Ucore JV: Galore Resources Samples 0.31% U3O8 at Great Slave Lake, NWT
( Halifax, N.S. ) Ucore Uranium Inc. (TSX-V:UCU) announces initial exploration results from three of the six joint-venture properties held with Galore Resources Inc. (TSX-V: GRI) in the Great Slave Lake uranium area located 140 kilometers southeast of Yellowknife, Northwest Territories, Canada.
Uranium analyses have been completed on122 surface rock samples collected by Galore from the Union, Simpson and Preble Island properties. Results indicate that the most significant mineralization occurs in two areas on Union Island . One of these very encouraging areas also reports high precious-metal assays.
Of the eight rock-chip and grab samples taken at the northeast end of the Union Island property, five exceeded 2,000 ppm uranium. These samples also contain silver, ranging from 389 to 2,479 grams per tonne, and gold, ranging from 0.11 to 2.4 grams per tonne. The best chip sample, over a length of 1.6 meters, returned 2,652 ppm uranium (0.31% U3O8 equiv), 2,479 grams of silver per tonne (72 oz/t Ag) and 0.11 grams of gold per tonne.
A highly radioactive zone located on southwest Union Island returned analyses ranging from 65 to 2,420 ppm uranium. This zone was tested by rock-chip sampling panels, which measure one meter wide by one to two meters long. Forty-two continuous panel samples, covering a total length of over 52 meters, returned a range of analyses from 65 to 1,380 ppm uranium and a weighted average of 330 ppm uranium.
Included is a continuous nine-meter interval averaging 923 ppm uranium (0.11 % U3O8 equiv), which also includes a four-meter interval of 1,280 ppm U (0.15% U3O8 equiv). A second radioactive zone, located 15 meters to the southwest of the main zone, averages 1,013 ppm uranium (0.12 % U3O8 equiv) over 4.5 meters and includes a sample of 2,420 ppm uranium (0.28% U3O8 equiv) over 0.5 meters.
The 14 rock samples collected on the Preble Island property confirm earlier reported radioactive anomalies. Samples returned anomalous uranium, copper and silver analyses from fracture-controlled centers of radioactivity. Thirty rock samples were collected on the SimpsonIsland property. Results are weakly anomalous in silver.
Results from the remaining joint venture properties – Meridian Lake , Toopon Lake and WilsonIsland , are expected shortly.
All samples were analyzed by Acme Analytical Laboratories Ltd. of Vancouver by ICP-MS using a four acid digestion. Over-limit precious metals analyses were re-analyzed by fire assay using a one-assay-ton sample with ICP finish.
“We are pleased with the high quality of work that Galore has done on our NWT properties,” said Jim McKenzie , President of Ucore. “Results to date are very encouraging and we are looking forward to receiving more data on the joint venture holdings.”
Galore can acquire a 50% joint venture interest in Ucore’s 100% owned NWT properties, which Ucore acquired as a result of the Landmark merger completed on August 17, 2007. To exercise the option, Galore is required to spend $2 million on acquisition and exploration costs by October 1, 2009, including a commitment of $600,000 by December 31, 2007, and has issued 50,000 shares to Ucore. Galore has the further right to increase its interest from 50% to 60% in one contiguous claim block of up to 100 square kilometers, at Galore’s selection, by spending an additional $1 million on the selected claim block within 13 months of earning its 50% interest.
Harmen Keyser, P.Geol., Ucore’s Vice President of Project Development and a qualified person under NI 43-101, has ensured that the data presented in this news release have been accurately summarized from information provided by Galore.
Ucore Uranium Inc. is a junior mineral exploration company with mineral properties in Alaska,Yukon, Northwest Territories, Nunavut, Ontario, Quebec, New Brunswick, Newfoundland, andLabrador .
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.