Ucore Uranium Inc.
TSX VENTURE : UCU

Ucore Uranium Inc.

November 17, 2009 09:19 ET

Ucore Reports Multiple Zones Up to 6.3% Total Rare Earths Including 2.6% Total Rare Earths Over 1.9 Metres From Bokan-Dotson Ridge

HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 17, 2009) - Ucore Uranium Inc. (TSX VENTURE:UCU), ("Ucore" or the "Company") is pleased to provide initial assay results from its 2009 drill program at Bokan-Dotson Ridge. The latest assay results, pertaining to the first 12 holes completed in the 2009 exploration season, support the Company's model of multiple structurally-controlled rare earth mineralized systems, each spanning several kilometers in length and remaining open at depth.

The 2009 drilling program is now complete, yielding 2,840 metres of core from 27 diamond drill holes. Most of the drilling was focused on the road-accessible Dotson Trend, with additional holes testing the Geoduck, Cheri, and Sunday Lake-Geiger Trends. Ucore's wholly owned U.S.–based subsidiary, Rare Earth One, is currently demobilizing on-site drill equipment and crew facilities from the Company's exploration base at Kendrick Bay, Alaska.

To date, the Company's adjoining Bokan uranium and Bokan-Dotson Ridge rare earth exploration projects have returned mineralization from 95% of the total holes drilled over a three year period and from 100% of the holes assayed to date in the current season. The following link provides an overview of drill hole locations for the 2009 drill program:

http://media3.marketwire.com/docs/ucu1117.pdf

The following table summarizes values from the first round of 2009 assay results.

Hole IDZoneFrom
(m)
To
(m)
Width
(m)
LREO
%
HREO
%
TREO
%
%
HREO*
LM09-47Dotson55.3956.821.430.30.61.065
 And 57.5559.802.250.10.10.257
 And 60.7562.671.920.20.50.771
LM09-48Dotson8.409.481.080.50.20.731
 And 73.4077.263.860.20.20.445
 And 82.0783.961.890.30.20.539
LM09-49Dotson27.4934.927.430.30.20.538
LM09-50Dotson16.9218.001.080.20.10.431
 And 51.0054.973.970.20.20.449
 And 55.9059.303.400.20.20.457
LM09-51Dotson25.8527.952.100.10.10.347
 And 29.9830.970.990.70.61.346
 And 32.9534.481.530.40.40.854
 And 38.9240.241.320.30.40.753
LM09-52Dotson56.3858.392.010.20.30.567
 And 60.2863.973.690.50.61.157
 And 67.6068.400.800.60.61.248
LM09-53Dotson24.9027.632.730.20.10.329
 And 53.4962.909.410.30.20.542
LM09-54Dotson43.3446.953.610.20.10.330
 And 96.64100.323.680.30.40.859
 And 109.46110.531.070.40.50.957
LM09-55Dotson88.0989.781.690.40.30.737
LM09-56Dotson116.40117.801.401.20.61.831
 And 121.92123.821.900.70.31.131
LM09-57Dotson25.2630.735.470.20.00.222
 And 41.3546.004.650.70.41.138
LM09-58Dotson39.8541.261.410.30.10.324
 And 57.9159.781.871.60.92.637
Including 57.9158.430.523.62.76.343
 And 63.2764.641.371.30.72.036
Including 64.0664.640.582.91.64.536
LM09-59Geoduck30.5231.160.641.00.81.845
 And 67.0267.340.321.21.12.347
LM09-60Geoduck51.1653.232.070.50.40.942
LM09-61Cheri36.7337.791.061.10.92.046
 And 54.8657.132.270.60.40.939
LM09-62 - 72Assays pending       

LREO = Light rare earth elements as oxide: La, Ce, Pr, Nd, and Sm
HREO = Heavy rare earth elements as oxide: Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, and Y
TREO = Total rare earth oxides; LREO + HREO
* % HREO = HREO as percent of TREO
Notes: All widths are apparent widths; totals may not equal due to rounding

"These assays reinforce the extensive historical research and documentation on the scale and grade of heavy rare earth mineralization in the Bokan area." said Jim McKenzie, President and CEO of Ucore. "The U.S. Federal Bureau of Mines (Warner & Barker, USBM, OFR 33-1989) predicted a vast strike length, combined with a pronounced skew towards HREE's across the entire mineralized system. The USBM estimated a non NI 43-101 compliant resource of 37.7 million tons in 13 mineralized zones grading 0.48% total rare earth oxides (including Y2O3), yielding a total indicated and inferred resource of 363 million pounds TREO. Our assays to date surpass those grades, as well as the diverse heavy rare earth mineralization which form the basis of that calculation. Our objective will now be to establish that the deposit is persistent to depth, which is a cornerstone of the USBM model. With this in mind, we've additionally conducted deep drilling in the 2009 season for precisely this purpose, the results of which will be released in our next round of assays due very shortly. Beyond this, our objective will be to move toward a NI 43-101 compliant Inferred Resource as quickly as possible."

