VANCOUVER, March 1 /PRNewswire/ - Uracan Resources Ltd. (the "Company") announces that, further to its news release dated December 14, 2010, it has commenced a 10,000 metre diamond drill program on the Costebelle claim group located on its 100% owned North Shore Property in Quebec. This 2 drill exploration program will focus on two areas of the property; the Costebelle A4 and CC11 zones. The CC11 zone represents a new discovery for 2010, emphasizing the potential for the North Shore Property to host additional significant uranium mineralization. In addition, several other target areas will be drilled this winter to follow up results from the 2010 mapping and prospecting program.
This drill program is designed to expand on results from the fall 2010 drill program. Highlights from that drilling program included 59.65 meters of 0.026% U3O8 (265ppm or 0.53 lbs/t) in CA4-10-22 and 11.5 meters of 0.053% U3O8 (532ppm or 1.06 lbs/t) in CC11-10-04.
The mineralized zones at Costebelle are generally open in all directions as channel sampling was limited to areas of existing outcrop exposure, with shallow overburden cover overlaying large areas of the targeted airborne anomalies.
Uracan Resources Ltd. is a publicly-listed uranium exploration company, exploring for shallow, bulk tonnage style uranium mineralization in Canada. Uracan is led by a team of proven exploration and mine entrepreneurs and mine-builders. The information in this news release has been prepared and reviewed by Marc Simpson, P. Geo., the Company's Qualified Person under National Instrument 43-101 standards.
Neither 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. The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the mining industry, and other risks and uncertainties detailed from time to time in the Company's filings with the Canadian securities administrators (available at www.SEDAR.com ). Forward-looking statements are made based on various assumptions and on management's beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE URACAN RESOURCES LTD.