Ucore Rare Metals Inc.

Ucore Rare Metals Inc.

January 28, 2015 11:19 ET

Ucore Extends Bokan Mineralization at Significant Depth

HALIFAX, NOVA SCOTIA--(Marketwired - Jan. 28, 2015) -

Editors' Note: There is an image associated with this press release.

Ucore Rare Metals Inc. (TSX VENTURE:UCU) (OTCQX:UURAF) ("Ucore" or "the Company") is pleased to announce assay results from the Company's 2014 drill program at the Bokan-Dotson Ridge heavy rare earth element (REE) project in Southeast Alaska ("Bokan").

The 2014 infill drill program had a total of 17 diamond drill holes which produced 3,960 metres of core. Of the total holes completed, five holes were designed to test for mineralization at greater depth. The remaining 12 holes were designed for infill work to upgrade the existing Bokan resource.

All five of the deeper holes intercepted mineralization at significant depth and are characterized by grade and rare earth content consistent with the existing Bokan resource. The existing Bokan resource currently extends to an average depth of 220 metres. The five deeper holes from the 2014 program intersect the mineralized zone an average of 100 metres below all previous drill intersections.

"This is an exciting development for the Bokan Project", said Jim McKenzie, President and CEO of Ucore. "An important objective of the 2014 Bokan drill program was to confirm a geological model that calls for persistent mineralization at depth under the existing resource. While our geological staff and consultants hypothesized that the mineralized body continued significantly deeper than what we'd previously proven up, it's gratifying to have this hypothesis confirmed. The potential for significant resource expansion, as well as prospectively adding years to the mine life considered by our Preliminary Economic Assessment is a significant development for the project. We intend to keep shareholders informed as the implications of this material discovery are analyzed. "

A summary of the results from the 2014 deep hole program are as follows:

Ratio (%)
LM14-140 236.50 238.96 2.46 0.348 0.102 0.451 22.62%
LM14-143 259.71 261.70 1.99 0.350 0.156 0.507 30.77%
LM14-143 336.12 340.41 4.29 0.386 0.212 0.599 35.39%
LM14-143 348.50 351.50 3.00 0.429 0.327 0.755 43.31%
LM14-143 364.69 366.43 1.74 0.514 0.277 0.790 35.06%
LM14-147 174.72 176.55 1.83 0.261 0.042 0.303 13.86%
LM14-147 183.67 189.58 5.91 0.494 0.286 0.779 36.71%
LM14-147 207.00 209.18 2.18 0.537 0.133 0.670 19.85%
LM14-148 250.45 252.74 2.29 0.616 0.516 1.132 45.58%
LM14-148 267.69 270.30 2.61 0.224 0.204 0.428 47.66%
LM14-148 289.40 291.70 2.30 0.364 0.297 0.661 44.93%
LM14-148 317.68 320.10 2.42 0.139 0.123 0.262 46.95%
LM14-150 119.45 121.50 2.05 0.140 0.121 0.261 46.36%
LM14-150 233.86 236.78 2.92 0.451 0.309 0.760 40.66%
LM14-150 239.61 241.60 1.99 0.250 0.132 0.382 34.55%
LM14-150 262.29 265.00 2.71 0.167 0.101 0.268 37.69%
LM14-150 275.18 277.63 2.45 0.649 0.471 1.120 42.05%
LM14-150 285.15 287.24 2.09 0.582 0.207 0.789 26.24%
LM14-150 306.37 308.78 2.41 0.177 0.107 0.284 37.68%
* Light Rare Earth Oxide (LREO) is the sum of the Light Rare Earth Oxide analyses (La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3)
** Heavy Rare Earth Oxide (HREO) is the sum of the Heavy Rare Earth Oxide analyses (Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, plus Y2O3)
*** Total Rare Earth Oxide (TREO) is the sum of the individual Rare Earth Oxide analyses (La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, plus Y2O3).
Note that totals may not agree due to rounding. Detailed results by individual rare earth oxide can be found in the table attached as Schedule "A".

The above holes were drilled at the bottom of the existing modelled resource and provide a clear indication that mineralization continues at depth. The drill program, managed by Aurora Geosciences of Juneau, Alaska ("Aurora") was primarily designed to upgrade the resource from Inferred to Indicated under NI 43-101 guidelines. However, an additional objective of the 2014 program was to test the existence of the mineralized body at depth and to increase the size of the existing resource. The deeper holes will be utilized by Aurora to upgrade the existing resource model, with the expectation that they will add tonnage to existing estimates.

NI 43-101 Compliance

Diamond drill core was split on site, with half the core transported by commercial carriers to the Bureau Veritas Inspectorate America analytical facility in Juneau, Alaska, USA and check assay samples submitted to Activation Laboratories in Ancaster, Ontario, Canada. Sample containers were sealed and chain of custody was maintained throughout transport. The QA/QC program included the insertion of duplicates, blanks and certified standards in the submitted sample shipments; and laboratory insertion and analysis of standards and blanks, duplicates and resplits. Analyses were made by inductively-coupled plasma mass spectrometry with lithium metaborate fusion, reporting whole rock analyses as an additional quality control measure. Reported values are length-weighted averages from multiple samples. All widths reported are core intercepts. Jim Robinson, P.Geo. (BC), an independent geologist with Aurora Geosciences (Alaska) Ltd. and a qualified person in accordance with NI 43-101, has reviewed and approved the technical content of this press release.

About Ucore Rare Metals Inc.

Ucore Rare Metals Inc. is a development-phase mining company focused on establishing rare metal resources with near term production potential. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan - Dotson Ridge REE property in Alaska. The Bokan - Dotson Ridge REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in developing near term production facilities and limiting the capital costs associated with mine construction.

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, development timelines, 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 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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the image associated with this press release, please visit the following link: http://media3.marketwire.com/docs/989156_scheduleA.pdf

Contact Information

  • Ucore Rare Metals Inc.
    Mr. Jim McKenzie
    President and Chief Executive Officer
    (902) 482-5214