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Ucore
Rare Metals Inc (TSX VENTURE:UCU
- News; "Ucore" or "the Company") is pleased to
release initial assay results from Ucore's 2010
Field Program at the Bokan-Dotson Ridge rare earth
project in southeast Alaska ("Bokan").
The Field Program, comprised of extensive surface trenching and channel
sampling, was undertaken to supplement subsurface drilling, and to obtain a
greater understanding of overall deposit dimensions at the Dotson Zone.
The 2010 Field Program confirms that the Dotson Zone, with an average
aggregate width of approximately 50 metres,
contains a minimum of 25 mineralized dikes and veins. The zone dips steeply
to the north, with a delineated strike length of 2140 m and a defined
vertical extent of 450 m. The zone is open both at depth and on strike.
Significant results of the channel sampling program are listed below:
Trench
Width
TREO
HREO
m
(wt.%)
(%)
TR-4
2.04
0.507
45%
TR-7
2.05
0.328
59%
TR-8
3.04
0.402
33%
TR-10
3.07
0.456
67%
TR-16
2.86
0.406
46%
TR-17
7.20
0.485
37%
TR-18
2.10
0.461
46%
-- TREO = Total rare earth
oxides: LREO + HREO
-- LREO = Light rare earth
elements: La, Ce, Pr, Nd,
and Sm as oxide
-- HREO = Heavy rare earth
elements: Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu,
and Y as oxide
-- % HREO = HREO as percent of
TREO (HREO/TREO)
-- Samples were collected using
manual methods and are limited in extent by
the depth of
overburden in some cases.
-- All
widths are apparent widths and may be less than true width of
mineralization at
surface.
"The purpose of this Field Program has been to establish the
summary characteristics of the mineralized system at the Dotson Zone,
including localization, dimension, shape and overall consistency of the REE
concentrations across the area," said Jim McKenzie, President & CEO
of Ucore. "The results confirm the highly
anomalous heavy rare earth enrichment at Bokan;
among the highest heavy rare earth skews on record in North America and
worldwide. They also confirm the consistent nature of the mineralization
throughout, again surpassing the historical geological model for the Bokan area as set out by the U.S. Bureau of Mines. This
data will additionally augment the generation of a NI 43-101 compliant
resource estimate for the zone, due in the near term."
A recent report by the U.S. Geological Survey, issued November 2010,
summarizes the major rare earth deposits within the United States (USGS,
Bureau of the U.S. Department of the Interior; The Principal Rare Earth
Elements Deposits of the United States; Report 2010-5220). The report
concludes that the heavy rare earth enriched mineralization at Bokan could have considerable economic potential.
The observations of Ucore's 2010 Field
Program support the conclusions of the USGS, indicating that the vein-arrays
of mineralization of the Dotson Zone are of anomalously high HREE content and
of mineable widths. As reported in the Ucore press
release of November 16, 2010, the vein system has a high potential to be
mined both efficiently by well-proven methods and with minimal environmental
impact.
The 2010 Field Program assays are consistent with the findings of Dr.
Anthony Mariano of Carlisle, Mass., and SGS Laboratories of Lakefield,
Ontario (an NI 43-101 compliant report; see Ucore
press release dated April 8, 2009). The SGS studies demonstrated that the REE
minerals can be effectively liberated via physical separation methodologies.
The SGS and Mariano studies additionally concluded that the bulk of REE
mineralization is present in minerals such as bastnaesite
and iimorite, which are relatively easy to
"crack" or break apart into their elemental constituents. A summary
mineralogical and metallurgical report, augmenting the SGS and Mariano
studies, as well as prior metallurgical work performed by the USBM
laboratories in Salt Lake City, Utah (Green and Harbuck,
1996; see Ucore press release dated Sept 3, 2009),
is pending from Hazen Research of Golden, Colorado in the near term.
NI 43-101 Compliance
The channel samples were cut with a diamond blade saw at approximately
90 degrees to the strike of the same steeply-dipping vein structure of the
Dotson Zone. Reported values are length-weighted averages from multiple
samples. True width is estimated to be between 80-90% of the reported sample
width. Sample containers were sealed and the chain of custody was maintained
throughout transport. The QA/QC program included the insertion of certified
standards and blanks in the submitted sample shipments and laboratory
insertion and analyses of standards and blanks, duplicates and re-splits.
Analyses were made by inductively-coupled plasma mass spectrometry with
lithium metaborate fusion, reporting whole rock
analyses as an additional quality control measure. Mike Power, P.Geo. (BC), CPG (AIPG), an independent geologist with
Aurora Geosciences (Alaska) Ltd., has prepared the technical data relative to
the drill assays provided herein and is the qualified person responsible for
their accuracy.
Background
Ucore
Rare Metals Inc. is a well-funded junior exploration company focused on
establishing REE, uranium and other rare metal resources through exploration
and property acquisition. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan - Dotson Ridge REE property in Alaska.
The Bokan - Dotson Ridge project is located
60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert,
British Columbia and has a direct ocean access to the western seaboard and
the Pacific Rim. The property is located in an area reserved for sustainable
resource development. The project area is served by a barge and float plane
from Ketchikan, with an existing road network providing access to the main
target areas. REE mineralization at the Bokan-Dotson
Ridge project occurs in a well-demarcated vein system related to a Mesozoic peralkaline granitic complex. The Bokan
- Dotson Ridge project is the only rare earth project currently documented
worldwide which is situated on immediate deep water access, considered a
significant advantage in expediting mine production and limiting the capital
costs associated with mine construction.
In 1989, a U.S. Bureau of Mines study (Warner & Barker, USBM OFR
33-89) estimated that the greater Bokan area
contains 37.8 million tons grading 0.50% TREO. This historical non NI 43-101
compliant estimate equates to 374 million lbs of TREO and ranks as one of the
most prospective and accessible heavy rare earth prospects in North America.
The Warner & Barker report additionally concluded that there is a
significant collateral mineralization of Nb at Bokan.
In 1996, a USBM study (Green & Harbuck)
concluded that: "The Bokan Mountain area on
Prince of Wales Island, AK, contains vast quantities of heavy rare earth
minerals." The report went on to conclude that the liberation of ytttium, considered a proxy for the prospective
liberation of all HREE's, is highly amenable to metallurgical cracking
methodologies.
For a map summarizing work to date on the Dotson Zone, please refer to
the following link on the Company's website, www.ucoreraremetals.com/trenches/.
Readers are cautioned that the resource estimates quoted by the US
Bureau of Mines were prepared prior to the implementation of National
Instrument 43-101 and are therefore of a historical nature. A qualified
person has not done sufficient work to classify the historical estimate
contained hereunder as current mineral resources. The Company is not treating
the historical resource estimate as a NI 43-101 defined resource or reserve,
and therefore the historical resource estimate should not be relied upon.
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 Company
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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