of three new bedrock uranium mineralized zones – Makkovik River East, Makkovik River West, and CD showings, as well as other lower priority targets. Two of the new uranium showings – Makkovik River East and Makkovik River West – are located in the
MakkovikRiver area and are hosted by commonly brecciated and hematitic, coarse grained, magnetite-bearing granites.
Based on data collected from the airborne radiometric survey, the Makkovik River East showing is characterized by a well defined 400 meter long by 200 meter wide zone of high radioactivity. The Makkovik River West Showing is a moderately radioactive airborne anomaly that measures 1.0 kilometer long by 500 meters in width. Both of these anomalous areas are coincident with newly discovered uranium showings in bedrock within large boulder fields typical of large portions of the Central Mineral Belt of Labrador. Abundant highly radioactive boulders with total counts greater than 10,000 cps have been documented in both these areas. The CD Showing is represented by a series of localized airborne radiometric highs in a 1.0 kilometer by 1.0 kilometer area. Results from grab samples taken from outcrop assayed from background up to 0.14% U3O8, with all three areas returning values exceeding 0.10% U3O8. Further detailed work is warranted on these targets along with other priority radiometric anomalies identified from the airborne survey.
“Results to date on the MakkovikRiver joint venture lands demonstrate the potential for discovery of uranium deposits in several different geological settings,” said Jim McKenzie, Ucore’s President. “We are excited about these early-stage discoveries, and we are now planning an expanded program of target evaluation leading to drilling for 2008.”
All rock samples are shipped to Activation Laboratories Ltd. sample preparation facility in
GooseBay, Labrador where they are crushed, pulverized and split. Sample pulps are then forwarded to Ancaster, Ontario for analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element inductively coupled plasma mass spectrometry (ICP-42) is performed as well on all samples. Where uranium values exceed the upper limit of 1%, samples are re-assayed using X-ray fluorescence (XRF).
The Joint Venture’s exploration activities are being conducted under the supervision of George M. Leary, M.Sc., P. Eng. (BC) and Victor Tanaka, B.Sc., P.Geo. (BC), both of Bayswater, as Operator of the Joint Venture. Both are qualified persons under NI 43-101. Wayne Read, B.Sc., P.Geo., a technical advisor to Ucore, is the qualified person who has ensured that this news release is an accurate summary of the technical information provided to Ucore by Baywater.
About the Labrador Central Mineral Belt
The Central Mineral Belt of Labrador, Canada, located approximately 135 kilometers north of GooseBay, has a long history of uranium and base metals exploration. Uranium was first discovered in the belt in the 1950’s. With further exploration in the 1960’s and 1970’s and rising uranium prices, exploration in the region increased significantly and several uranium deposits were discovered in the 1970’s including the Kitts, Michelin, Inda, Nash, Rainbow and Moran Lake deposits by Brinco.
Today, exploration activity in the region is highlighted by resource drilling at the Michelin and Jacques Lake deposits by Aurora Energy Resources Inc. (TSX: AXU) and at the Moran Lake deposit by Crosshair Exploration & Mining Corp. (TSX-V: CXX). Collectively, approximately 100 million pounds of NI 43-101 compliant uranium resources have been reported in the Central Mineral Belt by Aurora and Crosshair, a figure that is expected to increase significantly in the coming years through increases to existing resources, as well as new uranium discoveries.
About Ucore Uranium Inc.
Ucore Uranium Inc. is a junior exploration company focused on establishing uranium resources through exploration and property acquisition. Ucore holds more than 20 active uranium exploration projects, including the BokanMountain uranium and rare earth element property inAlaska. Ucore has joint ventures with Galore Resources Inc. (TSX-V: GRI) and Bayswater Uranium Corp. (TSX-V: BAY).
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.