HALIFAX, NOVA SCOTIA -- (Marketwire) -- 02/08/10 -- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Ucore Uranium Inc. (TSX VENTURE: UCU) ("Ucore" or the "Company") is pleased to announce assay results from a prospecting/sampling program completed on the Lost Pond property, located in western Newfoundland. The property is subject to a farm-out agreement with Kirrin Resources Inc. (TSX VENTURE: KYM) ("Kirrin"), who is the operator. The property hosts a number of Rare Earth Element and Uranium targets which are the focus of an ongoing exploration program.
A summary of the sampling program and assay results are taken from Kirrin's press release dated Feb. 8, 2010 and detailed below:
"The 2009 review of prior REE exploration data identified four potential REE targets based on airborne magnetics and radiometric patterns as well as previous assay results obtained between 2006 and 2008. This previous work included trenching and drilling on the Bottom Brook A Zone (U3 Target) resulting in drill intersections up to 4.47% Total Rare Earth Oxides (TREO) over 5.64 m.
The latest exploration program focused on five additional Rare Earth targets, two of which resulted in the identification of two new areas of Rare Earth mineralization:
- Bottom Brook B Zone - Assay results of 1.69% and 6.80% TREO were obtained from two grab samples collected from angular boulders containing abundant magnetite and hematite mineralization. The highest grade sample (6.80% TREO) includes individual assays of 2.87% Ce2O3, 1.48% La2O3 and 1.21% Nd2O3. This mineralization is proximal to a discrete isolated magnetic high anomaly, which is located approximately 1 km northeast of the Bottom Brook A Zone.
- Bottom Brook C Zone - This area was also isolated for follow-up because of the presence of a discrete isolated magnetic high. A total of five samples were taken from magnetite-hematite bearing granite float proximal to the target, all with similar radioactivity and mineralogy to the Bottom Brook A Zone. Sampling results ranged from 1.50% to 10.04% TREO. The highest grade sample (10.04% TREO) includes individual assays of 4.13% Ce2O3, 2.22% La2O3 and 1.88% Nd2O3.
The 2009 prospecting program was curtailed in November due to the onset of winter conditions. A follow-up program of ground magnetics and geochemistry is planned, to be followed by trenching and/or drilling on the discrete magnetic targets. Additional prospecting will also be done on the other targeted areas.
Quality Control: The sampling was carried out by Kirrin personnel and all samples were delivered to Accurassay in Gambo South, NL for initial sample preparation. The samples were analyzed at Activation Laboratories in Ancaster, ON, utilizing inductively coupled plasma mass spectrometer. The digestion technique was total digestion that employs a lithium metaborate/tetraborate fusion. TREO represents the Total Rare Earth Oxides and includes Y2O3. The style of Rare Earth mineralization believed represented at Lost Pond generally has 90% Light Rare Earths and 10% Heavy Rare Earths on average."
Ucore Uranium Inc. is a junior exploration company focused on establishing uranium and Rare Earth Element resources through exploration and property acquisition. Ucore's Lost Pond Property is located in western Newfoundland, where Kirrin is earning a 50% interest (see press release September 16, 2008) by spending $2,600,000 on exploration and issuing 300,000 shares (split adjusted) to Ucore, including 50,000 shares (split adjusted) on signing, over four years. Kirrin has met its expenditure obligation through December 31, 2009. The Qualified Person ("QP") responsible for the content of this press release is Wayne Reid, P.Geo, a technical advisor for both Ucore and Kirrin.
Jim McKenzie, President
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.
Ucore Uranium Inc.
Mr. Jim McKenzie
President and Chief Executive Officer