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URACAN DISCOVERS HIGHER GRADE URANIUM MINERALIZATION AT GRANDROY
AND TURGEON ZONES AT ITS 100% OWNED NORTH
SHORE PROPERTY IN QUEBEC
August 26, 2009
TSX-V: URC
HIGHLIGHTS:
- Up to 0.192% (3.84 lbs/ton) U3O8 over 4 meters seen
in channel sampling at Grandroy, width and
strike remain open. Additional sampling
underway to outline
potential width
- Grab samples at Turgeon Est with up
to 0.685% (13.7 lbs/ton) U3O8
- Diamond drilling program to commence shortly on Grandroy and Turgeon Est Zones.
- For reference, the NI 43-101 compliant inferred resources to
date on the Quebec properties are approximately 154.9 million tonnes
at an average grade of 0.012% U3O8 containing 18.48 million
kilograms (40.73 million pounds) U3O8 using a 0.009% cutoff.
Vancouver,
Canada - Uracan Resources Ltd. (the "Company") is pleased to announce initial results
from its ongoing summer exploration and mapping program on the North
Shore Property.
As
part of the 2009 geological mapping program, grab and channel samples were
collected in historic trenches over the Grandroy
and Turgeon Est areas. These zones are
approximately 7
kilometres North of the Double S zone. At Grandroy, these samples returned up to 4 meters of 0.192%
(3.84 lbs/ton) U3O8 in channel sampling. Additional channel samples are
underway in this area to further define the extent of mineralization in
the historic trenches that are over 140 metres in
strike length. The extent of mineralization in the Grandroy
area is unknown due to limited outcrop exposure in the area; however
airborne radiometrics indicate a potential
strike length of over one kilometre. As well, significant Uraninite and secondary uranium minerals have been
identified in surface exposures at the Grandroy
zone.
At
Turgeon Est sampling encountered up to 0.685%
(13.7 lbs/ton) U3O8 and 0.303% (6.06 lbs/ton) U3O8 in grab samples at
Turgeon Est, along with 0.077% (1.54 lbs/ton)
U3O8 across 1 meter
in channel sampling. The extent of mineralization in the Turgeon Est area is unknown due to limited outcrop exposure
in the area.
Assessment
work records for these historical locations previously reported
equivalent uranium grades based on scintillometer
readings of up to 48
meters grading 0.217% (4.34 lbs/ton) U3O8. Uracan's results in this news release are
from chemical assay data received from the same laboratory that processes
Uracan's diamond drill core.
Diamond Drilling Program
An
initial 1,000
meter helicopter supported diamond drilling
program, focussed on the Grandroy and Turgeon Est Zones, will commence shortly. This program is
designed to identify the width, strike and uranium grades at the Grandroy and Turgeon Est
Zones.
Sampling Methodology
Channel
samples were collected across areas of interest marked by geological
personnel using rock saws to cut channels in the bedrock. Channel sample
intervals were generally 1
meter lengths while grab samples were also
collected at specific locations by geological field personnel. All sample
locations were marked in the field with hand held GPS units. The samples
were shipped by Company personnel in sealed containers to ALS Chemex Laboratories of Val D'Or, Quebec for analysis
using standard analytical techniques for the samples. ALS Chemex is the laboratory facility used for all assays
from the North Shore Property program.
Uracan Resources Ltd. is a
publicly-listed uranium exploration company, exploring for shallow, bulk
tonnage style of uranium mineralization in Canada. Uracan
is led by a team of proven exploration and mine entrepreneurs and mine-builders.
The information in this news release has been prepared and reviewed by Marc
Simpson, P. Geo., the Company's Qualified
Person under National Instrument 43-101 standards.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. The
foregoing information may contain forward-looking statements relating to
the future performance of Uracan Resources Ltd.
Forward-looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and actual
results may differ materially. These risks and uncertainties are detailed
from time to time in the Company's filings with the appropriate
securities commissions.
For more information please contact:
Gregg Sedun
CEO, President & Chairman
Uracan Resources
Tel: 778.330.2751
Toll-free: 866.898.0824
www.uracan.ca
Marc Simpson
Exploration Manager
Uracan Resources
Tel: 604.681.8371
Toll-free: 866.898.0824
www.uracan.ca
David Fry
Corporate Development
Uracan Resources
Tel: 778.330.2759
Toll-free: 866.898.0824
www.uracan.ca
Keith Schaefer
Vanguard Shareholder Solutions
Tel: 604.608.0824
Toll-free: 866.898.0824
www.vanguardsolutions.ca
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