Trading Symbols: TSX-V:URC and TSX:UEX
VANCOUVER, April 2, 2014 /CNW/ - Uracan Resources Ltd.
(TSX.V:URC) ("Uracan") and UEX Corporation (TSX:UEX)
("UEX") are pleased to announce initial drilling results from
the first six diamond drill holes completed on the Black Lake
Project ("the Property") located along the northern margin of the
prolific Athabasca Basin in
northern Saskatchewan.
The drilling program encountered uranium intersections of
0.131% U3O8 over 0.5 metres and 0.124%
U3O8 over 1.0 metres in drill hole BL-148
that is hosted within and adjacent to the Eastern Fault Zone from
which previous drilling intercepts on the property have been
obtained. These mineralized intervals encountered in drill hole
BL-148 occur at and up to 19 metres below the unconformity between
the overlying Proterozoic Athabasca sandstones and underlying
Archean basement rocks. The basement-hosted mineralization
intersected below the footwall unconformity is significant as this
style of mineralization has not been encountered previously in this
area of the Property and represents a new prospective target.
The Black Lake Project covers a total of 30,381 hectares within
the Athabasca Basin. The exploration drilling program
totalling 2,748 metres tested a number of geophysical and
geochemical targets identified through the interpretation of data
generated by previous work programs and followed up on uranium
mineralization intersected in previous drill campaigns.
Uracan is currently in the process of earning a 60%
participating interest in the Property by incurring a total of
$10.0 million in exploration
expenditures over a 10 year period (see press release of
February 13, 2013). UEX
is the operator of the Property during the earn-in period.
BL-148
Hole BL-148 was drilled to target the post-sandstone reverse
Eastern Fault zone where a wedge of basement rocks has been
overthrust onto parts of the Athabasca sandstone. Drilling in this
hole targeted mineralization intersected in previous hole BL-082
(0.50% U3O8 over 3.3 metres including 1.60%
U3O8 over 0.7 metres) approximately 50 metres
along strike to the southwest, as well as the potential for a
northwest oriented structure cutting across the main eastern
conductor in this area.
BL-148 intersected the hanging wall unconformity of the reverse
fault wedge at a depth of 265.8 metres and the footwall
unconformity at a depth of 298.2 metres. Strong hematization
is present in both the hanging wall and footwall basement rocks
which overprints most of the local textures. A strong fault
zone was also intersected within the sandstone just above the
wedge.
Geochemical results from three zones of mineralization in BL-148
are as follows:
- 0.131% U3O8 over 0.5 metres from 275.0
to 275.5 m (9.1 m below hanging wall unconformity)
- 0.043% U3O8 over 0.5 m from 299.5 to
300.0 m (1.3 m below footwall unconformity)
- 0.124% U3O8 over 1.0 m from 317.0 to
318.0 m (18.7 m below footwall unconformity)
Most significantly, the basement-hosted mineralization
intersected below the footwall unconformity has not been
encountered previously in this area of the Property and represents
a new prospective target for basement mineralization associated
with the fault. In the Athabasca
Basin, the presence of a mineralized basement "wedge" is considered
to be an important geological feature for potential uranium
deposition having formed a structural trap for mineralizing
hydrothermal fluids. Graphitic breccia within the fault is
also an important element in uranium deposition, and bleaching and
alteration in the sandstone and basement rocks commonly seen as a
halo surrounding uranium mineralization.
BL-143 and BL-147
Holes BL-143 and BL-147 were drilled on section to target a
coincident magnetic low and gravity low along the edge of an
airborne EM high approximately 850 metres northeast along the
projected trend of the Eastern Fault Zone intersected in hole
BL-148. Fault zones were intersected in the sandstone above
the unconformity in both holes which consist of strongly bleached
and desilicified sandstone as well as strong local clay alteration
and dravite veining. The unconformity was encountered at
268.8 metres in BL-143 and 273.2 metres in BL-147. The projection
of this fault zone at the unconformity is a prospective target for
future drilling.
BL-144
Hole BL-144 targeted a coincident resistivity, magnetic and
gravity low within a pelitic package. The hole intersected a
variably altered and hematized sequence of Athabasca sandstone to the unconformity at
291.3 metres. A zone of quartz dissolution was intersected in
the sandstone consisting of broken angular and local sandy friable
core, which may represent a potential fault structure. Broad
intervals of graphitic pelite were encountered in the basement
rocks below the unconformity with up to 40% graphite noted in
several intervals.
BL-145
Hole BL-145 targeted a coincident resistivity, magnetic and
gravity low. The hole intersected variably altered and
bleached sandstone to the unconformity at 326.8 metres.
Several zones of quartz dissolution were intersected within the
sandstone with the widest and most intense present as a 30.0 metre
zone characterized by sandy intervals and local sections of broken
friable core in the upper portion of the hole.
BL-146
BL-146 intersected relatively unaltered sandstone to the
unconformity at 408.6 metres. Local broken friable zones were
noted throughout the sandstone. The basement rocks are
comprised of fine-grained, weakly foliated to massive graphitic
pelitic gneiss, pelitic gneiss and granitic gneiss. Graphite
content ranged from 1% to 20% with local areas of higher graphite
content.
