SIGNIFICANT NEAR SURFACE URANIUM
MINERALIZATION INTERSECTED IN DRILLING AT NORTH SHORE PROPERTY, QUEBEC
Results include 29 meters of 0.04% U(3)O(8) within 124 meters grading 0.025%
U(3)O(8)
May 17, 2007
Trading Symbol: (TSX-V) URC
VANCOUVER, May 17, 2007- Uracan Resources Ltd. (the Company) is pleased
to announce that it has received the majority of assay results from the first
portion of its winter 2007 diamond drilling program on the 900 square kilometer
(222,395 acre) North Shore Uranium Property in Quebec. The drilling was focused
on the Lac Turgeon claim group which is the western portion of the North Shore Property.
A total of 7,587.1 meters (24,892 feet) in 58 drill holes has been completed to
date on the property. Results for 46 of the 58 holes have been received. Three
main areas of the Lac Turgeon claim group were drilled during the winter
program: Double S, Lac Petit and Lac Tanguay. Drilling was stopped due to
spring ice break up, and will recommence once spring ice break up is complete
later in May.
Double S Occurrence
-------------------
A total of 1,765 meters (5,791 feet) of diamond drilling in 15 drill holes in
widely spaced reconnaissance drilling was completed on the Double S occurrence
prior to break up. Results for 9 of the 15 holes have been received to date.
These drill holes were spaced 200 to 400 meters (656 to 1,312 feet) apart on 800
meter (2,625 feet) spaced drilling lines, and designed to test numerous
airborne radiometric and rock sampling anomalies.
A new area of mineralization, representing a potential new discovery was
encountered during the diamond drilling program. Two drill holes (SS-07-22 and
SS-07-23) encountered significant thicknesses of uranium mineralization hosted
by pegmatites and granites.
Hole SS-07-23 hosts, from surface: 29 meters of 0.04% U(3)O(8) (95 feet of 0.88
lbs U(3)O(8)) and 14.2 meters of 0.029% U(3)O(8) (46.6 feet of 0.64 lbs
U(3)O(8)) within an overall interval of 124 meters grading 0.025% U(3)O(8)
(406.8 feet of 0.55 lbs U(3)O(8)). Uranium mineralization occurs from surface
to the end of the drill hole at 125 meters (410.1 feet) depth. This mineralized
zone is still open to depth.
Hole SS-07-22 hosts significant near surface mineralization including 4.2
meters of 0.026% U(3)O(8) (13.8 feet of 0.57 lbs U(3)O(8)), 12 meters of 0.018%
U(3)O(8) (39.4 feet of 0.41 lbs U(3)O(8)) and 13.5 meters of 0.024% U(3)O(8)
(44.3 feet of 0.53 lbs U(3)O(8)). These intervals occur within a lower grade
envelope of 96.7 meters grading 0.013% U(3)O(8) (317.3 feet of 0.29 lbs
U(3)O(8)). The mineralized zone starts at 27.3 meters (89.6 feet) down hole and
extends to 124 meters (406.8 feet) down hole. This mineralized zone is still
open to depth.
The mineralized zone occurs in a sequence of pegmatite dykes and adjacent
coarse grained granites. It appears that the dykes dip shallowly to the north
east. This orientation of pegmatites and mineralization is seen elsewhere on
the Lac Turgeon Property.
The extent of the mineralized zone is unknown at this time. An airborne
radiometric survey along with rock channel and grab sampling from 2006 outlines
a prospective area of approximately 2 kilometers by 0.5 kilometers (1.24 mile
by 0.3 mile) in size with a northwest southeast orientation. Only two (SS-07-22
and 23) of the 15 drill holes completed on Double S to date have targeted this
large scale uranium anomaly.
Uranium mineralization as outlined by surface rock and channel sampling occurs
at surface throughout much of the area of the airborne anomaly. Rock and
channel sampling in 2006 returned values up to 0.098% U(3)O(8) in grab samples
and 6 meters of 0.063% U(3)O(8) in channel sampling.
Drilling will follow up the results from SS-07-22 and SS-07-23 as well as a
number of other mineralized pegmatites which were encountered elsewhere in the
Double S zone. The Double S zone also hosts a significant number of rock sample
and airborne radiometric anomalies that were outlined in Uracan's 2006 summer
work program. Many of these anomalies remain to be drill tested.
Selected mineralized zones from Double S are outlined below:
A full list of all drill results from Double S will be posted on the company's
website shortly.
Lac Petit Occurrence
--------------------
The Lac Petit occurrence lies approximately 2 kilometers (1.24 miles) northeast
of the Double S occurrence. A total of 33 diamond drill holes totaling 4,275.5
meters (14,027 feet) were completed in the Lac Petit area covering an area
approximately 3 by 2 kilometers (1.8 by 1.24 miles) in size.
Results for 31 of the 33 holes has been received to date.
This drilling has outlined low grade mineralization over an area of
approximately 600 by 400 meters (1,969 by 1,312 feet). This mineralized zone
occurs as a flat lying to shallowly north dipping zone. The mineralization is
hosted by pegmatite breccias and pegmatite dykes within a sequence of granites
and biotite gneisses. Mineralization is open to the southwest and northeast as
indicated by airborne radiometrics.
The Lac Petit drilling targeted the historic Lac Petit occurrence. Historic
drilling in the area encountered broad lower grade mineralization and was
predominantly short shallow drill holes within a small surface area. Uracan's
drilling has expanded the depth of mineralization as well as the size potential
of Lac Petit.
Significant interecepts are outlined in the table below:
A full list of all drill results from Lac Petit will be posted on the company's
website shortly.
Lac Tanguay Occurrence
----------------------
The Lac Tanguay occurrence is located approximately 1 kilometer (0.6 miles)
south of the Double S occurrence and is a linear radiometric anomaly with
coincident rock and channel sampling anomalies. 10 diamond drill holes totaling
1,546.6 meters (5,074 feet) targeted the Lac Tanguay area. Results for 4 of the
10 holes have been received to date. These holes encountered a number of low
grade mineralized zones hosted by coarse grained pegmatite dykes.
A significant portion of the radiometric and rock sample anomalies remain to be
drill tested. Additional drilling and surface work is planned on the Lac
Tanguay area during the coming months to outline additional mineralization.
Significant intercepts are outlined in the table below:
A full list of all drill results from Lac Tanguay will be posted on the
company's website shortly.
QA/QC
-----
Samples were shipped by company personnel in sealed containers to Chemex
Laboratories of Val D'Or, Quebec for analysis. Chemex is the laboratory
facility used for all assays from the North Shore Property program. Samples are
weighed and catalogued before sample preparation. The samples are crushed to
70% less than 2mm, split and the pulverized to 85% of the sample being less
than 75 (micro)m. All samples are assayed using ICP-MS with analysis completed
for 47 elements.
A QA/QC program was implemented as part of the sampling procedure for the drill
program. Field duplicates and field blanks were inserted into the sample stream
with at least one blank and one duplicate inserted per group of 40 samples sent
to the laboratory. Uracan does not have a uranium standard to insert into the
sample stream at this time. The laboratory also has an extensive in house QAQC
system as part of their quality control system.
The information in
this news release has been prepared and revised by Marc Simpson, P. Geo., the
Company's Exploration Manager, and Qualified Person under National Instrument
43-101.
Drill hole location information will be posted on the Uracan website along with
a full list of drill results: www.uracan.ca.
For further information please contact:
Investor Relations,Vanguard Shareholder Solutions
Tel:(604) 608-0824 or 1 866-898-0824
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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