Ucore
Rare Metals Inc. (TSX VENTURE:UCU
- News;
OTCQX:UURAF) ("Ucore" or "the
Company") is pleased to release additional trench assay results from the
Company's 2010 Field Program at the Bokan-Dotson
Ridge rare earth project in southeast Alaska ("Bokan").
The Field Program, comprised of extensive mapping, 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. Partial results from the trench program were released on November 30,
2010, and the data presented herein represents the balance of trench assays
from that program.
The 2010 Field Program was undertaken in part to facilitate the
calculation of an NI 43-101 compliant resource estimate, pending from Ucore in early 2011. Channel samples were collected along
the Dotson Zone, augmenting an extensive diamond drill program completed in
the area during the 2010 exploration season. As reported in the previous
trench program press release, a map showing the location of the 2010 trenches
is available at the following web link: www.ucoreraremetals.com/trenches/
Significant results of the second set of the surface trenching and
channel sampling program are listed below:
Trench
Width
TREO
HREO
(m)
(wt.%)
(%)
TR10-23
2.19
2.13
42.0
TR10-25
3.19
1.30
26.8
TR10-26
1.42
0.98
27.9
TR10-27
1.59
0.71
31.3
TR10-28
4.08
1.03
28.3
TR10-29
4.48
1.55
35.2
TR10-32
2.95 1.44
37.2
TR10-33
1.81
1.04
24.6
TR10-34
1.50
1.70
28.7
TR10-35
1.63
0.84
25.6
TR10-40
1.71
1.34
26.2
TR10-41
1.55
0.69
27.9
-- TREO = Total rare earth
oxides: LREO + HREO
-- LREO = Light rare earth
elements: La, Ce, Pr, Nd,
and Sm as oxides
-- HREO = Heavy rare earth
elements: Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu,
and Y as oxides
-- The channel samples were cut
in accessible outcrop exposures, extended
where possible by
hand excavation. Consequently, sampled width may not
represent the full
width of mineralization present at any site.
-- %
HREO = HREO as percent of TREO (HREO/TREO)
-- All widths are apparent
widths.
-- Major contributing rare earths
to TREO: La2O3, Ce2O3, Nd2O3
-- Major contributing rare earths
to HREO: Dy2O3, Gd2O3, Y2O3
"The results again confirm the enriched heavy rare earth content
at the Dotson Zone, including inordinate levels of dysprosium and terbium,
metals recently earmarked by the US Department of Energy as being critical to
near term American energy policy," said Jim McKenzie, President and CEO
of Ucore. "The assays are also consistent with
heavy rare earth concentrations reported from drill holes along this zone.
The data in its totality indicate the presence of a significant heavy rare
earth deposit in a state well known for supporting and bringing critical
resource projects to term."
Last week, Alaska Governor Sean Parnell released his proposed Alaska
State Budget for Fiscal Year 2012, which commences July 1, 2011. Contained in
that budget is a US$500,000 allocation for the strategic assessment of rare
earth element resources in Alaska.
"I see a day when we can unlock a new set of resources for our
nation. Alaska can become America's source for rare earth elements,"
said Governor Parnell. "Currently, the Peoples Republic of China
controls 97 percent of the world market for rare earth elements. Recently,
China imposed trade quotas and increased taxes on the export of these mineral
elements. American consumers and our national security depend heavily on
access to rare earth elements. We cannot afford to be dependent on foreign
sources of rare earth elements - and we believe Alaska's subsurface contains
vast quantities."
For a full transcript of Governor Parnell's December 15, 2010 Budget
Address is available at the following address: http://www.gov.state.ak.us/parnell/press-room/full-press-release.html?pr=5601
Governor Parnell's comments are consistent with the recently published
findings of the US Geological Survey, which conclude that the heavy rare
earth-enriched mineralization at Bokan could have
considerable economic potential (The Principal Rare Earth Elements Deposits
of the United States - A Summary of Domestic Deposits and a Global
Perspective; Report 2010-5220, November 2010; see also www.sciencedaily.com/releases/2010/11/101117184451.htm).
According to this first detailed evaluation of rare earth elements in the
U.S., Ucore's heavy rare earth-oriented deposit at Bokan is the site of one of the three largest known rare
earth deposits in the United States, which include the primarily light rare
earth-oriented deposits at Mountain Pass in California and Bear Lodge in
Wyoming.
NI 43-101 Compliance
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. Analyses were made by
inductively-coupled plasma mass spectrometry with lithium metaborate
fusion at Activation Laboratories of Ancaster,
Ontario, 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 and trench 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 direct ocean access to the western seaboard and the
Pacific Rim. The property is located in an area reserved for sustainable
resource development 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 US 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 and Zr 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 postulate that the liberation of
yttrium, considered a proxy for the prospective liberation of all HREE's, is
highly amenable to metallurgical cracking methodologies.
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. No qualified
person has 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.
Contact:
Mr. Jim McKenzie
Ucore Rare Metals Inc.
President and Chief Executive Officer
(902) 482-5214
www.ucoreraremetals.com
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