UC Resources Commences McFaulds Exploration Program and Production at La Yesca Mill
December 03 2010 - 10:49AM
Marketwired
UC Resources Ltd. (TSX VENTURE: UC) ("UC") is pleased to report
that exploration has resumed on the McFaulds Lake project area in
the James Bay Lowlands (JBL) in the "Ring of Fire".
A 1000 km airborne survey has begun using the SHA three-axis,
helicopter towed, magnetic gradiometer and VLF-EM system which will
be flown very close to the ground and at a flight path separation
of 100 meters. This is a very low flying close gradient survey and
is expected to provide vivid magnetic detail on a live read basis.
The flight area will consist of McFauld's #3, #5, #6, and #2 to
better define drilling targets. The SE claim block of the McFaulds
East block of claims will also be flown as this area presently has
no geophysics data.
Orbit Garant drilling has mobilised a crew of drillers to the
area in preparation for drilling which will begin in the coming
days. A second drill crew is presently sitting on standby ready to
mobilise a second drill rig in the next few days.
Drill targets will consist of further testing of the McFauld's
#5 & #6 occurrences as well as shallow and deep drilling to be
conducted on the McFauld's #3 massive sulphide occurrence which
comprises the majority of the presently existing 43-101 resource.
McFauld's #2 is being looked at as a target dependant on current
drilling conditions.
The La Yesca mill has now achieved a mill throughput rate of 250
metric tonnes per day. It is planned to stabilize the mill feed at
this rate over the next few months before slowly moving higher to
test maximum throughput potential of the mill. Two independent
studies suggest that the mill is capable of providing the grinding
capacity required of a higher feed rate but at this time the
optimum rate is unknown.
Once the milling facility is stabilised at a rate of 250 tonnes
per day the focus will shift to maximizing recoveries through
metallurgical chemical balancing, etc., which is presently just
beginning and will take time as with all mill start-ups. This week
the companies mill and metallurgist consultant is on-site
monitoring results and preparing plans to further advance the fine
tuning process. To date during the start-up process testing, in
excess of US$110,000 dollars of material has been produced and sold
while going through normal starts and stops, tests and low chemical
values which is a normal part of any start-up operation. The
company believes the mill is now ready for this next phase of the
commissioning process with the 250 tpd rate having been achieved
over an extended number of days.
Drilling in the peripheral area of the Xora claim has resulted
in some interesting larger than expected intercepts of low grade
silver zones. Although these widths do not represent true width,
further investigation is warranted to investigate the possibility
of a larger low grade system and exploration for the higher grade
source. Drilling of the area closer to the historic mining area
continues under the supervision of a government geologist compiling
data for the Mexican mining authorities under the grant we have
received for drilling the La Colorada occurrence. Four holes remain
in the program at which time analysis and review will occur to
evaluate the next drilling program in conjunction with the Mexican
mining authorities.
Hole From To Intercept Silver
# (m) (m) (m) (g/t)
2 33 45 12 48.3
3 28 40 12 90.8
4 35 41 6 61.24
5 29.3 40.8 11.5 67
6 NSV
The table above is non-compliant under national instrument
43-101. All assays were completed by ALS Labratories of Vancouver,
B.C., Canada which in an accredited laboratory under the 43-101
regulations.
The area associated with the drill targets has historically been
mined to varying extents, with La Colorada having a non-compliant
43-101 resource calculation which was compiled by the Mexican
Ministry of Mines, by way of wall rock chip sampling, of 11,000
tonnes grading .7 g/t Gold and 619 g/t silver.
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, as well as an explorer and a near term 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
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Contacts: UC Resources Ltd. - Vancouver Head Office Damien Lowry
Toll Free: 1-800-366-8566 (Canada & USA)
www.ucresources.net