UC Resources to Commence Drilling Program at the Mirador and Las Cuatas Mines
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/30/12 -- UC Resources Ltd. (TSX VENTURE: UC) ("UC" or the "Company") is pleased to provide this update to its shareholders, stakeholders and interested parties.
The company has recently completed a sampling program at the Mirador and Las Cuatas mine locations within the Xora concession immediately adjacent to the La Yesca production mill.
The intention of the company has always been to maximize opportunities that exist within its current assets. With the cash made available to the company from the sale of its McFaulds Lake asset in Canada, the company is in a position to realize the opportunities that may occur through exploration within its current mining concessions. One of the strategies the company believes fits well into its current operations and production at the La Yesca mill operation is to continually add new mill supply to extend the life of the mill and to enhance recovery rates.
Upon his arrival to UC Resources Ltd., managing Geologist, Mr. Gerardo Tarin, was dispatched to better understand the upper reaches of the XORA claim that contain the Colorada, Mirador and Las Cuatas mines. Extensive sampling has been performed both on surface and underground within the Las Cuatas and Mirador mines to date. The Mirador and the Las Cuatas mines are 200 metres apart and during the sampling process, the company discovered areas that extend further than previously observed.
Of particular interest is what appears to be a continuation of the Las Cuatas vein that has now been followed on surface for some 40 metres to the north before it is covered by overburden. A second adit, not previously known to us, has been discovered at the Mirador mine as well.
Because of these discoveries, a drill will be mobilized to the site in late August and will conduct a shallow drill program to test the underground extent of the Las Cuatas vein on strike and the Mirador vein's extent. The company plans an initial 6 hole, 1000 metre drill program.
Following are the highlights of the sample program:
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Sample Type Sample number # of Interval Au Ag
samples (m) g/t g/t
Cuatas Mine Surface Sampling
From / To
channel 69141-50 10 10m 0.34 391
channel 69166 1 1m 1.4 1300
channel 69183 6 5.5m 1.28 188
channel 69192-94 3 3m 0.33 366
channel 69210-11 2 2m 1.84 31
Cuatas In Mine Underground
From / To
chip 69081-89 9 9m 1.16 335
chip 69090-02 12 12m 1.69 128
chip 69137-40 4 4m 3.09 203
Mirador Surface Sampling
From / To
channel 126287-89 3 3m 0.01 205
channel 69033-44 11 11m 0.02 160
Mirador Underground
From / To
chip 126261-63 3 3m 0 193
chip 126274-75 2 2m 0.04 347
chip 126276-77 2 2m 0.01 250
chip 126264-67 4 4m 0.04 139
chip 126268-69 2 2m 0.02 187
chip 126249-50 2 2m 0.08 362
chip 126287-90 3 3m 0.01 205
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Sampling continues along strike of the Las Cuatas vein as well as other showings that have recently been discovered in the lower reaches of the XORA claim.
The analyses were completed by accredited ALS Chemex Laboratories of Vancouver. The results to date along with the expected drill results will be evaluated for both bulk mining and selective mining methods.
John Archibald, P.Geo., a qualified person pursuant to NI 43-101, has reviewed and approved the technical information in this press release on behalf of the company.
UC Resources is an active explorer and producer of precious metals in Mexico.
On behalf of the Board of Directors,
Gary Monaghan, Chief Executive Officer
We seek safe harbour.
Investors or interested parties are invited to visit the UC Resources Website at http://www.ucresources.net - where they can choose to join the opt-in 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 La Yesca properties 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
UC Resources Ltd.
Gary Monaghan
Chief Executive Officer
1-778-478-9530
monaghan@ucresources.net
www.ucresources.net
