Ucore Uranium (TSX-V: UCU, OTC: UURAF) is a Canadian junior exploration company with significant exploration holdings across North America. Ucore’s Alaska-based flagship property at Bokan Mountain is the site of a former high grade uranium mine. With Bokan Mountain and more than twenty other active projects on 1500 km2 of high quality properties, the Ucore advantage is clear:
With a focus on establishing uranium resources through exploration and property acquisition, and a management team comprised of experienced financial and mineral exploration personnel, Ucore is positioned for rapid expansion in a sector exhibiting exponential growth.
Bokan Mountain, Alaska
Ucore’s flagship property is Bokan Mountain, which is situated at the southern most part of the Alaskan panhandle, some 60 km southwest of Ketchikan and 130 km northwest of Prince Rupert. The project area is served by barge and float plane from Ketchikan, and a pre-existing road network provides access to key target areas. The Bokan Mountain project covers 20 km2 and includes the Ross Adams mine – Alaska’s only prior producing uranium mine.
Key features of the Bokan Mountain project are as follows:
The Ross Adams mine operated for short periods between 1957 and 1971 as both an open pit, and a mine with underground operations. During this time, a total of 1.3 million pounds of U3O8 were produced, at an average grade of 0.76% from the Ross Adams zone, one of more than 30 uranium occurrences known at Bokan Mountain. In 1989, the US Geological Survey estimated that the area hosts some 11+ million pounds of uranium as well as tantalum, niobium, and rare earth elements (Reported by Warner and Barker (1989) for United States Department of the Interior, Bureau Of Mines: These figures and associated resource estimates are historic in nature, not compliant with National Instrument 43-101, and have not been reviewed by Ucore’s qualified persons. On this basis they cannot be relied upon as statements of mineral resources.). Ucore is confirming the USGS data and is investigating the possibility of an even larger resource, to be explored with modern exploration techniques.
In 2007, a total of nine diamond drill holes spanning 422 meters were completed at the previously tested but unmined I&L zone. A high resolution airborne geophysical survey was flown, and an extensive data compilation program was completed. Assay results from the 2007 I&L drill program are summarized below.
Through its wholly owned US subsidiary, Landmark Alaska Limited Partnership, Ucore has approved a budget of $5.2 million for the 2008 Bokan exploration program. Ucore has received its 2008 drill permit from the US Forest Service, and an aggressive drilling program is underway. Ucore’s primary focus for the 2008 exploration season will be to expand upon the high grade uranium mineralization identified at I&L during the 2007 drill program, and to identify and evaluate additional drill targets.
The Bokan project is in an area designated for sustainable resource management and development which has no indigenous or residential populations. As Alaska’s only prior uranium producing site, which yielded some of the highest known grades within the United States, Bokan has excellent upside potential for new discoveries.
Early Stage Properties
In Newfoundland, Ucore has 14 projects, of which its Lost Pond property is the most advanced. Lost Pond is located on the province’s west coast, with easy access from Stephenville just 50 km away. The company has accumulated a large land position of 400 km2 covering the southern portion of the Deer Lake Basin.
Ucore has developed a two-phase exploration program for Lost Pond. The first phase – detailed prospecting, geological mapping, geochemistry, ground magnetics, trenching and airborne surveys – has been completed. This initial phase identified numerous anomalies to be pursued during the 2007-2008 Phase Two program, which includes additional airborne surveys, ground follow up and extensive diamond drilling.
In addition to Lost Pond, Ucore has also accumulated a number of project locations in western Newfoundland. In the Hermitage Uranium Belt, the company has three strategically positioned properties covering 1,152 claims in southwestern Newfoundland. In the Humber Zone & Notre Dame Subzone, the company has staked holdings at Mt. Hawley, Black Duck, Grommet Lake, Alder Brook, Deer Lake, Westport and Portland Creek.
In Nunavut, Ucore has an 18.5 km2 property at Sandybeach Lake, just north of the Nunavut-Manitoba border. This property was recently blanket-staked by Cameco Corporation, and an initial airborne radiometric survey has now been completed. Ucore plans first phase ground-based exploration during the 2008 exploration season.
In Ontario’s Elliot Lake region, an area well known for uranium production, the company recently acquired a promising property and completed a low level airborne high resolution multichannel spectrometer survey, identifying numerous anomalies. The most prominent of these is located at Ten Mile Lake East, with an identified anomaly spanning approximately 3 km long and 700 m wide, and with readings 10 times higher than background.
Ucore also holds 100% owned uranium properties in Yukon, Northwest Territories, Quebec, and New Brunswick.
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