Montreal, QB / ACCESSWIRE / May 1, 2014
/ Uragold Bay Resources Inc.
("Uragold") (TSX Venture: UBR), is pleased to announce
that it has filed a technical report in accordance with National
Instrument 43-101, entitled, "Technical Report on the Beauce Placer
Property, South-Eastern Quebec" ("Technical Report") with Canadian
securities regulators, pursuant to the Company's news release dated
March 2, 2014. The report documents an inferred
resource estimates (polygon derived) for
the Rang Chaussegros section
of Beauce Placer Gold
Project of the Company's 100% owned Beauce Placer
Project, located in the municipality of Saint-Simon-les-Mines in
the Beauce region of Southern Quebec. The Technical Report is
available at www.sedar.com and on the
Company's website.
The conclusions of the
report are as follow:
Exploration work by the
Issuer has tended to confirm previous results but has also brought
new insight on the Gilbert River Placer, particularly regarding the
possibility of a local bedrock source for the mineralization.
Specific salient points are as
follows:
-Sonic Drilling
during 2011 revealed that the gold bearing unit corresponded to a
brown clayey diamict (saprolite), at least partly of a glacial
origin, rather than a purely alluvial gravel generally just above
the Basement rocks;
-Declared
inferred resource of 23,000 oz. AU (741,000 m3 @ 0.97 g Au/
m3);
-The importance
of the nugget effect on the project potential is such that
gold recovery could be between 23,000 (741,000 m3 @ 0.97 g
Au/ m3) and 140 000 ounces (741,000 m3 @ 5.9 g Au/ m3), as per data
derived from the historical mining
figures.1;
-Sedimentological
observation and characteristics of the gold grains extracted from
this basal unit suggest a close proximity to a bedrock
source;
-Diamond drilling
carried out in the fall of 2011 cored both meta-sediment and
volcanic rocks of the Beauceville Formation under, and immediately
up ice from the known placer;
-Core
descriptions revealed intense quartz carbonate veining and local
sulphide mineralization. This was accompanied by silicification,
epidotisation, quartz veining lixiviation and brecciation. The
presence of adjacent ultramafic rocks shows that the gold may be
associated with the Alaskan gold genetic model;
-Analysis of
selected mineralized segments along diamond drill hole RG11-01
drilled below the known placer returned slightly anomalous values
from 10 to 75 ppb Au. Subsequent re-sampling of intervening
segments from this hole returned "undetectable" gold
values.
-It must be
concluded that the Beauce Placer Project is an exploration target
of merit and that further work recommended should be
carried-out.
Consequently, in
addition to the gold potential associated with the buried placer,
the underlying bedrock also offers an attractive exploration
target.
The following work programme
recommendations are made in the report:
-The nugget
effect of the gold grade of the buried placer, which appears to
contain mostly coarse gold particles, requires further evaluation
in order to establish a statistical distribution model for the
deposit;
-This can be best
achieved by completing the large (209 000
m3 of overburden and 9 000
m3 of auriferous basal till and
saprolite) bulk sample already permitted;
-Prior to the
start of the actual bulk sampling, geological, geotechnical, and
hydrological sampling programmes will need to be completed on the
area of the proposed bulk sampling.
-The result of
these programmes will have to be included in the new geological
model currently being prepared and compared with the actual results
of the bulk sampling.
-The
inferred mineral resources in this report allows for
A Preliminary
Assessments ("PEA") to be prepared in order to
disclose the economic potential of the project under NI
43-101. This should be completed while the
geological, geotechnical, and hydrological sampling
programmes are being completed.
-The bulk
sampling should be followed by additional drilling and trenching of
the bedrock exposed during the excavation and bulk sampling
activities.
-In an agreement
already reached between UBR and the MRNQ (Ministre des ressources
naturel du Quebec), the Ministry will grant the Company a 20-year
mining lease conditional to a positive bulk-sampling programme and
the submission to the MRNQ the following:
-A financial
model, demonstrating the economic viability of the
project;
-An updated
Reclamation Plan for the life of the mine;
-Paying the
additional reclamation warranty; and
-Submitting a
Land Survey to the "Bureau de l'arpenteur general du
Quebec" (Office of the Surveyor General of Quebec).
The Company has already fulfilled this condition.
-Additional testing of the
underlying and nearby bedrock is recommended by additional diamond
drilling as several occurrence of lode gold are known in the
region; and
-The northeast extension of the buried placer
(represented by gold values in G70-7 and G70-9) must be confirmed
by additional sonic drilling.
The following budgeting
recommendations are made in the report:
UBR contracted Genivar (now
WSP) to complete a study for the bulk-sampling programme for the
Beauce placer. The
Study was prepared
and compiled
by GENIVAR in
a collaborative effort
between GENIVAR and Uragold and other specialized consultants. The budgets for the proposed work programs have been
derived from this study.
Phase 1 A non-contingent phase 1
is proposed for large bulk sampling with an exploration and
operating budget of C$1 300 000 and capital investment budget of
C$2 135 000 for a total budget of C$3 435 000.
Phase 1A: Included in the capital
investment budget is an amount of C$150,000 for the proposed the
completion of the Preliminary Economic Assessments
("PEA").
Phase 1B: Included in the
exploration and operating budget is an amount of C$340,000 for the
proposed, geological, geotechnical, and hydrological
sampling programmes will need to be completed on the area of the
proposed bulk sampling
Mr. Vivian Stuart-Williams,
SACNASPS, working under Special Authorization #290 of the Quebec
Order of Geologist, is an independent Qualified Person
as defined by National Instrument 43-101 that supervised the
preparation of the report and the technical information in this
news release.
Patrick
Levasseur, Uragold President and COO,
remarks: "We are extremely pleased that this milestone is now
completed and we are delighted to be able to provide this NI 43-101
technical report to our shareholders. It provides all of our
stakeholders and investors with a defined plan and we look forward
to commencing the work. The report represents one more step in the
execution of our development plan. We look forward to providing
further updates on all properties as the work advances."
About Uragold Bay Resources Inc.
Uragold Bay Resources is a
junior exploration company trading on the TSX Venture under the
symbol UBR. Uragold holds gold properties in Southern Quebec's
Appalachian belt. Uragold's business model is focused
on the development of small-scale gold exploration projects
into mines in order to generate free cash flow to internally
finance growth and blues sky exploration.
Uragold aims to become one of
the rare cash flow generating junior mining company in the next 12
- 18 months by developing Quebec's first placer mine in 50 years,
the Beauce Placer Project and by developing, in partnership with
Golden Hope Mines, the Bellechasse-Timmins Gold Deposit.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For
further information contact
Bernard J. Tourillon,
Chairman and CEO
Patrick Levasseur, President and COO
Tel: (514) 846-3271
www.uragold.com
1 Potential
quantity and grade are conceptual in nature, there has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will results in the discovery of a
mineral resource.
SOURCE: Uragold Bay Resources Inc.
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