TRENCH RESULTS UP TO 9.7 METERS OF 0.027% U3O8
FROM PIPEWRENCH LAKE PROPERTY, SASKATCHEWAN
February 26, 2008
Trading Symbol: (TSX � V): URC
Vancouver, B.C. � Uracan Resources Ltd. (the �Company�) is pleased to
announce that it has received the final trenching results from the summer 2007
work program at its 100% owned Pipewrench Lake Property in Saskatchewan. Wide
zones of uranium mineralization in the initial results convinced management to
begin a 2500 m drill program on the property which is currently underway.
These additional trenching results are from the Narrows Lake and Portage
showings. Values up to 0.027% over 9.7 meters at Narrows Lake and 0.015% over
13.3 meters at the Portage showing were assayed from channel sampling.
Narrows Lake has had limited historical drilling in the late 1960�s and 1970�s.
This drilling encountered uranium mineralization with widths and grades of up
to 18.29 meters of 0.073% U3O8 and 13.66 meters of 0.06% U3O8. These
mineralized intervals appear to extend under overburden cover or shallow water
bodies at surface based on geological mapping and prospecting.
The trenching at Narrows Lake extended over a limited area of exposure on the
extreme eastern edge of a peninsula approximately 350 meters long, with the
mineralization being open along strike in both directions, appearing to extend
under the Narrows Lake to the north and south. Geological mapping indicates
that the structure hosting the mineralized outcrops occurs as a tight synformal
fold structure. Mineralization is hosted by mineralized pegmatite and pelitic
gneisses. Management believes that the potential to extend mineralization at
the Narrows Lake showing is very good. Follow up diamond drilling on the
Narrows Lake showing is planned for February-March 2008.
The Portage Showing is also host to significant uranium mineralization, with
0.015% over 13.3 meters encountered in channel sampling. Mineralization is also
thought to be wider than noted in trenching as mineralization appears to extend
under overburden cover to the east based on geological mapping of the showing.
Mineralization at the Portage showing is hosted by mineralized pegmatite and
pelitic gneisses. The exact structural setting of the mineralized zone at
Portage is uncertain, but is thought to be an antiformal fold structure based
on geological mapping of the area. The topographic low hosting the Portage
showing�s mineralized outcrop extends for approximately 275 meters. It is not
known at this time the extent of mineralization at the Portage showing.
The Portage Zone has had no historic drilling and represents a new target for
Uracan�s 2008 diamond drilling program. Please refer to our website for a map
outlining the areas of interest on the Pipewrench Lake property and for the
complete listing of trench results which will be posted on the website www.uracan.ca shortly.
Selected trench results are shown in the table below:
The Portage trench series TLPT-002 consisted of a number of channel samples
collected along the limited exposure along strike from the mineralized zone
noted in TLPT-001B. Due to overburden thickness these channel samples ended in
mineralization on both contacts. Management believes the potential for
extending the mineralization noted in the Portage showing to be very good. Follow up diamond drilling on the
Narrows Lake showing is planned for February-March 2008.
Diamond drilling is currently underway on the Pipewrench North showing, where
2007 channel sampling outlined uranium mineralization of up to 4.8 meters of
0.056% U3O8. Once drilling on the Pipewrench Lake North showing is completed,
the drill will be moved to the Narrows Lake and Portage showings in
February-March 2008.
The Pipewrench North, Narrows Lake and Portage showings form part of Uracan�s
Pipewrench Lake Property which is located within the Wollaston Domain of the
Canadian Shield. The Wollaston Domain forms the basement rocks of the majority
of the uranium deposits in the Athabasca Basin, and is highly prospective for
near surface uranium mineralization in areas outside the Athabasca basin.
Samples were shipped in sealed containers to SRC Geoanalytical Laboratories of
Saskatoon, Saskatchewan for analysis. SRC Geoanalytical Laboratories is the
laboratory facility used for all assays from the Pipewrench Lake Property
program.
Uracan Resources Ltd. is a publicly-listed uranium exploration company,
exploring for shallow, bulk tonnage style of uranium mineralization in Canada.
Uracan is led by a team of proven exploration and mine entrepreneurs and
mine-builders. The information in this news release has been prepared and
reviewed by Marc Simpson, P. Geo., the Company�s Qualified Person under
National Instrument 43-101 standards.
For further information please contact:
Investor Relations, Vanguard Shareholder Solutions
Tel: 1.866.898.0824 or 604.608.0824
Email: ir@vanguardsolutions.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. The foregoing information may
contain forward-looking statements relating to the future performance of Uracan
Resources Ltd. Forward-looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and actual results
may differ materially. These risks and uncertainties are detailed from time to
time in the Company�s filings with the appropriate securities commissions.
Uracan Resources
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