Uranium City identifies targets for September drilling
Mr. David Leng reports
UCR TO DRILL NEWLY IDENTIFIED POTENTIAL FOR RESOURCE EXPANSION
Uranium City Resources Inc. has identified targets for immediate drilling, based on compiling historical data associated with the past-producing mines in the Uranium City mining district (UCMD). The analysis, along with evidence obtained from the company’s continuing exploration campaign, has enabled the company to identify the properties in its portfolio that offer the most promising development opportunities.
The two targets identified, known as the East and West targets, are located immediately on, or adjacent to the St. Louis fault or Martin-Tazin unconformity. The East target is situated parallel to the St. Louis fault and on strike to the east from the former-producing Verna mine. The West target is in the immediate vicinity of the former producing Eagle mine and west of the Fay mine. Together the Fay, Ace and Verna mines produced more than 45 million pounds of uranium, which represents the majority of uranium production in the UCMD.
Bob Kasner, chief executive officer of Uranium City Resources, said: “UCR’s unique advantage among junior uranium companies is the presence of several past-producing mines within properties, but this has also increased the demands on our geological team because of the need to prioritize among an abundance of potential targets. To focus our efforts, it was imperative to analyze the vast amount of historical data available. From our analysis of historical data, we have decided to concentrate on two targets that possess historical reserves/resources and also significant untested exploration potential.”
East target
Identified within the East target is an area in the footwall of the St. Louis fault approximately 1.5 kilometres east of the former Verna mine. This area was mined as a small open pit in 1981, and plans were made to drive a ramp and start mining from underground. Preparations to start the ramp and an in-house feasibility were completed by Eldorado Nuclear Ltd., but due to the suspension of mining operations in 1982, only part of the pit was mined and the ramp was not started. This area has only been drilled to a depth of approximately 100 to 110 feet below the surface, and remains open to the east and west, and also at depth.
Historical drilling returned values in the vicinity of 0.3 per cent U3O8 over a core length of 19 feet. (1)
According to the mine closure report, surface mining was a total of 8,567 tons of 0.29 per cent U3O8 containing 50,700 pounds of uranium. (2) Remaining resources to the 100-foot level are 47,800 tons of 0.285 per cent containing 267,500 pounds of uranium. (2)
(1) Eldorado Nuclear, mining division. Internal report, July 20, 1981, by Murray Strachan.
(2) Eldorado Nuclear, mining division. Mine closing report by D.M. Ward.
West target
The West target is in the vicinity of the past-producing Eagle mine. In this area, five small-to-medium-sized open pits were mined and a shaft was sunk to approximately the 300-foot level. The headframe burned before any underground mining took place.
The present historical resource (inferred) for these open pits is: (3)
Zone Tons Grade Pounds
No. % U3O8 U3O8
02 4,700 0.51 47,900
12 7,000 0.36 50,400
22 1,500 0.25 7,500
32 10,000 0.23 46,200
42 8,600 0.24 41,300
—— ——-
Total 31,800 193,000
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UCR believes that the potential to expand these resources is very good and will be the goal of the drilling campaign to commence. A drill is planned to move to the East target around mid- to late September.
(3) Eldorado Nuclear, mining division. Mine closing report by Mr. Ward.
(1, 2 and 3) This work was completed prior to National Instrument 43-101 being implemented. UCR has not verified the historical resource/reserve values, and is not treating it as a current mineral reserve/resource estimate, and should not be unduly relied upon.
John Cook, PEng, is the qualified person for the technical aspects of this news release.