Ucore Announces Bokan Mountain Drill Permits Received
Date: June 29, 2007
Ucore Uranium Inc. (the “Company”, TSX-V: UCU) and Landmark Minerals Inc. (TSX-V: LML) are pleased to announce the receipt of all necessary permits to commence a program of diamond drilling at the Bokan Mountain property in southeast Alaska. A drill has been contracted and is now being mobilized to the property.
More than 35 uranium prospects, including the Ross Adams mine, are known on theBokan Mountain property. 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 past producing uranium mine. Due to the high grade nature of the ore and the mine’s close proximity to deep water access, it was shipped directly to milling facilities in Washington and Utah .
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, and zirconium have been reported by the US Bureau of Mines.
The first phase of drilling at Bokan Mountain will be at the I&L zone, 450 meters north of Ross Adams. The I&L zone consists of multiple, sub-parallel, uranium and REE bearing veins and quartz-pegmatite-apatite dikes trending for at least 2.6 km in aegerine granite A detailed geological report has been prepared, and is currently under review for NI 43-101 compliance by TSX staff. The report will be posted on SEDAR for review when cleared.
Phase I of the drill program is designed to achieve several goals: (1) verify uranium and REE reported from previous drilling, (2) test the Ucore-Landmark geological model for the style of mineralization, (3) explore previously untested portions of the I&L zone, and (4) determine if the I&L zone mineralization persists to depth and/or along strike. The first phase of drilling will consist of a minimum of 2,000 meters, and will be combined with a program of property-wide mapping, prospecting, and airborne geophysical surveying. All work will be carried out in accordance with a Plan of Operations and a Decision Memorandum issued by the US Forest Service yesterday, and results will continue to be released on a timely basis.
“We are extremely pleased that we have received the required permits to commence a drill program at Bokan, and we’re looking forward to testing uranium mineralization at the I&L zone,” said Jim McKenzie, Ucore’s President. “I&L is only one of many uranium-bearing zones on our 23 square kilometer property. We would like to acknowledge the hard work of the Alaska exploration crew and the excellent cooperation from the US Forest Service officials.”
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 is a qualified person in accordance with NI 43-101 and has verified that the technical data presented in this news release are accurately summarized from historic technical and production reports.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
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