Anglo Canadian Uranium Corp. Announces Completion of the First and Second holes at its 100% owned Princeton Copper / Gold / Palladium Project Located near Princeton, B.C.
Jan. 4, 2011 (TheNewswire.ca) --
Anglo Canadian Uranium Corp. (TSX-V: URA)(the "Company") is pleased to announce the completion of the first and second holes at its 100% owned Princeton Copper / Gold / Palladium Project located near Princeton, B.C. Drilling will re-commence after the winter Christmas break on or about January 15th, 2011.
The Princeton Project is situated in well mineralized Quesnel Terrane, about 4 km south of Pit 1 and Pit 2 of the Copper Mountain Project, very significant alkalic porphyry copper-gold deposits scheduled for production commencing in June 2011. The December drilling program at the Princeton property targeted the same porphyry style mineralization hosted by Triassic-Jurassic Takla Group island-arch volcanic assemblages and co-magmatic monzonite to diorite plutons. Volcanic and intrusive rocks, both are host to predominantly hypogene copper mineralization in zones of intense fracturing, brecciation and hydrothermal alteration. Sulfide mineralogy includes pyrite, chalcopyrite, chalcocite, bornite, and pyrrhotite with associated significant magnetite contents.
The first drill hole of the program, PT10-01, was drilled southerly at -45° and completed to a depth of 200 metres. It was designed to test the extent of copper mineralization beneath strongly fractured and altered monzonite outcrops containing chalcocite, chalcopyrite and malachite that returned assays of 0.3% Cu, 0.03 g/t Au and 2.9 g/t Ag. The hole PT10-01 intersected variably altered, fractured and brecciated mafic volcanic rocks intruded by subordinate, monzonite porphyry dykes of the Nicola Group. Both mafic volcanic and intrusives rocks have undergone fracture-controlled and locally pervasive hydrothermal alteration, dominated by albite-K-feldspar-epidote-chlorite-calcite-pyrite-magnetite, similar to alteration associated with mineralization encountered at the Copper Mountain Project. From 3.3 to 40.0 metres, strong fracturing and alteration has associated copper mineralization as fracture-controlled and disseminated malachite, chalcocite, chalcopyrite and occasional bornite in strongly brecciated and altered volcanic rocks. Lesser malachite-azurite, chalcocite and chalcopyrite is encountered on fractures and as disseminations at the deeper part of this hole, from 163 to 186 metres, in variably altered, narrow monzonite porphyry dyke.
The second hole, PT10-02 was collared about 50 m north of PT10-01 and drilled northerly at -45° to a depth of 205.0 metres. This drill hole as with PT10-01 targeted the interpreted mafic volcanic-intrusive contact, known to host copper and precious metal mineralization in the nearby Copper Mountain deposit. The dominant lithology intersected was altered, moderately magnetic, fine grained diorite, lesser mafic volcanics (andesite/andesite porphyry) and hybrid zones of intermixed andesite-diorite. Several late, relatively unaltered (post-mineral) dykes were encountered intruding the Nicola Group rocks. Similarly to hole PT10-1, the copper mineralization shows close spatial and temporal relationship with zones of intense fracturing, brecciation and alteration (albitization, propylitization and potassic alteration). Mineralization is typically fracture-controlled and disseminated intermittent intervals of malachite-azurite, chalcopyrite, chalcocite and minor bornite. The most significant mineralization is observed from 37 to 97 metres hosted in strongly altered and brecciated, magnetite-bearing diorite intrusive and subordinate andesite porphyry.
In both PT10-01 and PT10-02, copper mineralization characteristics including host-rock types, brittle deformation, alteration assemblages and sulfide and oxide mineralogy is believed to be similar to the Copper Mountain copper-precious metal porphyry system. All drill core has been sent to AcmeLabs in Vancouver, BC. Results are expected to be released during Q1 2011.
Field supervision of the drill program is under the direction of Dasha Duba, MSc. The company employs a QA/QC program that employs introduction of certified analytical standards and blanks as well as secure sample chain of custody of samples from drill to laboratory. Technical information contained in this news release was prepared under the supervision of Dasha Duba, MSc and has been reviewed by Warner Gruenwald, P.Geo who is a Qualified Person as defined under National Instrument 43-101.
The majority of areas to be tested lie closest to the Copper Mountain proposed super pit. Copper Mountain has recently signed debt financing agreements for $322 million to continue the development and construction of the proposed mine to produce 105 million pounds of copper per year by June 2011.
About Anglo-Canadian Uranium Corp. (TSXV:URA)
Anglo Canadian Uranium is a junior mineral exploration company with uranium, copper, and gold properties in Quebec, Colorado, British Columbia, and Yukon. For more information on the Company and its projects, please visit the website at www.anglocanex.com
ON BEHALF OF THE BOARD OF DIRECTORS:
"Len J.Harris"
Len J. Harris, President
T: 604 669 6807
Toll Free: 866 488 3838
E: len@anglocanex.com
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