URSA Major Minerals Incorporated

URSA Major Minerals Incorporated

March 31, 2011 06:30 ET

URSA Major Minerals Mobilizes Second Drill for Its Ontario Exploration Program and Initiates Drilling at the Fox Mountain Project, Thunder Bay Area

TORONTO, ONTARIO--(Marketwire - March 31, 2011) -


URSA Major Minerals Incorporated (TSX:UMJ) ("URSA Major" or the "Company") is pleased to announce that the Company has initiated a drilling program to test high-priority nickel-copper-platinum group metal targets on the Company's 100% owned Fox Mountain Project located 75 km north of Thunder Bay, Ontario. Two holes for a total of approximately 1,000 metres will be drilled to test airborne geophysical anomalies associated with prospective ultramafic intrusive rocks.

In November 2010, URSA Major contracted Aeroquest Limited to complete a 610 line km airborne magnetic and time domain EM survey of the Company's Disraeli Property (total 207 claim units) that hosts ultramafic and gabbroic intrusions. The Aeroquest survey identified a number of geophysical anomalies and the Company is currently drill testing two anomalies that are located close to an access road. It is anticipated that the initial drilling program will be completed in mid-April. The Company anticipates that additional anomalies will be tested during the summer after the Company has had an opportunity to complete further geological mapping and prospecting. The Disraeli claims were acquired by staking, are 100% owned by the Company, and are not subject royalties.

Richard Sutcliffe, URSA Major's CEO, commented "Our work to date at Fox Mountain has suggested a favourable geological environment to host high-grade platinum group metals and nickel copper sulphides. This initial program will test geophysical anomalies and geological structures that are consistent with sulphide mineralized magma channels, a known host to mineral deposits in this area." 

In late November 2010, URSA Major also acquired 144 claim units on the Seagull Intrusion that are contiguous with the Disraeli property. These claims were acquired from a major mining company and are 100% owned by the Company, subject to certain royalty and back-in rights. The Seagull Intrusion is known to contain high grade platinum-palladium mineralization with selected drill results of up to 7.9 g/t platinum plus palladium and gold, 0.47% copper and 0.33% nickel reported by Rainy Mountain Royalty Corp. on adjacent ground in 2005. The Company is naming the combined properties as the Fox Mountain project.

At the Fox Mountain Project, the Company is targeting a similar geologic environment as Magma Metals Limited's Current Lake deposit (Indicated Mineral Resource of 9.49 MT at 2.3g/t Pt-Eq), located 25 km south of the Fox Mountain Project, and Kennecott's Eagle Deposit (Reserves of 3.2MT at 3.89% Ni) in Michigan.

As announced on March 14, 2011, URSA Major also has a 7,000 metre drilling program in progress at the Shakespeare East Deposit. The intent of the program is to increase the resource estimate down plunge from the Shakespeare East Deposit. Initial assay results for this program are anticipated in mid-April.

About URSA Major Minerals Incorporated

URSA Major is a Canadian mining company with an operating mine in the Sudbury area and nickel sulphide deposits containing significant NI 43-101 compliant nickel and copper reserves and resources. The Company is focused on maintaining profitable operations at the Shakespeare Mine, expanding its nickel, copper and platinum group metal (PGM) production and increasing mineral resources through exploration and development, primarily in Ontario, Canada.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production.

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

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