Ground Geophysical Program
Currently a geophysical contractor is mobilizing to the Property
to commence a ground DC resistivity program over the central
portion of the Property. Once the full results from the
drilling and ground geophysical programs have been received, Uracan
and UEX will undertake additional drilling and field work on the
Property to follow up results from the winter programs as well as
test additional targets not completed during the winter drilling
program.
For maps, sections and further details on the Property please
refer to Uracan's website: www.uracan.ca or UEX's website
http://www.uex-corporation.com .
Qualified Persons and Geochemical Analyses
Technical information in this press release has been reviewed
and approved by Marc Simpson,
P.Geo., President and CEO of Uracan, and R.
Sierd Eriks, P.Geo., UEX's Vice-President of Exploration,
who are both Qualified Persons as defined by National Instrument
43-101 ("N.I. 43-101") standards.
Geochemical analyses are carried out at the SRC Geoanalytical
Laboratories in Saskatoon,
Saskatchewan. The primary geochemical analytical methods used
for uranium analysis are ICP-MS (Inductively Coupled Plasma Mass
Spectroscopy) for samples with grades lower than 1,000 ppm U, and
U3O8 uranium assay by ICP‑OES (Inductively
Coupled Plasma Optical Emission Spectroscopy) for samples
determined by ICP-MS to contain uranium concentrations higher than
1,000 ppm U.
About Uracan
Uracan Resources Ltd. (TSX.V:URC, OTC:URCFF) is a Canadian-based
exploration company focused on exploring for uranium deposits in
Saskatchewan and Quebec, Canada. Since 2006, Uracan has
discovered a N.I. 43-101 Indicated Mineral Resource estimate of 7
million lbs U3O8 (21.5 million tonnes at a
grade of 140 ppm U3O8 using a 100 ppm cut-off
grade) and a N.I. 43-101 Inferred Mineral Resource estimate of 37
million lbs U3O8 (140.6 million tonnes at a
grade of 120 ppm U3O8 using a 100 ppm cut-off
grade) on its 100%-owned exploration properties in Quebec. Uracan continues to review
additional opportunities worldwide to capitalize on management's
exploration and financing capabilities.
In early 2013, Uracan signed an agreement with UEX, whereby
Uracan acquired the option to earn from UEX a 60% participating
interest in the Property. UEX currently holds an 89.99%
interest in the Black Lake Project with AREVA Resources Canada Inc.
("AREVA") holding the remaining 10.01% interest.
About UEX
UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium
exploration and development company actively involved in fifteen
uranium projects, including five that are 100% owned and operated
by UEX, one joint venture with AREVA that is operated by UEX, eight
projects joint-ventured with and operated by AREVA and one joint
ventured with AREVA and JCU (Canada) Exploration Company, Limited, which is
operated by AREVA. The fifteen projects, totaling 261,040
hectares (645,044 acres), are located in the eastern, western and
northern perimeters of the Athabasca Basin, the world's richest uranium
district, which in 2013 accounted for approximately 15% of global
primary uranium production. UEX is currently advancing
several uranium deposits in the Athabasca Basin which include the Kianna,
Anne, Colette and 58B deposits at its currently 49.1%-owned Shea
Creek Project, and the Horseshoe, Raven and West Bear deposits
located at its 100%-owned Hidden Bay Project.
ON BEHALF OF
URACAN RESOURCES LTD.
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ON BEHALF OF UEX
CORPORATION
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"Marc
Simpson"
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"Roger
Lemaitre"
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President &
CEO
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President &
CEO
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This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. The forward-looking information and statements
address future activities, events, plans, developments and
projections. All statements, other than statements of historical
fact, constitute forward-looking statements or forward-looking
information. Forward-looking information and statements in this
press release include statements regarding plans and timing for
exploration activities, the merits of UEX and Uracan's mineral
properties and other expectations, intentions and plans of UEX and
Uracan. Such forward-looking information and statements are
frequently identified by words such as "may," "will," "should,"
"anticipate," "prospective," "plan," "expect," "believe,"
"estimate," "intend" and similar terminology, and reflect
assumptions, estimates, opinions and analysis made by management of
Uracan and UEX in light of their experience, current conditions,
expectations of future developments and other factors which they
believe to be reasonable and relevant. Forward-looking information
and statements involve known and unknown risks and uncertainties
that may cause actual results, performance and achievements to
differ materially from those expressed or implied by the
forward-looking information and statements and accordingly, undue
reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to uncertainties relating to
interpretation of drill results and geology; continuity and grade
of deposit;, additional drilling results; the availability of
financing; public acceptance of uranium as an energy source,
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in UEX's Annual Information Form and Uracan's annual and
quarterly Management's Discussion and Analysis and in other filings
made by each company with Canadian securities regulatory
authorities and available at www.sedar.com. Many of these factors
are beyond the control of UEX and Uracan. All forward-looking
information and statements contained in this press release are
qualified by this cautionary statement and there can be no
assurance that actual results or developments anticipated by UEX
and Uracan will be realized. For the reasons set forth above,
investors should not place undue reliance on such forward-looking
information and statements. UEX and Uracan disclaim any
obligation to update or revise any forward-looking information or
statements except as may be required.
Neither the 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 press release.
SOURCE Uracan Resources Ltd.