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UC Resources Reviews Results Of Phase 2 Exploration And Plans Phase 3 Drilling At Copalquin, Mexico
September 20, 2006
UC Resources Ltd.: Torreon, Coahuila, Mexico/Vancouver, British Columbia; Trading Symbol: UC: TSXV (the “Company”)
The Company is pleased to announce that management has approved a multi-phase exploration program to further evaluate the Copalquin project located in the northwestern part of Durango State, Mexico. Contracts for exploration work have now been executed and field work is expected to commence by the end of September.
The main objectives of the fall program will be to delineate the down dip extent of the historic La Soledad ore zone and to identify additional high priority drill targets within the regionally extensive epithermal system that has been identified at Copalquin. As announced July 20, 2006 the first hole ever completed below the La Soledad mine workings intersected 5.2 meters of mineralization averaging 45 g/ton gold and 1,563 g/ton silver. The planned program will include up to nine additional drill holes within the projected extension of the La Soledad zone.
Previous drill programs at Copalquin have confirmed potentially economic mineralization at three main target areas, Cometa, Refugio and La Soledad. All of the mineralized zones that have been tested are open at depth and along strike and clearly warrant extensive additional drill testing. It is important to note however that, in addition to the zones that have been tested, available data suggests that the extent of the epithermal system at Copalquin may be much larger than has previously been recognized. There are more than twenty known gold and silver occurrences and multiple satellite image anomalies within the expanded concession areas that have not yet been examined by field personnel and management expects that the planned reconnaissance work will identify several additional priority areas that will be scheduled for drilling, along with Refugio and Cometa, after completion of the work at La Soledad.
Drill testing completed during the spring 2006 program has confirmed that the Cometa and Refugio prospects are not separate occurrences but are part of a regionally extensive epithermal system. Drill holes completed to the southwest of Cometa (DDH 06-01, 02 and 03) intersected wide intervals of silicified, clay altered volcanic breccia with gold values ranging from 0.05 to 0.34 g/ton and silver values ranging from 1.0 to 5.9 g/ton over widths ranging from 50 to 80 meters (see news Release dated June 8, 2006). Drill hole 06-04 drilled to the north of Cometa intersected similar clay altered, silicified rocks from surface to 75.0 meters with gold values ranging from 0.05 to .32 g/ton and silver values ranging from 1.0 to 10.2 g/ton. Drill hole 06-05, drilled from the same location, intersected similar alteration and mineralization from surface to 91.0 meters and also intersected a second mineralized zone with lower but significant values from 102.0 to the end of the hole at 130.5 meters. The drilling clearly showed that alteration and silicification associated with the epithermal system is pervasive and extends well beyond the mineralized areas observed in outcrop and underground workings. As part of the fall program check sampling programs including systematic re-assaying for the presence of metallic gold (typical of similar epithermal systems in the Sierra Madre) within the wide mineralized intervals encountered at Cometa and Refugio will be completed.
In summary, the Company is looking to achieve the following with its Phase 3 Program:
- Drill upwards of 9 holes around the La Soledad mine, as follow-up to DDH 06-07 from Phase 2, which intersected a 5 meter wide mineralized zone that contained an average of 1.4 ounces/tonne gold and 50 ounces/tonne of silver.
- The drill program around La Soledad will provide an ‘inferred’ mineral resource with completion of a 43-101 report.
- Further delineate the gold and silver mineralization encountered at Cometa and Refugio to further extend the size the epithermal system. In order to accomplish this, the company will identify the highest priority targets within UC’s expanded claim package (see NR May 19, 2006) through extensive and thorough prospecting and geochemical surveys as a follow-up to satellite image anomalies within the expanded land package.
On completion of the fall program an independent 43-101 compliant technical report detailing all historic drilling results at Copalquin as well as the results of the drilling to be completed at La Soledad will be completed. The technical information contained in this release was prepared by Carl von Einsiedel, P.Geo., a "qualified person" within the meaning of National Instrument 43-101 for the Copalquin Project.
On behalf of the Board of Directors,
Richard J. Hamelin, President/Director
For further information:
Contact Vancouver Head Office
#1000, 355 Burrard Street Vancouver, B.C. V6C2G8 Canada
Toll Free: 1-800-366-8566 (Canada & USA)
Website: www.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 developments 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.
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