B2Gold Corp. press release
UCR Summarizes Results from East Target Drilling
TSX - Toronto Stock Exchange · Gold · Canada
TSX.V: UCR
TORONTO, March 29 /CNW/ - (Uranium City Resources Inc - UCR:TSX.V, A0F7F5:Berlin): In September 2006, ("UCR" or the "Company") noted it had identified two targets for immediate drilling based on compiled historical data from past producing mines in the Uranium City Mining District ("UCMD") of Northern Saskatchewan. These two targets were denoted the East Target and the West Target. The East Target is in an area of the footwall of the St. Louis Fault approximately 1.5 km east of the former Verna Mine. This area was mined in limited quantity as a small open pit operation in 1981 with expansion plans to drive a ramp and commence underground operations. The suspension of mining operations in 1982 by Eldorado Nuclear put a halt to these expansion plans. Eldorado had conducted drilling in the area to the 100-110 foot level below surface and had obtained results in the vicinity of 0.30% U3O8 over a core length of 19 feet(1). According to the Eldorado mine closure report, surface mining operations had removed a total of 8,567 tons of 0.29% U3O8 containing 50,700 pounds of Uranium. Remaining resources to the 100 foot level were noted to be 47,800 tons of 0.285% U(3)O8 containing 267,500 pounds of Uranium(2). It must be noted that this work was completed prior to NI 43-101 standards being implemented. Uranium City Resources has not verified these Eldorado figures and is not treating these figures as a current mineral reserve or resource estimate. As such these figures should not be unduly relied upon.
(1) Eldorado Nuclear Ltd. Mining Division. Internal Report, 20 July 1981, Murray Strachan (2) Eldorado Nuclear Ltd. Mining Division. Mine Closing Report, D.M. Ward
These historical figures have however provided the basis for UCR to undertake a complete drilling program at the East Target. As drilling was getting underway in late September 2006, CEO Bob Kasner commented "we have designated the East Target as a priority because there is a known deposit at surface of which the lateral and down dip extension is largely un-tested. Our goal is to expand the size of the East Target". As drilling was continuing into November 2006, so too was scintillometer work at surface by the UCR geological team. Scintillometer data successfully outlined an anomalous trend of radioactivity extending from the East Target along a strike length of approximately 2000 feet. Commenting on this encouraging development, CEO Bob Kasner noted "the East Target is demonstrating potential to be much larger than initially thought". A total of 35 drill holes have now been completed and a significant amount of assay data has now been obtained from this drilling. This data has separately been reported in various press releases dating back to January 2007. The following table summarizes the results on 32 of these holes in a concise fashion for the benefit of UCR shareholders and analysts. The core lengths are actual lengths as drilled and have not been adjusted for the true width of the mineralized zones. 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 U3O8.
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U3O8) FT06-01 113.08 -45 degrees 25.33 26.33 1.00 0.0540 31.58 37.58 6.00 0.0513 45.18 49.18 4.00 0.3220 68.60 71.60 3.00 0.0983 FT06-02 135.32 -65 degrees No significant mineraliza- tion FT06-03 91.13 -45 degrees 36.10 36.60 0.50 0.051 76.72 77.82 1.12 0.041 FT06-04 100.00 -45 degrees No significant mineraliza- tion
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U3O8) FT06-05 121.00 -45 degrees 45.30 45.77 0.47 0.142 54.10 54.88 0.78 0.044 56.00 57.00 1.00 0.033 60.30 64.12 3.82 0.079 71.81 72.47 0.66 0.164 77.89 79.81 1.92 0.687 FT06-06 151.00 -45 degrees No significant mineraliza- tion FT06-07 121.53 -45 degrees 32.00 35.00 3.00 0.082 41.00 43.00 2.00 0.086 44.00 46.00 2.00 0.016 65.00 69.00 4.00 0.080 79.00 80.00 1.00 0.033 86.84 88.00 1.16 0.109 FT06-08 121.00 -45 degrees 95.00 97.00 2.00 0.210 98.33 99.33 1.00 0.032 100.33 101.15 0.82 0.013 FT06-09 152.00 -45 degrees 84.32 84.85 0.53 0.271 95.90 96.55 0.65 0.326 FT06-10 151.00 -45 degrees 70.77 71.77 1.00 0.040 81.76 82.76 1.00 0.111 87.90 89.90 2.00 0.043 FT06-11 148.00 -45 degrees 65.80 67.80 2.00 0.043 71.80 77.17 5.37 0.148 FT06-12 151.00 -45 degrees 86.11 86.61 0.50 0.021 91.32 92.06 0.74 0.037 FT06-13 151.00 -45 degrees No significant mineraliza- tion FT06-14 150.00 -45 degrees No significant mineraliza- tion FT06-15 139.00 -45 degrees 63.71 64.71 1.00 0.174 70.51 71.51 1.00 0.012 71.51 72.51 1.00 0.014
Average Total Grade Hole Within Depth From To Length Interval HOLE (metres) Dip (metres) (metres) (metres) (%U3O8) FT06-16 163.00 -45 degrees 74.83 78.83 4.00 0.080 80.50 81.78 1.28 0.222 84.30 90.30 6.00 0.098 FT06-17 139.00 -45 degrees 61.60 62.30 0.70 0.027 FT06-18 139.00 -45 degrees 121.20 122.20 1.00 0.041 130.60 131.60 1.00 0.056 FT06-19 295.00 -45 degrees 72.80 74.80 2.00 0.052 FT06-20 271.00 -45 degrees 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 FT06-21 217.00 -45 degrees 178.84 179.25 0.41 0.048 FT06-22 145.00 -45 degrees 105.50 107.30 1.80 0.234 FT06-23 150.30 -45 degrees 78.80 82.80 4.00 0.062 FT07-24 181.00 -45 degrees 133.50 136.50 3.00 0.039 FT07-25 180.00 -45 degrees No significant mineraliza- tion FT07-26 160.00 -45 degrees 94.90 95.70 0.80 0.014 FT07-27 150.00 -45 degrees 70.00 77.00 7.00 0.102 87.00 88.00 1.00 0.021 FT07-28 151.00 -75 degrees 77.00 78.00 1.00 0.012 FT07-29 145.00 -45 degrees 56.00 60.00 4.00 0.200 (including 0.484% from 59.00 to 60.00m) FT07-30 151.00 -45 degrees 31.27 33.37 2.10 0.034 FT07-31 150.00 -45 degrees No significant mineraliza- tion FT07-32 135.00 -45 degrees 44.00 45.00 1.00 0.015 53.00 54.00 1.00 0.039
Commenting on these drill results, UCR's CEO, Bob Kasner stated "we are very encouraged by these results. The East Target 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."
2007 Exploration Efforts
As previously reported in a press release dated March 26, 2007 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, radiometric and geochemical sampling programs were carried out between September 2006 and the present. A detailed press release will be issued in the near future to discuss and elaborate on these results. Details will also be issued in the near future to outline the size and scope of drilling activities for the remainder of 2007. 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.