Ucore Announces 1.839% U3O8 Over One Metre And 0.118% U3O8 Over Five Metres At The Lost Pond Project, Newfoundland
Date: November 14, 2006
Ucore Uranium Inc. (“Ucore” or the “Corporation”) is pleased to announce results received from a series of continuous chip samples taken from the Dome One showing at the Lost Pond project, located in Western Newfoundland, approximately 50 kilometres east of Stephenville. Three evenly spaced sections across the Dome One trench were sampled and returned values of 0.118% U3O8 over 5.0 metres (bottom section), 0.101% U3O8 over 5.0 metres (middle section) and 0.084% U3O8 over 2.0 metres (upper section). The initial analysis was conducted at Accurassay of Thunder Bay and all samples were subsequently sent to Actlabs of Ancaster, Ontario for check assay using a Delayed Neutron Counting method.
Limited channel samples were cut proximal to the middle section chip sample, to provide a more representative value in the higher-grade zone. A one meter channel sample, correlating with the higher grade zone, assayed 1.839% U3O8. A subsequent channel program has been undertaken to sample the whole zone. These samples are now in the lab and assays are pending.
The Dome One showing consists of a massive hematite/chlorite alteration and breccia zone, greater than 20 metres wide and hosted within Proterozoic granite immediately adjacent to a major Paleozoic unconformity. Within the alteration zone, uranium is concentrated in a two to five metre wide fracture zone.
A second area (Dome Two), located 140 metres northeast of the Dome One showing, has also been trenched and sampled. The uranium at Dome Two is concentrated in fracture zones within a 15 metre wide hematite alteration zone. Seventeen samples were taken from this area and results ranged from <10 ppm U to 1323ppm U. The best results were 0.156% U3O8 over 1.0 metre and 0.039% U3O8 over 1.0 metre.
In addition to the Dome One and Dome Two showings, regional prospecting to date has identified three priority targets for follow up. One target in particular, U-3, is located two kilometres to the west of Dome One, along the Paleozoic unconformity, and consists of a coincident airborne uranium radiometric anomaly and a 200 metre diameter bull’s-eye magnetic feature. Immediately downslope from this feature, prospecting has located a cluster of magnetic hematitic material as angular float. Three assays taken from the various float assayed 0.038%, 0.039% and 0.039% U3O8. The area is generally moss and tree covered.
The Company is continuing the search for the bedrock source(s) of the hundreds of radiometric float/boulders found on the Lost Pond property by Shell Canada Resources in 1980/81. Future exploration will focus on locating these source(s). The ongoing regional prospecting program of radiometric anomalies will focus on uranium anomalies coincident or proximal to magnetic features and within a corridor one to two kilometres wide along the southern unconformity.
Mapping, soil sampling and a ground magnetic survey of the central grid, which covers the Dome One and Two showings, is continuing. As well, additional back hoe trenching is scheduled to start immediately and this program will include extending the three known areas of mineralization at the Dome One, Dome Two and U3 showings, and will test new targets based on radiometric float, soil anomalies and geophysical anomalies.
The Company’s Qualified Person (“QP”) is Wayne Reid, P.Geo. As the QP, he has prepared or reviewed the technical information for this release. Wayne Reid is the Vice President of Exploration for Ucore Uranium Inc.
For further information on the Lost Pond project and Ucore Uranium Inc., please visit our website at www.ucoreuranium.com, or contact Mr. Daniel Whittaker, President and Chief Executive Officer of the Corporation at:
Telephone: (902) 482-5214
Fax: (902) 492-0197
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 Corporation 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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