Uracan Resources Ltd. Lundin Updates Uracan Resources by 24hgold

Mots clés associés : Uranium |

Uracan Resources (URC.V; URCFF.PK; C$0.38) announced an NI 43-101-compliant inferred resource for the Double S zone at its North Shore Uranium property in Quebec...and it was impressive, to say the least. Based on a cut off of 0.009%U3O8, Uracan has outlined 74.2 million tonnes averaging 0.012%U3O8, or approximately 9 million contained kilograms (just shy of 20 million pounds). The resource estimate comes from 51 diamond drill holes totaling 13,600 meters completed up to December 2007 on the 1,000-square-kilometer property.

As I pointed out in our July issue, Uracan has been busy drilling several targets this year. In fact, it has drilled 14,500 meters in 71 diamond drill holes and plans more drilling for the Double S, TJ andMiddle Zones this year. So we can expect this large, low-grade resource to continue to grow.

Out west, Uracan also announced drill results from its Pipewrench Lake property in theAthabasca Basin of Saskatchewan. Results from the winter drilling program on three zones included a new discovery�the Portage Zone�with 12.7 meters of 0.142%U3O8 just 30 meters from surface and 19.5 meters of 0.083%U3O8 starting 75 meters from surface. And mineralization is open along strike to the north and south, as well as down dip.

Uracan also encountered wide zones of uranium mineralization one kilometer north of the Portage Zone at Narrows Lake. Of three holes drilled, the best included 21.9 meters of 0.016% U3O8 and 18 meters of 0.020%U3O8 in Hole PWL-010.

Additional work is planned this summer to further outline mineralization at Narrows Lake and Portage. Uracan likes the prospects enough to have picked up an option to earn a 75% interest in the Foster Lake project, which surrounds the Portage zone discovery.

Unfortunately, the uranium bubble has long since burst. While I expect investor interest to return to the sector over the next year, it may take some additional time�and much higher uranium prices�for the low-grade plays to gain the spotlight. Uracan is among the best of those plays, and remains a strong hold for long-term investors.

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Uracan Resources
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