Ucore Announces Commencement of Uranium Exploration Field Program on Its Properties in Newfoundland and Labrador
Date: June 8, 2007
Ucore Uranium Inc. (“Ucore” or the “Corporation”) is pleased to announce the commencement of a comprehensive exploration program across its holdings in Newfoundland and Labrador. The company holds a total of 131,000 hectares in the region, and these properties will be the focus of geological evaluation, prospecting and additional airborne radiometric surveys.
At the Lost Pond property on the west coast of Newfoundland a detailed grid has been established on the U-2 showing, where recent drilling and trenching has outlined a number of uranium zones including 0.045% U3O8 over 12.3 metres in drill core and 0.189% U3O8 over 3.0 metres in surface channel samples. Detailed geological mapping, sampling and geophysics will be carried out on the grid and additional trenching and drilling is scheduled for early fall. The exploration program will consist of detailed geological mapping at the U-2 uranium zone, follow-up of recently completed airborne radiometrics surveys and additional airborne surveying on areas not previously flown.
An airborne survey (radiometrics, magnetics and electro-magnetics) was recently completed over the entire Lost Pond property in November, 2006 and covers an area in excess of 52,000 hectares. A number of high to medium priority targets have been isolated and these will be systematically followed-up with prospecting, sampling and geological mapping. A smaller airborne survey had been completed internal to this larger survey and follow up of the airborne radiometrics anomalies during the fall of 2006 resulted in the discovery of four areas of anomalous uranium values. The U-2 and U-3 targets are the most advanced of these and have been the focus of trenching and limited drilling. Two others, Northcott and Quinlan One will require further follow-up over the next few months.
Additional airborne surveys have been contracted for approximately 4900 kilometres of flying, which will complete coverage on eight other claim blocks on the island portion of Newfoundland. These surveys are scheduled to be completed in June with follow-up of anomalous results to follow shortly after completion.
Two other airborne surveys will be completed on Ucore’s Labrador property holdings which total 1,087 claim units (27,000 hectares) in two main blocks. An airborne survey has been contracted for the company’s South Voisey’s Bay (SVB) property and this should be completed in July. On the Central Mineral Belt (CMB) property, bids have been received and a contract will be finalized shortly. Prospecting and sampling is scheduled for the Labrador properties in late summer once airborne results have been received.
The Corporation’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, 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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