UC Resources Ltd.
TSX VENTURE : UC

UC Resources Ltd.

February 23, 2009 12:09 ET

UC Commences Ground Gravity Survey on McFaulds East Block

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2009) - UC Resources Ltd. (TSX VENTURE:UC) -

The company is pleased to announce the commencement of line cutting followed by a series of geophysical surveys including gravity and gradient magnetics on the McFaulds East block, with the outlook of designing a follow-up drill exploration program for chromite type deposits. UC Resources Ltd. ("UC") is in a multi-year option agreement where UC can earn up to a 55% interest in the McFaulds JV from Spider Resources Inc. (TSX VENTURE:SPQ) ("Spider") and KWG Resources Inc. (TSX VENTURE:KWG) ("KWG").

Presently 55 kilometers of line cutting is underway on the northwest portion of the McFaulds East block, in the McFaulds Lake area that abuts the Noront Resources Ltd. ("Noront") border. Once line cutting has been completed, a gradiometer magnetic survey will be conducted over the entire grid resulting in a ground gravity survey being conducted over selected areas. This program is designed to select future exploration drill targets focused on potential chromite and/or base metal occurrences. The target area that is being assessed is believed to be an extension of Noront's Blackbird occurrences, Freewest Resources Canada Inc. ("Freewest"), Black Thor/Black Label occurrences and the Spider/KWG JV - Freewest option Big Daddy Chrome occurrence. All these occurrences have provided very impressive grade and widths of chromite mineralization leading UC to believe this area of McFaulds East holds potential for additional chromite occurrences. An interpretation of the a/b geophysics in this area suggests continuity in the magnetic signature towards and onto the UC-Spider/KWG option property.

In the fall of 2008 UC Resources embarked on a five hole drill program in the James Bay Lowlands area referred to as the Ring of Fire. A banded iron formation was selected as the focus of this drill program in the southwest portion of McFaulds West area. These five holes were selected, based upon the recommendations of both JVX Ltd. and Scott Hogg and Associates Inc., consultants to the project. The holes were prioritized, selected and drilled in a west to east series. Although multiple zones of massive sulphides were intersected, all proved to be essentially barren of significant base metals, only anomalous values of copper, lead and zinc were encountered. Although the holes yielded no significant metal values, the last two holes drilled did encounter evidence of the proximity of a Volcanic hosted Massive Sulphide ("VMS") occurrence. Further gravity geophysics has been recommended to isolate and further define this target. In addition, a further review of the drill logs has revealed that isolated sections of holes 4 and 5, based upon core descriptions reflected a resemblance to chromite. These sections are now being pulled out of storage to be re-assessed with the possibility of re-entering and deepening these two holes if warranted by this review.

UC Resources is pleased to announce that the Company has reached another milestone in its option right to earn 55% interest in the East and West McFaulds blocks in the James Bay Lowlands known as the "Ring Of Fire" held jointly by Spider and KWG. The company has received confirmation of its 25% earned interest and would like to inform its shareholders that UC is proceeding with and close to completing year three expenditures required to earn a 40% interest in the land package.

UC Resources is an active explorer of base metals in the McFaulds Lake area of the James Bay Lowlands, Ontario, plus an explorer and a very near term producer of precious metals in Mexico.

On behalf of the Board of Directors,

Jim Voisin, President & CEO

UC Resources Ltd.

We seek safe harbour.

Investors are invited to visit the UC Resources IR Hub at http://www.agoracom.com/ir/UCResources where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to UC@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

Contact Information

  • UC Resources Ltd.
    Vancouver Head Office
    Toll Free: 1-800-366-8566 (Canada & USA) or (604) 681-7265
    (604) 608-6163 (FAX)
    Website: www.ucresources.net