UC Resources Ltd.
TSX VENTURE : UC

UC Resources Ltd.

August 13, 2007 10:43 ET

UC Resources Receives Screened Gold Metallics Assay, Confirming Greater Than 1 Ounce Per Ton Gold Content Over 2.45 Meters, at La Soledad Occurrence-Copalquin Property, Durango Mexico

GUADALAJARA, JALISCO, MEXICO and VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2007) - UC Resources Ltd (the Company) (TSX VENTURE:UC) announces that the previously announced (June 12 and July 17, 2007) drill intersection at La Soledad gold-silver project has received refined analytical results using the "metallics," or screen, fire assay method (ALS Chemex code Au-SCR21) over the main mineralized zone in hole MP-07-101. New results over the 2.45 meter higher grade section averaged slightly lower than previously reported results, at 45.29 g/t Au (1.32 ounces per ton gold) compared to the initial results over the same 2.45 meter mineralized section of the sample averaged 52.27 g/t Au (1.52 ounces Au per ton) where the standard fire assaying technique (ALS Chemex code ME-GRA21) was used. The metallics assay procedure is typically requested when visible gold is observed in the sample. True width of the mineralized zone is undetermined at this point in the exploration of the La Soledad vein system.

The 2.45 meter interval also reported 3,840.47 g/t Ag (112.01 ounces Ag per ton) (press release July 17, 2007). Additional assaying may be performed to determine the "metallics" silver content of the main mineralized zone at a later date.

Richard Hamelin, President UC states: "The drilling at La Soledad continues to provide encouraging results, displaying broad consistency in grade and width from hole to hole. The assay results, over the main mineralized structure, are commonly in excess of 1 ounce of gold per short ton, and in excess of 100 ounces silver per ton over core lengths of around 6 feet (1.75 to 2.52 meters). Even by using two standard analytical methodologies, the gold results do not vary by very much. All results reported are in the same order of magnitude as the reported historic grade of the circa 1880 La Soledad mine. However, much additional work is required to fully understand this exciting gold - silver prospect. We remain encouraged with the exploration results at Copalquin. We plan an aggressive evaluation, including diamond drilling, of the many known prospects on the Coplaquin concessions commencing in September 2007."

The drilling was completed during the company's Phase III exploration program at Copalquin. As announced in the last news release (July 17, 2007), a second hole MP-07-102 also intersected the main Soledad structure, approximately 50 meters west of hole MP-07-101. Hole 102 intersected what was initially believed to be the same mineralized brecciated structure as encountered in hole 101, with similar geology over a 4.68 meter drill intersection. However, upon closer examination and comparison to the main mineralized zone encountered in hole MP-07-101, the breccia zone in hole 102 was intersected further up-hole than expected, inferring faulting or some other structural disruption in the mineralized zone, between the two holes. The recently received assay results suggest that the main mineralized La Soledad gold - silver zone may not have been intersected in hole MP-07-102 as initially thought. Additional sampling and re-logging of drill-hole MP-07-102 is planned.

Hole MP-07-101 was collared in a barranca (a narrow, ravine-like valley), approximately 42 m west of MP-007 which was completed in 2006. Due to topography and limited access, just prior to the rainy season, hole MP-07-102 was drilled from the same collar location as hole MP-07-101, however the initial azimuth of the hole was adjusted 20 degrees further west, the dips for the two holes were -50 degrees.

Holes MP-07-101 and 102 confirm the strike extension of the La Soledad vein system, west of 2006 drill hole MP-07 and of the known underground workings. Earlier MP-07 cut similar grades over slightly larger widths on what is believed to be the northeast limit of the mined area. Assays (previously announced July 20, 2006) were 44.6 g/t gold (1.30 ounces per ton gold) and 1,564 g/t silver (45.6 ounces per ton silver) over 5.15 meters core length. A 1.75 metre higher grade section within this interval reported 112.8 g/t gold (3.29 ounces per ton Au) and 4,337 g/t silver (126.5 ounces per ton Ag). The results of hole MP-07 are very similar and compare favourably with the results of recent hole MP-07-101.

Samples from the recent (2007 holes) were selected, cut in half using a diamond saw, placed and sealed in plastic bags and were hand-delivered to the ALS Chemex preparation laboratory in Guadalajara, Jalisco, Mexico, where they were processed and delivered by bonded carrier to ALS Chemex Laboratory in Vancouver B.C. for analysis. The remaining half core is stored on the project site. All core samples from the drill program were submitted for multi-element analysis ME-ICP41, (Multi-element inductively coupled plasma with atomic emission spectroscopy finish (ICP-AES). The gold and silver results were fire assayed with gravimetric finish analysis using ALS Chemex analytical code ME-GRA21. For those samples that received preliminary assays in excess of 20 grams per tonne gold during the initial assay, or where gold was observed during logging examination, an additional 1000 grams of each sample was selected and subjected to metallics screen fire assaying. ALS Chemex method code Au-SCR21 (using 100 micron wet screen) was used (as opposed to the Au-SCR22 using 75 micron wet screen as previously mentioned in press release dated July 17, 2007). The reader is referred to the ALS Chemex website at www.alschemex.com for information on the various assay techniques used by UC. By using the metallics screen methodology, UC evaluated the magnitude of the coarse gold effect as demonstrated by the levels of gold reporting to the +100 micron material. The variance in results between the standard methodology ME-GRA21 vs. Au-SCR21 was minimal, consequently UC will continue to use the standard methodology for ongoing analysis.

La Soledad prospect is a former mine that appears to have operated from the mid-1880's into the early twentieth century. The mineralized zone outcrops in an open cut at 1104 m above mean sea level and was developed on four underground levels (1100, 1043, 976 and 950 m). A long-section prepared circa-1935 (Wilkins, 1997) depicts a single 35 to 75 m wide stope extending approximately 140 m down-dip. Wilkins (1997) reports an average mined historic grade in the order of 50 g/t Au and 2,300 g/t Ag. The company is seeking additional historic reports to better understand the nature of historic mining operations. During the next phase of exploration on this project, UC plans on mapping the area around and in the old mine workings, so that the geological data base for the project will be more complete.

The technical information contained in this release has been reviewed and approved by Patrick Chance M.Sc. P.Eng., who is an Independent Qualified Person and consultant to UC Resources Limited. Neil D. Novak, P. Geo., has prepared and has also approved this release, Mr. Novak is a Qualified Person, and is Vice President of Exploration for UC Resources Limited.

On behalf of the Board of Directors of UC Resources Limited,

Richard J. Hamelin, President/CEO/Director

This 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 production, reserve potential, exploration drilling, exploitation 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 the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • UC Resources Limited
    Richard J. Hamelin
    President/CEO/Director
    Toll Free: 1-800-366-8566 (Canada & USA)
    Website: www.ucresources.net