United Reef Limited
TSX VENTURE : URP

United Reef Limited

March 02, 2011 09:15 ET

United Reef Completes Drilling Program, Awaiting Assays on Nixon Bartleman Property, West Timmins Area

TORONTO, ONTARIO--(Marketwire - March 2, 2011) - United Reef Limited (TSX VENTURE:URP) ("United Reef or the Company") is pleased to announce that it has completed an initial 597 meter drilling program on the Nixon Bartleman gold property. The program was carried out under the supervision of Mr. Seymour M. Sears, P.Geo. of Sears, Barry & Associates Limited. United Reef has an option to acquire a 70% interest in the nineteen contiguous mining claims (4 patented and 15 unpatented claims) making up the Nixon-Bartleman property. The claims cover a total area of approximately 313 ha (773 acres) in Keefer and Hillary Townships. The program was designed to test two distinct types of gold mineralization on the property as outlined in our press release dated January 24, 2011.

Six shallow close-spaced holes were completed on the historic Nixon Bartleman Prospect. These holes were collared within 10 to 25 metres of the surface exposure of the target zone for the purpose of testing the main mineralized vein system between surface and a historic drill hole intersection. That intersection, at a vertical depth of 100 metres, was reported to have intersected 3.0 metres assaying 13.5 g/t Au and 137 g/t Ag. Three set-ups were utilized with 2 holes drilled at different inclinations or bearings from each set-up. Two of these set-ups (four holes) were drilled from the northwest side of the northeast trending zone exposed at the Nixon Bartleman showing. All four holes intersected a gabbroic dyke zone lying directly beneath the surface vein system and all four intersected an alteration zone along the margins of this dyke. The altered zones (K-spar, mica, silica, and sulphides) contain contorted quartz veining similar in appearance to the gold bearing surface zone although no visible gold was observed during logging of the core. The alteration zone is particularly well developed along the southern margin of the dyke where it ranges from 2 to 10 metres in intersected width.

Two additional holes were collared to the east of the main Nixon Bartleman shaft (3 metres) to test for the northeast and down-dip extension of the mineralized zone. Both holes intersected vein material at shallow depths.

In addition to the Nixon Bartleman main zone holes, one hole (197 metres) was drilled to test for gold mineralization associated with a quartz feldspar porphyry (QFP) body that was intersected by previous explorers. This hole collared in an intense deformation zone consisting of talc-carbonate-quartz-magnetite along with several sulphide and quartz vein zones before entering a wide zone of tuffaceous volcanic rocks. This unit may be associated with the previously intersected QFP zone. Numerous narrow zones containing sulphides and quartz stringers were intersected within the volcanic rocks.

The table below provides a summary of the collar locations and other details relating to the holes.

HOLE No. COLLAR INFORMATION (UTM Nad 83, Zone 17) TOTAL DEPTH
EASTING NORTHING BEARING INCLINATION
UR-11-01 438185 5347853 135° -45° 65m
UR-11-02 438185 5347853 135° -60° 95m
UR-11-03 438174 5347840 138° -45° 50m
UR-11-04 438174 5347840 138° -60° 80m
UR-11-05 438229 5347856 281° -45° 35m
UR-11-06 438233 5347853 320° -45° 75m
UR-11-07 438225 5348174 320° -45° 197m

A total of 286 samples (including standards, duplicates and blanks) ranging in width from 0.3 to1.1 metres have been submitted to Accurassay Laboratory in Thunder Bay, Ontario for gold and multi-element analysis. Assay results are pending.

The Company has implemented a quality assurance / quality control program (QA/QC) program to ensure that work programs are carried out in accordance with best practice guidelines. This includes the insertion of blanks, standards and duplicates into the sample sequence. All drill core is securely stored for future reference including ½ of the core from sampled intervals. Mr. Seymour Sears, B.A., B.Sc., P.Geo. of Sears, Barry & Associates Limited supervised the drilling program and has reviewed the technical content of this Press Release.

The Company is continuing to advance its strategy as a Canadian focused gold explorer as we plan for an active year of exploration on our gold projects.

Shares issued:   88,909,980

Fully diluted: 105,623,980

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