UC Resources Ltd. , (UC - TSX-V) and Planet Exploration Inc. (PXI – TSX-V) have received preliminary assay results from the 7,005 hectare (17,401 acre) Copalquin project in Durango State, Mexico.
Results received to date are listed and explained below:
Most of the sample results from Hole No. UC-01 have been received.
Results from approximately 25% of samples submitted for Holes UC-02, UC-03 and UC-04 have been received.
The four holes reported on were drilled from pad No. 1.
Hole UC-01 was drilled at 46º dip towards 104º azimuth.
From 12 metres to 30 metres no gold results were noted with only anomalous silver results, except for a 1 metre section which assayed 4.69 ounces of silver to the ton.
Interval
|
From
meters (m) |
To
metres (m) |
Width
metres (m) |
Gold
ppm |
Silver
ppm |
Gold
oz/ton |
Silver
oz/ton |
| 33.37 |
34.37 |
1 m |
0.14 |
8 |
----- |
----- |
| 34.37 |
35.37 |
1 m |
2.69 |
1045 |
0.08 |
33.6 |
| 35.37 |
35.95 |
1 m |
6.71 |
53.70 |
0.21 |
172.6 |
| 35.95 |
36.85 |
0.90 m |
1.45 |
83 |
0.05 |
2.7 |
| 36.85 |
37.75 |
0.90 m |
0.43 |
84 |
----- |
2.7 |
| 37.75 |
38.25 |
0.50 m |
0.31 |
37 |
----- |
1.9 |
| 38.25 |
38.45 |
0.20 m |
0.23 |
61 |
----- |
7.96 |
Two samples from hole UC-01 are presently at ALS Chemex lab, North Vancouver, Canada.
Hole UC-02 was drilled on the same line as UC-01 but at a dip of -55º. Of 7 samples assayed only anomalous results, the best being 1 g/t gold and 30 g/t silver have been returned. Further assays are forthcoming.
Hole UC-03 was drilled at dip -45º dip towards 100º azimuth.
Interval
|
From
meters (m) |
To
metres (m) |
Width
metres (m) |
Gold
ppm |
Silver
ppm |
Gold
oz/ton |
Silver
oz/ton |
| 29.84 |
30.12 |
0.28 m |
----- |
----- |
----- |
----- |
| 33.20 |
33.76 |
0.45 m |
----- |
----- |
----- |
----- |
| 35.48 |
35.95 |
0.47 m |
7.3 |
132 |
0.23 |
4.24 |
| 38.27 |
38.80 |
0.53 m |
574 |
1100 |
18.45 |
33.37 |
| 39.29 |
39.87 |
0.58 m |
799 |
608 |
25.69 |
19.55 |
| 41.00 |
41.60 |
0.60 m |
5.1 |
30.6 |
0.16 |
0.98 |
| 46.45 |
47.03 |
0.58 m |
0.73 |
46.2 |
0.02 |
1.48 |
| 48.18 |
48.75 |
0.57 m |
3.1 |
8.6 |
---- |
0.27 |
Twenty three more samples from hole UC-03 are presently at ALS Chemex lab for assaying. Results from hole UC-03 were considerably higher than expected, this hole will be further evaluated when all results are in and consideration to redrill will be given to obtain split core for complete hole.
Hole UC-04 was drilled at -70º dip in the same line as UC-03 and produced only anomalous results for gold and silver from the eight samples assayed. Thirty-seven more samples are at ALS Chemex laboratory awaiting assay.
The foregoing results are from the historic El Cometa mine area which were drilled to confirm results from the 1998 drill program. (see news release Nov. 3, 2004) Assay results as well as visual examination of core has suggested several possibilities which will allow for more selective drilling in the future. Further data is still required. Due to the late delivery of the core splitter, whole core samples were taken randomly to allow future samples to be split so visual interpretation can be made with assay results in hand. All samples which are currently at the laboratory have been split and all samples, including those reported on herein, were subjected to Standard Fire Assay Analysis. Results from these samples will fill in the intervals in the previously reported results above.
Since April 2004 UC Resources, acting as operator, has carried out various sampling programs and ground geophysical work and constructed a new camp on-site to accommodate drilling and geological personnel. The company plans to complete approximately 3,000 metres of drilling to test for extensions of the high grade mineralization identified by 1997/1998 drill programs.
Under its option agreement UC can earn a 50-per-cent interest in Planet Explorations 100-per-cent option on the Copalquin property.
Mr. Eugene Larabie, P.Eng. is the Qualified Person for this project.
On behalf of the board of directors,
Eugene Larabie
President, UC Resources Ltd.
UC Resource Ltd.
Trading Symbol: UC - TSX Venture
#507, 595 Howe Street
Vancouver, B.C. V6C2T5 Canada
Tel: 604.681.7265, Fax: 604.681.2161
Toll free: 1.800.366.8566 (Cdn. /U.S.)
Website: www.ucresources.net
Email: info@ucresources.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or development that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s registered filings what are available at www.sedar.com.
