VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2011) - UC Resources Ltd. (News - Market indicators) (UC or Company) is pleased to report results of the drill program from the McFaulds Lake project area of the James Bay Lowlands (JBL) in the "Ring of Fire".
The six hole program planned for the known McFaulds #3 massive sulphide occurrence was designed to confirm if mineralization at extends both to surface plus extends deeper than previously documented in the confirmed historic 43-101 resource data. Unfortunately due to severe weather conditions and the unexpected earlier than scheduled departure of the drill crew the Company was able to complete only four of our intended holes which included a hole drilled on McFaulds #5 occurrence. This hole was intended to test the existence of mineralization on strike some 50 metres south of previous drilling.
Drill Results Summary
The December 2010 drilling completed 4 holes, one at McFaulds #5 and three at McFaulds #3. Total meterage drilled during the program is 505 metres of a 1000 metre drilling contract. Drilling parameters are outlined in the Table 1 below.
MCF-10-80 intercepted a massive magnetite + sulphide zone from 165.50-171.80m or a length of 6.3m. The mineralized zone is composed of an upper and lower layer of mostly magnetite (165.50-167.00m and 169.45-171.80m) and a centre layer of sulphides (167.00-168.83m). The portion 168.83-169.45m is a non-magnetic country rock with 10cm quartz vein. The magnetite and sulphides occur as fine grained minerals. Pyrites generally comprise the sulphide zones. Within this massive sulphide zone a .83 metre section of core assayed 1.5% copper. Although this intercept is a short mineralized section it does prove that McFaulds #5 is extending down strike from pervious drilling.
MCF-10-81 was drilled at McFaulds #3 with the objective of this hole to test the continuity of the VMS deposit at the upper level (40m below the surface) along Section 7+75E. Previous hole drilled in 2004 intercepted this deposit at 80m below the surface along Sections 8+00E. The present drilling intercepted the Massive Sulphide from 40.50-63.46m for a total length of 22.96m. It consists of alternating magnetites-sulphides at the upper zone (40.50-47.00m), a massive dense sulphides at the centre zone (47.00-61.30m) and alternating magnetite-sulphides at the bottom (61.30-63.46m). All zones are characteristically fine grained. Cu values range from 1.32 to 3.34% while Zn values range from 3.12 to 7.59%, see Table 2 below.
MCF-10-82 was drilled at the same set up as MCF-10-81 but at steeper angle (-60) to test the continuity of the VMS at the lower level. Secondary objective is to test the homogeneity of the deposit at this level compared to the upper level intercepted in the previous hole. The Massive Sulphide was intercepted from 43.70- 73.15m or a total length of 29.45m. This massive sulphide is characteristically similar to the previous hole wherein there is an upper zone of alternating magnetites-sulphides), a centre zone of dense, massive fine-grained sulphides and a lower zone of magnetites-sulphides. Cu values range from 1.06 to 1.90% while Zn values are 1.79 and 7.97%.
MCF-10-83 was drilled at the same set-up as MCF-10-81 at 100 degrees azimuth and 45 degrees dip. The original plan was to drill this hole at L8+00E/0+30N, 135 degrees azimuth, 45 degrees dip but bad weather prevented the chopper from moving the drill. Since the distance is only 50m to the planned location, it was decided to rotate instead the drill machine to drill the target at an angle. The hole intercepted the massive sulphide from 43.02-60.00m or a total length of 16.98m. The deposit consist of coarse to fine grained sulphides with pyrite as the most visible and chalcopyrite and magnetite were noted.
It was hoped to drill from various locations along strike but weather conditions did not allow helicopter drill movements. The results from this program prove that the mineralization at McFaulds #3 resource does extend to within 30 metres of surface and suggest that mineralization may extend to surface which would add a new element to the already good resource outlined to date. The drill rig remains on site and drilling of the deep targeted holes will resume as soon as possible in an effort to outline additional tonnes for this resource at depth.
Some historical drill highlight's for McFaulds #3:
- Oct 27, 2003: McF-03-18 - discovery hole intersected multiple zones, enriched in zinc, averaged 4.83% Zn over 25.75 metres (also 0.51% Cu)
- March 18, 2004: McF-04-21 - 13.8 metres of 5.50% Copper
- May 11, 2004: McF-04-41 - 8.0 metres of 6.5% Copper and 3.3% Zinc
- Nov 8, 2004: McF-04-57 - 18.8 metres of 8.02% Copper
The 950 km airborne survey has been partially completed as equipment breakdown prevented the full survey. So 430 km were completed using the SHA three-axis, helicopter towed, magnetic gradiometer and VLF-EM system at a flight path separation of 100 meters. This is a very low flying close gradient survey and is expected to provide vivid magnetic detail.
The second airborne survey, a Fugro Airborne Survey, conducted a high-sensitivity aeromagnetic and Falcon™ Airborne Gravity Gradiometer (AGG) survey over the East and West claims of UC Resources Ltd. The production flights took place during January 2011 with the first production flight taking place on January 3rd and the final flight taking place on January 6th. The survey completed 5 production flights for a combined total of 1810 line kilometres of data acquired. Final reports of the airborne surveys to the Company are still pending.
La Yesca Mill Status, Mexico
The La Yesca mill is now experiencing consistent running performance of the major components of the mill but minor breakdowns have been plaguing the milling facility. The minor stoppages are being dealt with as they arise and are slowing in frequency but this has affected performance and production to date. Dore is being produced but the mill to date has not yet achieved commercial production status.
Brian H. Newton, PGeo, of Billiken Management Services Inc., and a qualified person pursuant to National Instrument 43-101 has reviewed and approved the technical information in this press release on behalf of the company.
UC Resources is an active explorer of base metals and chromite in the McFaulds Lake area ("Ring of Fire") of the James Bay Lowlands, Ontario, as well as an explorer and a near term producer of precious metals in Mexico.
On behalf of the Board of Directors,
Jim Voisin, President & CEO
UC Resources Ltd.
We seek safe harbour.
Investors are invited to visit the UC Resources IR Hub at http://www.agoracom.com/ir/UCResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to UC@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the McFaulds property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
