Vancouver – Some hot drill core from Ucore Uranium‘s (UCU-V, UURAF-O) Bokan Mountain uranium project on southeastern Alaska’s Prince of Wales Island lit up the company’s stock in November 1st trading.
Initial drill hole LM07-01 cut a 33.3-metre interval (from 4.7 metres down hole) grading 0.57% U3O8 in the I&L zone and included high-grade sections of up to 2.43% U3O8 over 3.9 metres. Assays are pending for the bottom 63 metres of the hole.
“These are the kind of results we’ve been hoping for,” said Ucore president and CEO Jim McKenzie in the release.
Results follow prior assays from hole LM07-02 that delivered 3.1 metres of 0.62% U3O8 within a wider 16.8-metre interval grading 0.18% U3O8. Core samples from Ucores initial hole underwent shipping delays due to high radioactivity.
Uranium and rare earth element mineralization at Bokan Mountain is associated with a large per-alkaline intrusive complex. The most common style of mineralization occurs along plunging cylindrical pipes composed of altered and fractured intrusive proximal to the edge of a ring-dike structure. Other zones carrying mineralization include: peripheral albite-quartz dikes and associated shear zones; pegmatite veins in the margin of the complex; primary phases within altered syenite; and as matrix replacement in altered sandstones adjacent to or overlying the intrusion.
Past operations in the Ross Adams mine area of Bokan Mountain include Climax Molybdenum extracting over 18,000 tonnes of thorium-bearing uranium ore grading about 1% U3O8 from an open pit in the late 1950s. In the early 1960s Bay West and Standard Metals both extracted additional high-grade material from surface and underground workings. The last operations were undertaken in the early 1970s by Newmont Mining (NMC-T, NEM-N) mining about 50,000 tonnes of ore from underground operations.
Previous operations are estimated to have mined a total of about 1.3 million lbs. U3O8 at an average grade of 0.76% U3O8 from the Ross Adams area.
Historic resource evaluations by the U.S. Bureau of Mines table about 11.8 million contained lbs. U3O8 plus significant rare earth elements.
Ucore sees exploration potential in the depth extension of past defined zones along with new zones and targets identified by its recent programs.
Shares of Ucore gained more than 60% on the high-grade uranium interval, closing up 32 at 84 apiece on strong volume. The stock posts a 52-week trading range of 43-$1.80.
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