Uracan Resources Ltd. Lundin Updates Uracan Resources by 24hgold

Uracan Resources (URC.V; URCFF.PK; C$0.33) continues to produce long intersections of low-grade uranium from its 1,075-square-kilometer North Shore Uranium Property in Quebec. The latest assays come from North Shore�s TJ and Lac Petit Zones.

The seven-hole program at the TJ Zone, located three kilometers northwest of and on-trend with the project�s main Double S Zone, was highlighted by 95.55 meters of 0.015% U3O8 in Hole TJ-08-02. The drill holes showed up to five discrete mineralized zones, indicating that TJ may potentially be an extension of the Double S Zone.

Uracan will follow up the results from its winter drilling program at TJ with surface mapping and Diamond drilling. Such follow up makes good sense, as the grades and widths involved suggest that TJ may add significant tonnage to any low-cost, bulktonnage uranium operation at North Shore.

Meanwhile, two kilometers northeast of the Double S Zone, the Lac Petit Zone was exposed to a six-hole, 1,200-meter drilling program. This campaign sought to follow up on good results from the 2007 drilling program, and it did exactly that. At 95.2 meters of 0.016% U3O8, Hole LP-08-04 turned in the thickest intersection yet encountered at Lac Petit.

The company has now traced the mineralization at Lac Petit for 800 meters along strike and 200 meters in width. It remains open along strike and down-dip.

Uracan has slated an additional 10,000 meters of Diamond drilling for North Shore�s Double S, TJ and Middle Zones during the latter part of 2008. In addition, it will conduct detailed mapping, sampling and ground geophysics to get a better feel for the structure of the mineralization at North Shore.

The new discoveries at North Shore show the huge bulk-tonnage, low-grade potential of the property. However, with the uranium stock market still in the dumps, no one is paying any attention yet to low-grade uranium stories. If you already own the stock, it�s a hold. If you don�t own it, wait for the uranium market to wake up a bit before buying.

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