Vancouver — Some hot drill core from Ucore Uranium’s (UCU-V, UURAF-O) Bokan Mountain uranium project lit up the company’s stock recently, doubling its share price.
Ucore’s first drill hole from the project, on Alaska’s Prince of Wales Island, 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 a release.
Results from hole 2 were previously released; the hole delivered 3.1 metres of 0.62% U3O8 within a wider 16.8-metre interval grading 0.18% U3O8. Core samples from Ucore’s first hole met 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 near the edge of a ring-dyke structure.
Previous operations are estimated to have produced a total of about 1.3 million lbs. U3O8 at an average grade of 0.76% U3O8 from the Ross Adams area at Bokan Mountain.
Historic resource evaluations by the U.S. Bureau of Mines calculated about 11.8 million contained pounds U3O8 plus significant rare earth elements at the project.
Ucore sees exploration potential in expanding past defined zones at depth, and in exploration of new zones and targets identified by its recent programs.
On the news, Ucore shares gained as much as 56 to $1.10 on strong volume. The stock posts a 52-week trading range of 43-$1.80.
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