Mineralization at the Dotson Trend, one of several REE prospects at the Bokan-Dotson Ridge property, consists of multiple sub-parallel REE-bearing dykes and veins localized by shear zones collectively comprising a steeply-dipping mineralized plane. The mineralized structures are remarkably persistent along a strike length of at least 3 kilometres as tested by widely spaced holes in the 2009 drill program. Ucore geologists now believe that this REE mineralization is but the central segment of a discontinuously mineralized belt exceeding 30 kilometres in total, and extending to the northwest and southeast of the 2009 drill area. The REE mineralization also remains open at depth, and is believed to have originated at or near the earth's mantle, resulting from a highly fractionated hydrothermal system related to a late-stage peralkaline igneous event.

The geological model for the Dotson Trend, first set out by the USBM in 1989, hypothesizes a deposit geometry characterized by a prospectively mineable corridor ranging from two to several metres in width, in combination with an extensive mineralized strike length and depth. The model has now been enhanced by the identification of multiple variably mineralized, sub-parallel, anabranching dykes. Holes drilled across these parallel structures are characterized by alternating mineralized and non-mineralized intercepts (such as holes LM09-47, 48; 50-54; and 56-61). In such a "sheeted vein" configuration, no single intercept is likely to exceed a few metres, yet aggregate mineralization across the entire system can be significant.

"The latest results from Ucore support the prior evidence that Bokan-Dotson Ridge houses one of the most compelling HREE prospects in North America," said Dr. Anthony Mariano, a known authority on international rare earth deposits. "The exploration data are consistent with a major rare earth system, with a higher skew towards valuable HREE's than the bulk of western rare earth deposits. More importantly, Bokan has a singular outstanding advantage that sets it apart among the very few alternatives for HREE production in North America: Location. Situated on immediate ocean access in a pro-mining jurisdiction, Bokan has the possibility for near-term production and with virtually no requirement for major road construction. Together, these are among the most important and potentially fatal factors for expediting new mine operations."

NI 43-101 Compliance

Diamond drill core was split on site, with half the core transported by commercial freight carriers to the EcoTech Laboratories analytical facility in Kamloops, B.C., Canada, with check assays submitted to Actlabs in Ancaster, Ontario, Canada. As part of a rigorous QA/QC program, blanks, standards, and duplicates were inserted into the sample train in the field and in the laboratory. Analyses were by a combination of inductively-coupled plasma mass spectrometry and X-ray fluorescence with lithium metaborate fusion. Reported values are length-weighted averages from multiple samples. All widths reported are core intercepts; insufficient structural information is available to make a conclusive statement on the relationship between true width and core intercept. Harmen Keyser, P.Geol. (NWT), Ucore's Vice President of Project Development and a qualified person in accordance with NI 43-101, has reviewed and approved the technical content of this press release.

Readers are cautioned that the resource estimates quoted in this press release were prepared by the US Bureau of Mines prior to the implementation of National Instrument 43-101 and are therefore of a historical nature. The historical resource estimate does not use the resource categories stipulated in Sections 1.2 and 1.3 of National Instrument 43-101. Ucore believes that the terms "resource" and "resources" are used differently from the use of those terms in NI 43-101. Ucore does not have, and is not aware of, any more recent resource estimates which conform to the standards prescribed in NI 43-101. Ucore has not done the work necessary to verify the classification of the USBM mineral resource estimate and it has not been verified by a Qualified Person. The Company is not treating the historical resource estimate as a NI 43-101 defined resource or reserve, and therefore the historical resource estimate should not be relied upon.

Background

Ucore Uranium Inc. is a junior exploration company focused on establishing REE and uranium resources through exploration and property acquisition. With multiple projects, Ucore's primary focus is the Rare Earth One operated Bokan – Dotson Ridge rare earth element and uranium project. The project is located on the southern part of Prince of Wales Island in southeastern Alaska, with excellent deep water access and proximity to major sea and rail shipping routes across North America and to Asia.

Ucore Uranium Inc.

Jim McKenzie, President and CEO

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 Corporation expects, are forward looking statements. Although the Corporation 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.

Contact Information

  • Ucore Uranium Inc.
    Mr. Jim McKenzie
    President and Chief Executive Officer
    (902) 482-5214
    www.ucoreuranium.com