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URACAN DOUBLES TOTAL NEAR SURFACE NI 43-101 COMPLIANT INFERRED RESOURCE
IN QUEBEC TO 40.7 MILLION LBS U3O8
February 26, 2009
Trading Symbol: (TSX - V): URC
Vancouver, Canada - Uracan Resources Ltd. (the
"Company") is pleased to announce a National Instrument (NI)
43-101 compliant inferred resource calculation has been completed on two
previously announced discoveries, the TJ and Middle (MZ) zones, located
within Uracan's 100% owned 1,000 Km2 North
Shore Uranium Property in Quebec.
At TJ, a total of 28.66 million tonnes averaging 0.011% U3O8 containing
approximately 3.21 million kilograms (7.0 million pounds) of U3O8 has
been outlined.
At MZ, 52.03 million tonnes averaging 0.012% U3O8 containing 6.2 million
kilograms (13.7 million pounds) of U3O8 has been outlined
The two mineralized zones combined resource hosts 80.7 million tonnes at
an average grade of 0.012% U3O8 containing 9.4 million kilograms (20.7
million pounds) of U3O8 using a 0.009% cutoff.
The TJ and MZ inferred resources are based on drilling completed during
2008. These resources fall into the inferred mineral resource
category under NI 43-101 reporting requirements. The above numbers
have been rounded to the nearest decimal place.
In July 2008 Uracan announced a NI 43-101
compliant inferred resource of 74.2 million tonnes at an average grade of
0.012% U3O8, containing 9 million kilograms (19.96 million pounds) of
uranium at the Double S Zone. This inferred resource estimate was
based on diamond drilling completed during 2007.
During 2008 Uracan focussed its exploration
efforts on defining additional areas of uranium mineralization within the
overall Double S trend, which is a 6 kilometre radiometric anomaly
hosting the existing Double S resource. Detailed mapping, sampling,
ground geophysics and diamond drilling along this trend defined two
significant zones of mineralization, the TJ and Middle Zones. The
TJ Zone is approximately 3 kilometres northwest of the Double S Zone, and
the Middle Zone is 1.3 kilometres west of the Double S Zone. Both
TJ and MZ are open along strike and at depth as well as up dip from the
currently defined resource outlined in this news release.
The combined resource estimate for these two new zones, presented in the
table below, outlines the initial inferred resource as defined by diamond
drilling completed between January and September 2008. A total of
33 diamond drill holes totaling 6,791 meters at
TJ and 33 diamond drill holes totaling 7,071.5
meters at MZ were used to create the models used in the resource
calculations.
Details of the new resource estimate are as follows:
Table 1: Total Combined MZ and TJ Inferred Resource Table
All tabulated data has been rounded to three
decimal places for U3O8 grades
Combining all three zones (Double S, MZ and TJ) produces a total inferred
resource estimate of 154.9 million tonnes at an average grade of 0.012%
U3O8 containing 18.48 million kilograms (40.73 million pounds) of uranium
using a 0.009% cutoff.
Table 2: Total Combined Double S, MZ and TJ Inferred Resource Table
All tabulated data has been rounded to three
decimal places for U3O8 grades
Mineral Resource Estimate Method
The geologic model and grade block model was prepared by Marc Jutras of Vancouver, British Columbia using Vulcan�
software. The work was completed under the supervision of Marc Jutras M.A.Sc., P. Eng., an independent Qualified Person for the purposes of NI
43-101.
Geological interpretation of the distribution of various rock types were
defined on 100 meter spaced cross-sections and 50 meter spaced level
plans and were the basis for coding the block model and drill holes with
3D lithological wireframes. Grade
interpolation consisted of 1.5 meter fixed length composites from
granites and pegmatites (host rocks to uranium
mineralization at TJ and MZ). A separate grade estimate was made
for the gneiss units, displaying lower uranium grades.
A block size of 10 meters by 10 meters in plan by 5 meters in height was
used for both block models, with the block models rotated at 36.7� at MZ
and 122.3� at TJ.
Blocks were clipped to topography, and overburden depth was used to
calculate the bedrock surface. The volume of each block below
topography was calculated and this was used to determine the total volume
of each block in the model (topo).
Block grades were estimated using the ordinary kriging
method. Fixed length composites of 1.5 meters, broken on rock type,
were used, and interpolation parameters for the granite and pegmatite
units were used as outlined below:
Search Distance - MZ- principal direction (130�/0�)X =117 meters
Search Distance - MZ - minor direction (40�/-10�)=87 meters
Search Distance - MZ - vertical direction (40�/80�)= 40 meters
Search Distance - TJ- principal direction (20�/0�)X =113
meters
Search Distance - TJ - minor direction (110�/-10�)=75 meters
Search Distance - TJ - vertical direction (110�/80�)= 44 meters
Minimum number of composites per block=2
Maximum number of composites per block=12
Specific gravity (SG) = 2.631 g/cm3
NI 43-101 Compliant Report
The Company plans to file a NI 43-101 compliant technical report covering
the Inferred Resource Estimate completed on the TJ and MZ zones. The
report will be filed within 45 days to the TSX Venture Exchange.
QAQC
The database used to create the model was based on the drill hole database provided by the Company. A total
of 33 drill holes were used for the model of TJ and 33 drill holes were
used for the model of MZ. Twenty percent of these drill holes were
randomly selected and checked against assay certificates and found to be
valid. Any minor errors encountered in the database were flagged
and fixed as they were encountered.
ALS 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 then pulverized to 85% of the sample
being less than 75 �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.
2009 Winter Exploration Program
Uracan recommenced its exploration program on
the North Shore Property, with crews mobilized to the property, and an
initial 3,000 meter drill program on the existing Double S zone resource
area to start at the end of February. It is planned to continue
drilling on the Double S zone to further define and expand the resource
hosted there as mineralization remains open along strike and at depth.
Resource Classification
Mineral Resources have been categorized using the classification of the
Canadian Institute of Mining, Metallurgy and Petroleum (2000), with the
relevant definitions provided below. This classification is the
basis for Technical Reports by Qualified Persons in Canada, and the
classification is virtually the same as that of the JORC code
(Australia) (note: SME does not recognize the inferred category)
SAMREC (South Africa) and that of the European Union.
An Inferred Mineral Resource can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes.
Due to the uncertainty which may attach to Inferred Mineral Resources, it
cannot be assumed that all or part of an Inferred Mineral Resource will
be upgraded to an Indicated or Measured Mineral Resource as a result of
continued exploration. Confidence in the estimate is insufficient
to allow the meaningful appreciation of technical and economic parameters
or to enable an evaluation of economic viability worthy of public
disclosure.
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:
Gregg J. Sedun
President and CEO
604-682-5580
Marc Simpson
Exploration Manager
604-682-5580
Keith Schaefer
Vanguard Shareholder Solutions
604-608-0824
www.uracanresources.com
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.
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