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UC Resources Ltd. (TSX VENTURE:UC - News; "UC")
is pleased to report that exploration has resumed on the McFaulds
Lake project area in the James Bay Lowlands (JBL) in the "Ring of
Fire".
A 1000 km airborne survey has begun
using the SHA three-axis, helicopter towed, magnetic gradiometer and VLF-EM
system which will be flown very close to the ground and at a flight path
separation of 100 meters. This is a very low flying close gradient survey and
is expected to provide vivid magnetic detail on a live read basis. The flight
area will consist of McFauld's #3, #5, #6, and #2
to better define drilling targets. The SE claim block of the McFaulds East block of claims will also be flown as this
area presently has no geophysics data.
Orbit Garant
drilling has mobilised a crew of drillers to the
area in preparation for drilling which will begin in the coming days. A
second drill crew is presently sitting on standby ready to mobilise a second drill rig in the next few days.
Drill targets will consist of further
testing of the McFauld's #5 & #6 occurrences as
well as shallow and deep drilling to be conducted on the McFauld's
#3 massive sulphide occurrence which comprises the
majority of the presently existing 43-101 resource. McFauld's
#2 is being looked at as a target dependant on current drilling conditions.
The La Yesca
mill has now achieved a mill throughput rate of 250 metric tonnes per day. It is planned to stabilize the mill feed
at this rate over the next few months before slowly moving higher to test
maximum throughput potential of the mill. Two independent studies suggest
that the mill is capable of providing the grinding capacity required of a higher
feed rate but at this time the optimum rate is unknown.
Once the milling facility is stabilised at a rate of 250 tonnes
per day the focus will shift to maximizing recoveries through metallurgical
chemical balancing, etc., which is presently just beginning and will take
time as with all mill start-ups. This week the companies mill and
metallurgist consultant is on-site monitoring results and preparing plans to
further advance the fine tuning process. To date during the start-up process
testing, in excess of US$110,000 dollars of material has been produced and
sold while going through normal starts and stops, tests and low chemical
values which is a normal part of any start-up operation. The company believes
the mill is now ready for this next phase of the commissioning process with
the 250 tpd rate having been achieved over an
extended number of days.
Drilling in the peripheral area of the Xora claim has resulted in some interesting larger than
expected intercepts of low grade silver zones. Although these widths do not
represent true width, further investigation is warranted to investigate the
possibility of a larger low grade system and exploration for the higher grade
source. Drilling of the area closer to the historic mining area continues
under the supervision of a government geologist compiling data for the
Mexican mining authorities under the grant we have received for drilling the
La Colorada occurrence. Four holes remain in the
program at which time analysis and review will occur to evaluate the next drilling
program in conjunction with the Mexican mining authorities.
Hole From To Intercept Silver
# (m) (m) (m) (g/t)
2 33 45 12 48.3
3 28 40 12 90.8
4 35 41 6 61.24
5 29.3 40.8 11.5 67
6 NSV
The table above is non-compliant under
national instrument 43-101. All assays were completed by ALS Labratories of Vancouver, B.C., Canada which in an
accredited laboratory under the 43-101 regulations.
The area associated with the drill targets
has historically been mined to varying extents, with La Colorada
having a non-compliant 43-101 resource calculation which was compiled by the
Mexican Ministry of Mines, by way of wall rock chip sampling, of 11,000 tonnes grading .7 g/t Gold and 619 g/t silver.
UC Resources is an active explorer of
base metals and chromite in the McFaulds
Lake area ("Ring of Fire") of the James Bay Lowlands, Ontario, as
well as an explorer and a near term producer of precious metals in Mexico.
On behalf of the Board of Directors,
Jim Voisin,
President & CEO
UC Resources Ltd.
We seek safe harbour.
Investors are invited to visit the UC
Resources IR Hub at http://www.agoracom.com/ir/UCResources
where they can post questions and receive answers or review questions and
answers already posted by other investors. Alternatively, investors are able
to e-mail all questions and correspondence to UC@agoracom.com
where they can also request to be added to the investor e-mail list to
receive all future press releases and updates in real time.
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