B2Gold Corp. press release
UCR Continues to Intersect U Mineralization at the East Target property
TSX - Toronto Stock Exchange · Gold · Canada
TSX.V: UCR
KIRKLAND LAKE, ON, May 7 /CNW/ - Uranium City Resources Inc. (TSXv"UCR), ("UCR" or the Company), is pleased to report the following assay results from eleven (11) drill holes on its East Target property located in the Beaverlodge / Uranium City Mining District in north-west Saskatchewan. Assays were prepared by Actlabs of Ancaster, Ontario using the Delayed Neutron Counting methodology. All eleven (11) holes intersected U mineralization.
The favorable assays on holes FT08-60 through FT08-74 confirm that the mineralization continues in a westerly direction from the drill holes done in 2007.
Average Total Grade Hole Hole Dip From To Width Within Pound Depth (m) (m) (m) Interval (U(3)O(8)) (meters) (%U(3)O(8)) FT08-60 93.00 -75 32.25 34.25 2.00 0.032 0.638 FT08-60 93.00 -75 36.90 39.90 3.00 0.026 0.525 FT08-60 93.00 -75 40.90 42.20 1.30 0.010 0.200 FT08-68 103.00 -45 31.84 33.84 2.00 0.032 0.643 FT08-68 103.00 -45 44.50 45.00 0.50 0.177 3.540 FT08-69 93.00 -45 36.33 37.33 1.00 0.040 0.807 FT08-69 93.00 -45 55.00 56.00 1.00 0.014 0.288 FT08-69 93.00 -45 69.00 70.00 1.00 0.040 0.795 FT08-70 89.00 -45 1.00 2.00 1.00 0.067 1.345 FT08-70 89.00 -45 70.00 72.00 2.00 0.016 0.317 FT08-71 110.00 -45 44.40 47.00 2.60 0.070 1.407 FT08-72 100.00 -75 29.00 30.00 1.00 0.011 0.220 FT08-72 100.00 -75 50.34 51.34 1.00 0.042 0.840 FT08-73 102.00 -45 40.00 42.00 2.00 0.014 0.280 FT08-73 102.00 -45 47.00 48.00 1.00 0.012 0.240 FT08-74 101.00 -75 38.00 40.00 1.00 0.012 0.240 FT08-74 101.00 -75 49.00 50.00 1.00 0.017 0.345
The favorable assay results on holes FT08-75 to FT08-77 show that the mineralization also extends east from the holes drilled in 2007 and that it continues at depth.
Average Total Grade Hole Hole Dip From To Width Within Pound Depth (m) (m) (m) Interval (U(3)O(8)) (meters) (%U(3)O(8)) FT08-75 127.00 -45 62.42 63.00 0.58 0.032 0.632 FT08-75 127.00 -45 91.90 92.90 1.00 0.017 0.337 FT08-76 149.70 -45 23.70 24.70 1.00 0.041 0.821 FT08-76 149.70 -45 35.55 36.55 1.00 0.011 0.220 FT08-76 149.70 -45 75.00 76.00 1.00 0.024 0.480 FT08-77 154.20 -45 16.90 19.90 3.00 0.014 0.286 FT08-77 154.20 -45 27.75 30.75 3.00 0.030 0.607 FT08-77 154.20 -45 37.75 40.75 3.00 0.030 0.599 FT08-77 154.20 -45 43.00 44.00 1.00 0.021 0.427 FT08-77 154.20 -45 45.00 47.00 2.00 0.025 0.500
Note: Intersected mineralization of those holes drilled at 45 degrees is nearly true width. A correction factor of 0.866 should be applied to holes drilled at 75 degrees to obtain true width.
The U mineralization at the East Target deposit has now been shown to extend continuously over a strike length of 1.2 kilometers and to a depth of about 100 meters based on a total of 80 holes drilled at the East Target to date. A few holes drilled deeper also intersected significant U mineralization down to a maximum depth of 230 meters. The width of the U mineralization intersections tends to be between 1 and 3 meters. The U mineralization tends to increase in grade and width toward the central part of the East Target. Engineering consulting firm Watts Griffis McOuat continues to work on the 43-101 compliant resource estimate for the East Target. This resource estimate will include the data from this press release.
Drilling is still in progress and 2-3 additional holes will be completed before the drilling program relocates to the West Target property. Drilling at the West Target property will test the extension of U mineralization to the NE of the five former open pits as well as the former Eagle Mine that were mined by Eldorado Nuclear in the 1950s. Previous airborne surveys in this area in 1996 and 2005 have indicated a band of EM conductors trending NE in this area close to the Camdeck Fault. The drilling will focus along this NE direction and will look for structural geological traps that could have created openings that host a concentration of U mineralization.
The technical information in this news release has been reviewed by Jim Kermeen, P. Eng. a Qualified Person as defined by National Instrument 43-101.
Forward looking statements:
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond UCR's control or prediction and could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although UCR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.