UC Resources Starts Drilling Program on McFaulds Lake Property
29 July 2011 - 5:16AM
Marketwired Canada
UC Resources Ltd. (TSX VENTURE:UC), as operator, is pleased to announce that it
has mobilized a diamond drill to its McFaulds Lake property and has begun
drilling the first of two deep holes of an 1600 metre program. The drill targets
are located in an unexplored portion of the property where previous airborne
surveys did not detect any electro-magnetic anomalies, even though the
interpreted underlying geology is favourable with respect to a number of mineral
deposit types discovered in the "Ring of Fire" to date.
The drill program is based on a recently completed airborne gravity and
magnetics survey conducted by Fugro Airborne Surveys and interpreted by Scott
Hogg & Associates, plus a ground based gravity survey conducted this spring.
Gravity highs coincidental with magnetic anomalies are the drilling targets.
Visual results will be released if warranted during the course of the program
and assays completed as soon as possible.
UC Resources Ltd. has earned a 55% interest in the property from an option
agreement with KWG Resources Inc. (TSX VENTURE:KWG) and Spider Resources Inc.,
which is a 100% owned subsidiary of Cliffs Natural Resources Inc. This project
is a joint venture between these parties. Project management for this program is
being conducted and overseen by M.J. (Moe) Lavigne, P.Geo., Vice President
Exploration and Development, KWG Resources Inc., with support from Webequie
Logistics.
UC Resources is an active explorer of base metals and chromite in the McFaulds
Lake area ("Ring of Fire") of the James Bay Lowlands, Ontario, plus an explorer
and producer of precious metals in Mexico.
On behalf of the Board of Directors,
Jim Voisin, President & CEO
UC Resources Ltd.
We seek safe harbour.
Investors are invited to visit the UC Resources IR Hub at
http://www.agoracom.com/ir/UCResources where they can post questions and receive
answers or review questions and answers already posted by other investors.
Alternatively, investors are able to e-mail all questions and correspondence to
UC@agoracom.com where they can also request to be added to the investor e-mail
list to receive all future press releases and updates in real time.
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the potential
mineralization and geological merits of the McFaulds property and other future
plans, objectives or expectations of the Company are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's
plans or expectations include risks relating to the actual results of current
exploration activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of capital and
financing, general economic, market or business conditions, regulatory changes,
timeliness of government or regulatory approvals and other risks detailed herein
and from time to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise required by
applicable securities legislation.
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