B2Gold Corp. press release
UCR Drilling Increases the Size Potential of the East Target
TSX - Toronto Stock Exchange · Gold · Canada
TSX.V: UCR
KIRKLAND LAKE, ON, March 27 /CNW/ - (Uranium City Resources Inc - UCR:TSX.V, A0F7F5:Berlin) ("UCR" or the "Company") is pleased to announce the most recent assay results of fourteen drill holes from the East Target, located in the Uranium City Mining District ("UCMD") of Northern Saskatchewan. UCR previously released results from the first four holes (please see UCR release of 08-Jan-07), a second batch of 10 holes (please see UCR release of 29-Jan-07), results from a third batch of three drill holes (please see UCR release of 13-Feb-07), and has results pending from the remaining holes from the 2007 Phase Two drilling campaign.
Highlights from these new holes include: Hole FT07-19 which returned 0.052% U(3)O(8) over a core length of 2.00 meters; Hole FT07-22 which returned 0.234% U(3)O(8) over a core length of 1.80 meters; Hole FT07-23 which gave 0.062% U(3)O(8) over a core length of 4.00 meters; Hole FT07-27 yielded 0.102% U(3)O(8) over a core length of 7.00 meters; Hole FT07-29 returned 0.200% U(3)O(8) over a core length of 4.00 meters which includes 0.484% U(3)O(8) over a core length of 1.00 meter.
Commenting on these recent results, UCR's CEO, Bob Kasner stated "We are very encouraged by these latest results. The East Zone has expanded far beyond our original estimates in length and depth. The mineralization is consistent with that from historical mining in the Uranium City area. Geological features such as "pinching and swelling" along strike and down dip are also consistent with historical data. We now have enough drill data from the East Target to start a 43-101 resource calculation and plan to commence this effort shortly."
The core lengths are actual lengths as drilled and have not been adjusted for the true width of the mineralized zones. Hole FT07-25 (length (equal sign) 180.00m and dip of -45 degrees) and FT07-31 (length (equal sign) 150.00m and dip of -45 degrees) had no significant mineralization.
SRC Geoanalytical Laboratories, Saskatoon, Saskatchewan, completed all analyses using multi-acid partial and total digestion with ICP-OES analytical finish. UCR converted from ppm (parts per million) to percentage U(3)O(8).
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT06-19 295.00 -45 72.80 74.80 2.00 0.052
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT06-20 271.00 -45 47.53 47.73 0.20 0.034 74.95 75.40 0.45 0.047 186.30 187.00 0.70 0.018 187.56 188.32 0.76 0.013 189.37 189.64 0.27 0.074 226.48 226.92 0.44 0.097 229.34 229.61 0.27 0.156
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT06-21 217.00 -45 178.84 179.25 0.41 0.048
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT06-22 145.00 -45 105.50 107.30 1.80 0.234
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT06-23 150.30 -45 78.80 82.80 4.00 0.062
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT07-24 181.00 -45 133.50 136.50 3.00 0.039
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT07-26 160.00 -45 94.90 95.70 0.80 0.014
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT07-27 150.00 -45 70.00 77.00 7.00 0.102 87.00 88.00 1.00 0.021
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT07-28 151.00 -75 77.00 78.00 1.00 0.012
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT07-29 145.00 -45 56.00 60.00 4.00 0.200 (including 0.484% from 59.00 to 60.00m)
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT07-30 151.00 -45 31.27 33.37 2.10 0.034
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U(3)O(8)) FT07-32 135.00 -45 44.00 45.00 1.00 0.015 53.00 54.00 1.00 0.039
Drilling is presently on-going with the drilling rig situated on the ice at Verna Lake which is located immediately south of the East Target. The objective of this portion of the overall drilling program is to define the extension of the Uranium mineralization at depth as it dips toward the St Louis Fault.
Exploration Potential - UCR property
In total, Uranium City Resources holds 10 exploration properties in the Uranium City Mining District ("UCMD"). In order to evaluate the potential for Uranium mineralization at some of these other properties, various sampling programs were carried out between September 2006 and the present. Geochemical sampling programs and radiometric surveys were done at the East Target, Quartzite Ridge and Gunnar properties. Rock samples were submitted to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan. Twigs from trees sampled as part of the geo-chemical program were submitted to Actlabs in Ancaster, Ontario. Sampling was performed by UCR personal under the direction of Dr. Serge Nadeau.
1) At the East Target property, twigs from more than 1250 trees were collected and results have partially been received.
2) At the Quartzite Ridge property, a geochemical sampling program including twig samples from 965 trees, 422 soil samples and 85 rocks was carried out. All assays have been now received and are under review. In addition a radiometric survey was performed at the Quartzite Ridge property. Results are currently being evaluated.
3) At the Gunnar property, the geochemical sampling program included 35 rock samples and twig samples from 422 trees. All results were received and are under currently under review. Radiometric survey results are currently being evaluated.
A detailed press release will be issued in the near future to discuss and elaborate on these results.
Additional geological mapping and prospecting at these three properties is planned in the coming months.
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.
About Uranium City Resources:
Uranium City Resources has a number of 100% owned uranium projects within the Uranium City Mining District, an area with over 30 years of past mining and nearly 70 million pounds of uranium production. Since 2005, the Company has spent over C$3 million exploring its properties and has outlined numerous uranium targets. Recent drill programs have confirmed the presence of uranium mineralization and drilling is to continue throughout 2007.
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.