Yukon Resources Corp.
OTC Bulletin Board : YUKR

Yukon Resources Corp.

November 10, 2006 12:04 ET

Yukon Resources Corp.: Geochemical & Radiometric Surveys Outline Multiple Target Areas Within the Interpreted Source Area of the Mistamisk Uranium-Gold Boulder Field

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2006) - Yukon Resources Corp. (Yukon) (OTCBB:YUKR)(FWB:YE5) has received the final report of its extensive summer water sampling program from the Sagar Uranium/Gold Property located in the Labrador Trough of Northern Quebec. A preliminary report had previously identified areas of uranium and copper anomalies within the interpreted source area. Most significantly the final report has defined and identified several new areas of anomalous uranium and copper.

Two Target Areas Located on Royal Montreal Grid

Included in the newly defined anomalies are two target areas located southeast of Lake Mistamisk which are coincident with the interpreted up-ice source area of the Mistamisk uranium-gold Boulder Field as determined by Quaternary studies conducted this year (see Yukon news release of Oct 12, 2006).

This spectacular mineralization of the Mistamisk Bolder Field (70 boulders assayed an average of 64.9 g/t Au and 1.3% U) indicates that the source area sub-crops, and consequently will be a primary focus for Yukon's continuing exploration.

The up-ice uranium in water geochemical anomalies are associated with copper and selenium, similar to associations recognized in analyses of boulder samples collected during the 2006 field programs. The anomalies are also associated with WNW and NW structures that have been identified in the field as hosting uranium occurrences. These structures are coincident with radiometric anomalies delineated on the Royal Montreal grid during the September ground geophysical program. This target area is further strengthened by a magnetic anomaly associated with possible mineralizing structures (see maps displaying radiometric survey at www.yukr.com).

Potential Large Mineralized System

In addition to the possible up-ice source area, the water geochemical survey defined an extensive area of low pH bogs surrounded by uranium - molybdenum and uranium - copper anomalies on the Crowbush Grid. These anomalies are coincident with high magnetic signatures. This feature could be caused by a large scale redox phenomenon related to a large uranium mineralized system.

High Priority Target on Eastern Crowbush Grid

The eastern Crowbush grid hosts a high priority target in an area located approximately 2 kilometers to the east of the low pH bogs. These uranium - copper and uranium - molybdenum anomalies are located on favorable WNW and NW intersecting structures and have a close association with a large alteration signature identified by the water geochemical survey. Of added significance field mapping has confirmed that this area contains the host rock (albitized green mudstone) known for hosting uranium - gold mineralization.

Summer Prospecting Program

The summer exploration program also included an extensive prospecting program which yielded 140 till and rock samples. Results from these assays will be released as they are received.

Water an Ideal Medium to Detect the Geochemical Expression of Mineralization

Yukon Resource's consulting geochemist has stated "The Mistamisk Valley (Romanet horst) is characterized by low relief and relatively little outcrop. There are numerous streams and small ponds from which to collect water. The drainage pattern indicates that the water table is very close to surface and suggests that overburden, though fairly continuous, is relatively thin. Under these conditions, much of the drainage in the region will be base flow along the overburden/bedrock surface prior to breaking out to the surface at seepage points marginal to streams, ponds, and lakes. This makes water an ideal medium to detect the geochemical expression of mineralization from both bedrock and overburden sources" (see full report at www.yukr.com).


The Sagar Property, J/V Project with Virginia Mines - Quebec, Canada

The Sagar Property is the Company's primary exploration focus as it possesses exceptional grades for both gold and uranium. The spectacular mineralization found in the Mistamisk Boulder Field has fueled an ongoing drive to discover its source since the early 1980's. The Mistamisk Boulder Field is approximately 500 X 250 meters in size and contains many radioactive boulders. In a Virginia Mines report, 70 boulders assayed an average of 64.9g/t Au and 1.3% U (with values up to 640 g/t Au and 4.11% U). Yukon is the direct beneficiary of the extensive exploration efforts incurred by previous operators including Virginia. These programs have shown that the Sagar Property is characterized by an impressive amount of uranium, gold, copper and lead/zinc mineralization of different styles and potential deposit models.

Workman Creek Uranium District Assets - Gila County, Arizona

The significant potential for uranium mineralization within this area is well demonstrated by Rodinia's recently completed NI43-101 compliant resource estimate on their Workman Creek uranium deposit, which contains an inferred resource of 3.22 million tons at an average grade of 0.086% U3O8, or 5.54 million pounds of U3O8. The most significant work on the Workman Creek uranium deposit was completed in the 1970's by Wyoming Mineral Corporation, a wholly owned subsidiary of Westinghouse Corp. Yukon's assets comprise 69 mineral claims within this district. These claims are contiguous to the north and northwest of Rodinia's claims. They cover the strike extension of the northerly trending, uranium mineralized structures that crosscut the Dripping Spring Quartzite Formation.

Uranium Claim Reservations - Northeastern Finland

Yukon has acquired 19.5 claim reservations in two areas of Finland. Seventeen claim reservations occur within the Paleo-Proterozoic Kuusamo Schist Belt of northeastern Finland. Recent drilling in this area by Agricola Resources has intersected 0.33% U3O8 over 0.90 metres. The remaining claim reservations occur within the Koli geologic province of eastern Finland, which contains the past-producing Paukkajanvaara unconformity style uranium deposit.

Joe Campbell (P.Geo.) is the Qualified Person for all the technical information contained in this press release.

Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.

Contact Information

  • Yukon Resources Corp.
    Investor Information Services
    Toll Free: 1-866-985-6696
    Yukon Resources Corp.
    Kirk McKinnon
    President and CEO
    (416) 364-7024 or 1-800-818-5442
    Yukon Resources Corp.
    Richard Schler
    Vice President and CFO
    (416) 364-7024 or 1-800-818-5442
    Email: info@yukonresources.com
    Website: www.yukr.com