Bx Vein which is at least 1.8 meters in width, returning up to 2 g/t in Au (gold) and up to 600 g/t in Ag (silver)
The Coral Vein Structure occurs in what is considered the south part of the property, immediately after the regional E-W Lyon Fault
Four samples were collected across the vein structure, 2 of them with decent numbers: 5-7 g/t in Au and around 80 g/t in Ag
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 6, 2013) - UC Resources Ltd. (“UC” or the “Company”) (TSX VENTURE:UC) is pleased to announce that it has discovered an additional two major Silver Vein structures within the XORA Concession adjacent to the Company La Yesca Mill site.
The Company’s Geologist, Gerardo Tarin, reports:
The Larissa Vein structure, is adjacent to fault N5ºW. This fault consists of heavy gouge material/shearing, with abundant clay accompanied by calcium carbonate plus minor silica – white and brown colored, moderately obliterated after oxidation. No significant numbers come from the fault structure itself, but values are seen in the adjacent Bx Vein which is at least 1.8 meters in width, returning up to 2 g/t in Au (gold) and up to 600 g/t in Ag (silver). This manifestation is located in section 1175, with the quartz networks appearing to drifting in a N60ºW direction with respect to the general strike of regional fault in the area. This zone is adjacent to sample 69384 and we have a new sample No. 69406 over 1.5 meters width. This sample runs 0.51 g/t in Au and 220 g/t in Ag. This gives us approx 3.3 meters of mineralized vein running up to 400 g/t in Ag and nearly 1.5 g/t in Au. This area is strongly recommended for further exploration.
Approximately 143 meters eastward in the same section, we have another manifestation of anomalous gold and up to 600 g/t in Ag (1 meter wide). As a result, there is good potential traced from the new Larissa Zone over to the Mirador Zone. A drill pad has been set up on the steep area adjacent to the Larissa Zone with the intention of drilling one or more holes to test this zone further.
The Mirador system also includes an impressive matrix supported breccia, adjacent to an andesitic dike, which is evident in over 100 meters in strike length, in a direction nearly N-S. This breccia did not return significant values, but returned anomalous gold such as 0.3 g/t Au in 3 locations.
Cuatas III is an intersection of structures striking N20ºE and N30ºW, located 90 meters westward from the Cuatas system. It is a small mineral occurrence, 3-4 meters in length and 1.5 meters wide. Sample No.69400 was taken over a width of 1.5 meters and returned a value of 123 g/t in Ag. Sample No. 69401 is a dump sample, returning random values between 0.232 g/t in Au and 242 g/t in Ag. This structure has the same strike and dip as the Cuatas I Vein.
The Coral Vein Structure occurs in what is considered the south part of the property, immediately after the regional E-W Lyon Fault. This vein drifts at N20ºE with respect to the predominant N-S structural control, and appears to be at least a 4 meter in width. Part of the footwall remains covered due to its dipping into the hillside.
Four samples were collected across the vein structure, 2 of them with decent numbers: 5-7 g/t in Au and around 80 g/t in Ag. Sample No.69377 is 1.30 meters in width and found in the footwall. Values were returned with 5.83 g/t in Au, 81.8 in Ag and an adjacent sample No. 69380 had the same width with 6.58 g/t in Au, 79 in Ag. This old work seems to have vertical development but is apparently covered and slumped in, after the extraction of mineral and vein materials were done in the past. Some more channel sampling is recommended along the fault in the vicinity of former Coral mine. We have made arrangements with the land owners to build a road on this side of the property, so we can drill test this are as well as second priority targets such as the Manguito, the Waterfall, and the Crucificado occurrences to south.
The Cuba Vein Structure is developed in highly argillized rock, amygdaloidal in composition, has a waxy material in open spaces but anomalous gold is scarce in the andesite outcrops around the Cuba vein. The Rita vein occurs approx. 70 meters west of the Waterfall I, in a N-S structure, 1.8 meters in width and perpendicular to an andesite dike of 4.20 meters width. No significant values were returned from sampling in this area as yet.
The Guacamaya Structure is approximately 130 meters west of the Rita structure – this is an E-W structure consistent with an andesite dike but has had no significant numbers in gold or silver as yet, but had a few anomalous gold results.
Between Cuatas and Mirador systems, some structures ranging from 1-1.5 meters in width. These are known as the Dominick 1, and Anita 1. We are awaiting results from sampling in this area.
The Xora deposit is an undeveloped epithermal system of narrow veins which occurs along 700 meters of strike length. Mapped and named as the Cuatas to Mirador-Colorada Systems with multiple en echelon sub parallel vein systems they are consistent and likely tied into the regional N-S fracturing transecting the region and occur as multiple mineral occurrences.
In Regional scale, we have mineralization hosted in both N-S and E-W fault structures. One example of this mineralization in an E-W system is the Leona Vein. Cuatas, Mirador and Colorada are hosted in N-S cross-cutting systems. Which is the more pervasive or controlling of the mineralizing fluids, we are yet to determine.
The above report from Gerardo Tarin supports the Companies’ plans to exploit XORA to ensure long term mill operation at La Yesca.
The assays were completed by accredited ALS Chemex Laboratories of Vancouver.
John Archibald, PGeo, a qualified person pursuant to NI 43-101, has reviewed and approved the technical information in this press release on behalf of the company.
The Company continues to evaluate its Commercial Production status. The Company believes it has adequate financial resources at this time, to not dilute shareholders and to reach its objectives.
“We believe our plans for Commercial production status and associated timing could possibly align with a positive price rebound for gold and silver” commented Gary Monaghan, CEO. “Everyone in the industry knows the difficulty in these times and production for us will be the key to our long term success in the future.”
The Company is carefully tracking gold and silver market pricing as these shifting trends affect the overall level of Company profitability.
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.
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UC Resources Ltd.
Chief Executive Officer