Uracan's 2006 exploration results identifies kilometric sized uranium anomalies in Quebec
January 17, 9:30 am ET
Trading Symbol: (TSX-V): URC
VANCOUVER, Jan. 17 /CNW/ - Uracan Resources Ltd. (the "Company") is pleased to announce that it has received all surface and channel assays, as well as the geophysical results from the Phase 1 campaign on the 900 km(2) North Shore Uranium Property, Quebec.
Previously reported (refer to news release dated October 11, 2006) lithological observations and scintillometer readings from two sectors of the Turgeon Lake Intrusive Complex (TLIC) are now confirmed first priority uranium targets. Current results indicate four(4) first priority targets, all kilometric in size and all part of the Turgeon A Claim Block, based on the airborne geophysical radiometric uranium signatures and bedrock uranium assay results.
The TLIC is a poly-phased intrusive body consisting of at least seven plutons covering 225 km(2). The circular, sub-rounded and elliptical plutons range in diameter between 2 km and 7 km, and where sampled show strong and continuous uranium anomalies from airborne gamma-spectrometer counts as well as surface grab and channel samples ranging from trace up to 19.81 lbs U3O8 per tonne.
The four(4) kilometric sized anomaly/target sectors occur within the Turgeon A claim block, based on lake-bottom sediment, surface grab and channel samples, and airborne radiometric and ground scintillometer readings. These are the Lac Petit-Double-S, Lac Turgeon, Lac Tanguay, and Baie Johann-Beetz.
Lac Petit-Double-S is a 15 km(2) NE-SW trending anomaly, where more than 900 grab and channel samples were taken. Channel assay results ranged from trace to 2.41 lbs U3O8 per tonne over 1 to 9 meter intervals with upper range values of 0.36 lbs to 2.41 lbs U3O8 per tonne. Grab samples ranged from trace to 4 lbs U3O8 per tonne with upper range values of 0.36 lbs to 4 lbs U3O8 per tonne. The 4 km(2) Lac Petit portion contains magmatic breccias, is highly fractured, hematized, and has typical SPP2 scintillometer readings in the 5,000 to 10,000 cps range.
Lac Turgeon is a 1 km by 1 km anomaly consisting of a 25 m wide, sub-horizontal band of uranophane-bearing granites. Channel assay results ranged from trace to 1.18 lbs U3O8 per tonne over 1 m to 10 m intervals, with upper range values of 0.34 lbs to 1.18 lbs U3O8 per tonne. Grab samples ranged from trace to 19.81 lbs U3O8 per tonne with an upper range of 0.32 lbs to 19.81 lbs U3O8 per tonne. The occurrence is in part defined by historical trenches and scintillometer readings in the 10,000 to 30,000 cps range.
Lac Tanguay is a 2 km by 2 km anomaly located in granite, outlined by 10 surface grab samples ranging from trace to 3.82 lbs U3O8 per tonne.
Baie Johann-Beetz is a 5 km by 1 km anomaly centered on the main highway between the seaside communities of Havre-St-Pierre and Baie Johann-Beetz, where detailed sampling (more than 100 grab and channel samples) at the two extremities of the anomaly returned values ranging from trace to 12.98 lbs U3O8 per tonne.
There are additional anomaly/target areas within the Pontbriand A, Wee Gee A, Highway and Costebelle C claim blocks. Results from the more than 300 channel and 150 grab samples taken at WeeGee A returned values from trace to 0.65 lbs U3O8 per tonne in channels over 1 to 3.25 m intervals, and grab samples returned values from trace to 12.98 lbs U3O8 per tonne. A historical uranium resource of 93 million tonnes of 0.025% (0.55 lbs per tonne) U3O8 and 0.025% (0.55 lbs per tonne) Yttrium was identified at WeeGee A. The resource is non-compliant to NI 43-101 standards and is strictly conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in a mineral resource. The 30 channel and 289 grab samples from the Highway claim block returned values from trace to 0.65 lbs per tonne and trace to 0.72 lbs U3O8 per tonne, respectively. The 403 grab samples from Pontbriand A returned values from trace to 2.44 lbs U3O8 per tonne; whereas the highest value from the 349 grab samples of the nine(9) Costebelle claim blocks came from Costebelle C area (83 grabs) with a high of 0.35 lbs U3O8 per tonne.
Winter 2007 Exploration Program
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Uracan has outlined a first stage 12,000 meter diamond drill program to evaluate the potential for large tonnage uranium resources as proposed in the NI 43-101 technical report for the property (refer to the technical report listed under Uracan on www.sedar.com). The drill program is expected to start in late January 2007.
Uracan Resources Ltd. - A Pure Uranium Player in the Energy Field
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The Turgeon Lake Intrusive Complex has the potential for large tonnage, open pit uranium of the Rössing Deposit type. Rossing is located in Nambia, Africa and is one of the largest uranium mines in the world, with grades of 0.03% U3O8. The Company has already completed a Phase 1 program consisting of regional and detailed mapping, bedrock sampling and ground scintillometer surveys, and an airborne (helicopter) magnetic, electromagnetic and radiometric survey. More than 2,600 outcrops were mapped with an equivalent number of scintillometer readings, and more than 2,300 rock samples were also taken for ICP-47 Element Geochemical Analysis at ALS-Chemex, that included uranium, thorium, selected rare-earths and ytrrium.
The information in this news release has been prepared and revised by Mr. Jean Lafleur, P. Geo., the Company's principal mineral exploration consultant in Quebec, and Qualified Person under National Instrument 43-101.
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.
For further information
Gregg J. Sedun, President and CEO, (604) 682-5580
Keith Schaefer, Vanguard Shareholder Solutions Inc., (604) 608-0824, www.vanguardsolutions.ca
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