United Reef Limited

United Reef Limited

September 09, 2010 09:15 ET

United Reef Reports Mobilization of A Phase 2 Drilling Program by URSA Major Minerals on Nickel Offsets Property, Sudbury

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2010) - United Reef Limited (TSX VENTURE:URP) ("United Reef") is pleased to announce that URSA Major Minerals Incorporated ("URSA Major") (TSX:UMJ) has commenced a Phase 2 drilling program to test nickel-copper-precious metal mineralization at United Reef's past producing Nickel Offsets Mine property, located in Foy Township, 40 km northwest of Sudbury, Ontario. The surface diamond drilling program will explore high grade, massive nickel–copper sulphide targets in the Foy Offset Dyke, in the footwall of the Sudbury Complex. URSA Major has an option to earn a 70% interest in the property from United Reef.

URSA Major announced today that their Phase 2 program will include approximately 2,000 meters of diamond drilling and borehole EM to follow up on the massive sulphide targets and prospective geological contacts identified in the first phase program completed in late 2009. URSA Major's initial 5-hole 1,807 meter drilling program identified massive sulphide targets in proximity to the existing workings of the past producing Nickel Offset No.1 Mine. The assays from drill hole U15-02, previously reported, provided the best intersection of the initial URSA Major program with 1.6 meters grading 3.12% nickel, 1.15% copper, 0.12% cobalt, 1.39 g/t platinum, 2.04 g/t palladium and 0.21 g/t gold. See press release dated February 1, 2010. This high grade intersection is a newly discovered mineralized lens and is located at a shallow level adjacent to the former mine workings at a down hole depth of 250.4 to 252.0 meters. Their Phase 2 program will initially test a borehole EM anomaly that is interpreted as a massive nickel sulphide lens centered east of and below hole U15-02.

Richard Sutcliffe, URSA Major's CEO commented in their announcement today, "The Foy Offset Dyke exhibits a mineralization profile similar to major offset dykes in the Sudbury basin and we look forward to testing the massive sulphide target identified in our initial program along with other high grade targets at this past producing property." 

The Nickel Offsets property consists of twelve contiguous patented mining claims and five unpatented mining claims covering a total of 358 ha (884 acres). The property hosts the past-producing Nickel Offsets (Ross) Mine which between 1943 and 1957 produced 208,551 tons of nickel and copper ore with reported recoveries of 4.56 million lbs of nickel and 3.32 million lbs of copper. Historical underground exploration and mining development at the Nickel Offset property included 1,599 feet of shaft sinking, approximately 10,000 feet of drifting and 3,980 feet of raising on 9 levels at the No. 1 Mine and 1,056 feet of shaft sinking, approximately 6,000 feet of drifting and 410 feet of raising on 5 levels in the No. 2 Mine. The property covers a 2.25 km strike length of the Foy Offset Dyke.

Mr. Peter George, P. Geo., an independent director of the company, has reviewed the technical content of this Press Release.

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