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URACAN'S GRANDROY YIELDS INTERCEPTS OF UP TO 0.213% (4.26 lbs/t) U3O8
OVER 5.4 METERS
October 15, 2009
TSX-V: URC
Highlights:
- 0.213% (2,130ppm or 4.26 lbs/t) U3O8 over 5.4 meters
and 0.089% (886 ppm or 1.77 lbs/t) U3O8 over 10.5 meters at Grandroy Zone
- Highest grade intervals encountered in drilling to
date on Uracan's North Shore Property
Vancouver, Canada - Uracan Resources Ltd. (the
"Company") is pleased to report assay results from 3 of the 9
drill holes completed at the Grandroy zone at Uracan's 100% owned North
Shore Project in Quebec.
Two of the nine drill holes completed at Grandroy encountered significant
uranium mineralization. Drill hole GR-09-07 intersected 0.213%
(2,130ppm or 4.26 lbs/t) U3O8 over a core length of 5.4 meters,
starting at 5.8 meters down hole.
GR-09-08 intersected 0.089% (886 ppm or 1.77 lbs/t) U3O8 over 10.5
meters starting from the bottom of the drill casing at 1.5 meters
below surface, indicating that this drill hole likely collared in
mineralization. Included within this 10.5 meter interval was a
sub interval grading 0.195% (1,943.3 ppm or 3.9 lbs/t) U3O8 over a core
length of 4.5 meters.
The drill assay results from these two holes confirm the grade and
general trend of uranium mineralization encountered in channel saw cut
sampling of historic trenches earlier this year of 20 meters of 0.174%
(1,740 ppm or 3.48 lbs/t) U3O8: please refer to the Company's news
releases from August 26 and September 29, 2009.
The drilling and trenching results received to date indicate that the
mineralization at Grandroy is hosted by flat lying to shallowly southwest
dipping near surface pegmatite bodies. The true thickness of this
mineralization is not known at this time but is thought to be similar to
the thicknesses encountered in the drilling. The mineralized
pegmatite bodies have been noted as hosting up to 5% disseminated
Uraninite crystals by field personnel.
At Grandroy, drilling and channel sampling results to date have defined
approximately 80 meters of strike length. Mineralization remains
open along strike to the southwest and down dip from the area of current
drilling and surface sampling.
Grandroy Drilling Results
The Grandroy drill program was implemented to follow-up channel sampling
results that were previously reported by Uracan. A total of 762
meters in 9 diamond drill holes was completed at Grandroy during the
summer drill campaign.
Results received to date for Grandroy are outlined in the following
table:
Additional assay results for Grandroy are still pending will be released
once they are received from the laboratory.
The other six drill holes intersected unmineralized metasediments and/or
metagabbros with occasional pegmatite dykes. It is thought that the
Grandroy area is near the margin of the Turgeon Intrusive Complex and the
surrounding Wakeham Group metasediments and metagabbros. Further
work will be undertaken to better outline the morphology of the
mineralized zone at Grandroy in the near term.
Turgeon Lake Drilling
A total of 263 meters of diamond drilling in 3 holes was completed at the
Lac Turgeon Zone. All assays for Lac Turgeon are still pending and
will be released once they are received.
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 2 mm, 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, field blanks and certified
standards were inserted into the sample stream with at least one blank,
one duplicate and one standard inserted per group of 40 samples sent to
the laboratory. The laboratory also has an extensive in house QA/QC
system as part of their quality control system.
Uracan Resources Ltd. is a publicly-listed uranium exploration company,
exploring for shallow, bulk tonnage style 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.
Investors are invited to visit the Uracan Resources IR Hub at http://agoracom.com/ir/UracanResources 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 URC@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.
For more information, please contact:
Gregg J. Sedun
Chairman & CEO
604.682.5580
David Fry
Corporate Development
778.330.2759
Keith Schaefer
Vanguard Shareholder Solutions
604.608.0824
Marc Simpson
Exploration Manager
604.682.5580
www.uracan.ca
info@uracan.ca
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The
foregoing information may contain forward-looking information relating to
the future performance of the Company. Forward looking
information is subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those anticipated in our forward looking
statements. Such risks and other factors include,
among others, the actual results of exploration activities, changes in
world commodity markets or equity markets, the risks of the mining
industry including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction activities,
title disputes, change in government and changes to regulations affecting
the mining industry, and other risks and uncertainties detailed from time
to time in the Company's filings with the Canadian securities
administrators (available at www.SEDAR.com ). Forward-looking
statements are made based on various assumptions and on management's
beliefs, estimates and opinions on the date the statements are
made. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in the forward-looking
information contained herein. The Company undertakes no obligation
to update forward-looking statements if these assumptions, beliefs,
estimates and opinions or other circumstances should change, except as
required by applicable law.
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