UC Resources Announces Drilling Update
29 Agosto 2011 - 3:30PM
Marketwired
UC Resources Ltd. ("UC" or "the Company) (TSX VENTURE: UC) is
pleased to provide an update of the drilling of a recently
discovered anomaly in the McFaulds lake area of the "Ring of Fire"
in Northern, Ontario. The company completed its 1200 metre, 2-hole
core drilling program at McFaulds Lake property and submitted 126
cut core samples for assay.
A description of the core encountered during the program has
been provided below by M.J. (Moe) Lavigne, P. Geo, who was acting
as QP for this drill program 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.
Hole MCF-11-84 was collared 200 metres west of McFaulds Lake,
drilled to the southeast at a 45 degree inclination, to a depth of
712 metres. The intent of the hole was to test a magnetic high
adjacent to a gravity high based on a recent airborne survey. A
thick fractionated mafic-ultramafic intrusive was drilled from its
top, to near its bottom where the hole terminated in a younger
gabbro-pyroxenite intrusive. Zones of disseminated chalcopyrite in
gabbro-pyroxenite and sulphide mineralization associated with shear
zones, veining, and pelitic xenoliths were sampled. Magnetite rich
ultramafic layers were also sampled. Based on a visual estimate,
the copper content of the mineralization encountered will not
exceed 0.5%, but are good candidates for PGE enrichment. The
magnetite rich rocks encountered are also good candidate for PGE
enrichment, and may also have elevated vanadium and titanium.
Hole MCF-11-85 was collared 1.34 kilometres west of hole
MCF-11-84, drilled to the south at a 45 degree inclination to a
depth of 495 metres. The intent of this hole was to test a magnetic
low overlapping with a gravity high. Similar to hole 84, this hole
encountered younger gabbro-pyroxenite intruding pre-existing gabbro
and volcanic rock. This hole also encountered multiple types of
mineralization, and again the predominant mineralization is
disseminated chalcopyrite-pyrrhotite-pyrite in pyroxenite, from 1
to 5% and up to 12 metres. A 10 metre zone of disseminated
sulphides in heterolithic gabbro, similar to mineralization at the
Lac des Iles PGE deposit was sampled. A 24 metre intercept with 5%
disseminated pyrrhotite, and lesser chalcopyrite, was found in
amygdaloidal mafic volcanics, which may be, "Kambalda Type" nickel
mineralization. As in hole 84, sulphide mineralization is also
associated with xenoliths, shear zones and veins.
Assaying will be conducted by Activation Laboratories Ltd of
Ancaster, Ontario and results will be press released upon
arrival.
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 producer of precious
metals in Mexico.
On behalf of the Board of Directors,
Gary Monaghan, CEO
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/La Yesca properties 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.
Contacts: UC Resources Ltd. Mr. Gary Monaghan CEO 250-864-2113
monaghan@ucresources.net www.ucresources.net
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