Ucore Uranium Receives 2008 Drill Permit for Bokan Mountain
(Vancouver, B.C., April 10, 2008) Ucore Uranium Inc. (TSX-V: UCU) is pleased to provide an update on the Bokan Mountain uranium project in southeast Alaska.
The Bokan Mountain acquisition was announced on February 28, 2007 as a joint venture with Landmark Minerals Inc. Ucore has since rapidly advanced the property, consolidating its interest to 100% through the acquisition of Landmark Minerals Inc. In 2007, a total of nine diamond drill holes spanning 422 meters were completed at the previously tested but unmined I&L zone. A high resolution airborne geophysical survey was flown, and an extensive data compilation program is now well underway. Assay results from the 2007 I&L drill program, announced previously, are now combined and summarized below.
|Hole ID||From (m)||To (m)||Width (m)*||U3O8 (%)|
* All widths are apparent core intercepts; true width will be less.
Through its wholly owned US subsidiary, Landmark Alaska Limited Partnership, Ucore has approved a budget of $5.2 million for the 2008 Bokan exploration program. A drill permit has now been received from the US Forest Service, and a drill contract has been awarded to Diamond Drill Consultants of Sterling, Alaska, to provide two drills on a 24 hour basis commencing in May. The 2008 exploration program will be managed by Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, under the supervision of Ucore’s senior geological staff.
The Bokan Mountain project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia. The project area is served by barge and float plane from Ketchikan, and a pre-existing road network provides access to key target areas. A total of 1.3 million pounds of U3O8 were produced between 1957 and 1971 at an average grade of 0.76% from the Ross Adams zone, one of more than 30 uranium occurrences known at Bokan Mountain. Uranium mineralization in veins, disseminations, and felsic dikes is hosted within, or proximal to, the high level, concentrically zoned, peralkaline Bokan Intrusive Complex.
“We are pleased with the quick turnaround on our permit application from the US Forest Service,” said Jim McKenzie, President and CEO. “We’re receiving excellent support for our program from regulatory authorities and from southeast Alaskan communities. Our objective is to exceed their expectations with compliance, communication, and ongoing consultation. Ucore’s primary focus for the 2008 exploration season will be to expand upon the high grade uranium mineralization identified at I&L during the 2007 drill program. We’ll also be drilling multiple unexplored uranium prospects, pursuing numerous radioactive anomalies identified in the 2007 geophysical survey, and addressing the potential for rare earth mineralization throughout. The Bokan project is under the jurisdiction of the U.S. Forest Service, in an area designated for sustainable resource management and development. This area has no indigenous or residential populations. As Alaska’s only prior uranium producing site, which yielded some of the highest known grades within the United States, Bokan has excellent upside potential for new discoveries.”
NI 43-101 Compliance
Drill results provided in this news release were announced previously under the supervision of John McKenney, CPG (holes 1-7) and Roger Hulstein, P.Geo. (holes 8&9), both qualified persons under NI 43-101. Insufficient structural information is available to make a conclusive statement on the relationship between true width and core intercept; however, true width will be less than apparent width. Holes 1 and 2 were designed to twin prior -80° holes drilled parallel to steeply dipping vein-type structures, and the intercepts do not accurately reflect true width.
Ucore Uranium Inc. is a junior exploration company focused on establishing uranium resources through exploration and property acquisition. With more than twenty active projects, Ucore’s primary focus is the 100% owned Bokan Mountain uranium and rare earth element property inAlaska.
On behalf of the Board of Directors
Ucore Uranium Inc.
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 Ucore expects, are forward-looking statements. Although Ucore 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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