Ucore Announces Resource Upgrade for Bokan Dotson-Ridge
21 Oktober 2013 - 3:40PM
Marketwired Canada
Ucore Rare Metals Inc. (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company")
is pleased to announce an upgraded resource estimate ("Resource" or "Mineral
Resource") for the Bokan Dotson-Ridge rare earth element ("REE") project in
Southeast Alaska. The upgraded Resource has been prepared by Aurora Geosciences
(Alaska) Ltd. of Juneau, Alaska ("Aurora"). As a third-party consultant, Aurora
was additionally responsible for the data collection, quality control, modeling,
and reporting associated with the Resource estimate upgrade.
Mineral Resources were modeled via five alternative total rare earth oxide
(TREO) cut-off grades, with a baseline case ("Base Case") employing a TREO
cut-off of 0.4%. The Base Case renders an Inferred Mineral Resource of 2.0
million tonnes grading 0.61% TREO, an Indicated Mineral Resource of 2.9 million
tonnes grading .61% TREO, and a skew of approximately 40% HREO over TREO.
In keeping with the initial mine design set out by Stantec Inc. of Tempe, AZ,
("Stantec"; released April 18, 2012), the upgraded Mineral Resource excludes the
I&L Zone (previously included in the initial resource estimate released by the
Company March 7, 2011). On the recommendation of Stantec, I&L mineralization,
located outside of the primary Dotson Zone of mineralization, will be examined
as part of a prospective Phase II mine expansion program after the commencement
of initial mine production.
"This Resource Upgrade is an important advancement for Ucore, and the end
product of an extensive field recon and drill program at Bokan, combined with
extensive post-drilling analysis," said Jim McKenzie, President and CEO of
Ucore. "The upgraded Resource is a foundation component of our Feasibility
Study, scheduled for delivery in 2014, during the Company's final
pre-construction NEPA permitting exercise. Our great thanks to the US Forest
Service for facilitating the field program and to Aurora for delivering this
upgrade."
A summary of the upgraded Mineral Resource is as follows:
--------------------------------------------------------------
Indicated Mineral Resource Estimate
--------------------------------------------------------------
TREO LREO HREO TREO Contained
CUT-OFF TONNES (%) (%) (%) TREO (lbs)
--------------------------------------------------------------
0.20 3,609,000 0.332 0.229 0.561 44,623,264
--------------------------------------------------------------
0.30 3,350,000 0.347 0.238 0.584 43,119,056
--------------------------------------------------------------
0.40 2,936,000 0.365 0.249 0.614 39,731,596
--------------------------------------------------------------
0.50 2,104,000 0.407 0.273 0.679 31,486,697
--------------------------------------------------------------
0.60 1,273,000 0.462 0.305 0.766 21,491,601
--------------------------------------------------------------
--------------------------------------------------------------
Inferred Mineral Resource Estimate
--------------------------------------------------------------
TREO LREO HREO TREO Contained
CUT-OFF TONNES (%) (%) (%) TREO (lbs)
--------------------------------------------------------------
0.20 2,426,000 0.332 0.220 0.552 29,514,910
--------------------------------------------------------------
0.30 2,214,000 0.350 0.230 0.580 28,302,005
--------------------------------------------------------------
0.40 1,995,000 0.366 0.239 0.605 26,601,729
--------------------------------------------------------------
0.50 1,462,000 0.401 0.261 0.662 21,331,282
--------------------------------------------------------------
0.60 836,000 0.456 0.294 0.750 13,819,080
--------------------------------------------------------------
Notes:
1. Total Rare Earth Oxides (TREO) includes: La2O3, Ce2O3, Pr2O3, Nd2O3,
Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3,
Y2O3
2. Heavy Rare Earth Oxides (HREO) includes: Eu2O3, Gd2O3, Tb2O3, Dy2O3,
Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, Y2O3
3. The mineral resource estimate was completed by Mr. Jim Robinson, a
Senior Consulting Geologist at Aurora. Mr. Robinson is an independent
qualified person for the purposes of NI 43-101 standards of disclosure
for mineral projects of the Canadian Securities Administrators and has
verified the data disclosed in this release. A Technical Report with the
estimate will be filed on SEDAR within 45 days.
4. The resource estimate is based on:
-- A database of 80 diamond drill holes totaling 16,000 m and 56 surface
channels totaling 200 m. This diamond drilling and channel sampling was
completed by Ucore in 2008, 2009, 2010 and 2011 on the Dotson Ridge
zone.
-- All geochemical analyses were performed by ALS Chemex, Eco-tech
Laboratories Ltd., and Activation Laboratories.
-- The specific gravity (SG) used is the overall mean of 2.77, determined
from 90 SG readings.
-- Block model was estimated by the Ordinary Kriging interpolation method
on blocks of maximum 4 m x 4 m and minimum 1 m x 1 m dimensions.
-- All REE assays exceeding the 95% confidence level (CL) were cut to the
95% CL for each element.
-- All intercepts with a true width of less than 1.5 m were diluted to a
potential mining width of 1.5 m.
Rare earth grades by individual light rare earth oxides at the 0.4% cut-off
are as follows:
--------------------------------------------------------
La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3
--------------------------------------------------------
Indicated .070 .170 .020 .084 .022
--------------------------------------------------------
Inferred .070 .170 .020 .085 .022
--------------------------------------------------------
Rare earth grades by individual heavy rare earth oxide at the 0.4% cut-off
are as follows:
--------------------------------------------------------
Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3
--------------------------------------------------------
Indicated .002 .023 .004 .026 .006
--------------------------------------------------------
Inferred .002 .023 .004 .026 .005
--------------------------------------------------------
--------------------------------------------------------
Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3
--------------------------------------------------------
Indicated .015 .002 .010 .001 .160
--------------------------------------------------------
Inferred .013 .002 .009 .001 .154
--------------------------------------------------------
The drill-defined Mineral Resource at Bokan Dotson-Ridge commences at surface
and is open both at depth and along strike. Additional information regarding
significant drill results from the Company's 2009-2011 exploration programs and
maps and sections detailing the drill-hole locations and individual REE values
are available at: www.ucore.com.
The Company is working towards the completion of a Feasibility Study, which will
incorporate the results of this upgraded Mineral Resource estimate, together
with additional resource modeling. The Company plans to release the results of
this study in 2014.
NI 43-101 Compliance
James Robinson, P.Geo., an independent geologist with Aurora Geosciences, has
prepared the technical data provided in this news release and is the qualified
person responsible for its accuracy.
Background
Ucore Rare Metals Inc. is an early stage mine development company focused on
rare earth elements, strategic and technology metals. With multiple projects
across North America, Ucore's primary focus is the Bokan - Dotson Ridge REE
property in Alaska. The Bokan - Dotson Ridge REE project is located 60 km
southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British
Columbia and has direct ocean access to the western seaboard and the Pacific
Rim, a significant advantage in expediting mine production and limiting the
capital costs associated with mine construction. The Bokan properties are
located in an area reserved for sustainable resource development.
This press 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 exploration drilling,
exploration 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 forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include exploitation and exploration
successes, continued availability of financing, and general economic, market or
business conditions.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214
www.ucore.com
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