EDITOR: | February 3rd, 2015 | 5 Comments

Ucore Releases Complete 2014 Drill Assays in Preparation for Feasibility Study

| February 03, 2015 | 5 Comments
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Ucore-Rare-Metals-200x125February 3, 2015 (Source: Marketwired) — Ucore Rare Metals Inc. (TSX VENTURE:UCU) (OTCQX:UURAF) (“Ucore” or “the Company”) is pleased to release a comprehensive summary of assay results from the 2014 drill program at the Bokan-Dotson Ridge rare earth element (“REE”) project in southeast Alaska (“Bokan”).

An important feature of the 2014 assay results is the prevalence of intersections averaging over 1% TREO. The best of these intersections are in DDH 142, which includes TREO values of 2.42 m @ 1.03%, 2.76m @ 1.649%, 3.37m @ 1.899% and 2.88 m @ 1.117%.

Together with the deep hole assays set out in Ucore’s press release of January 28, 2015, the data presented herein represent all the significant intersections for the 2014 drill program. The complete data set will be incorporated into the existing Bokan resource calculation, to upgrade the resource status from Inferred to Indicated under NI 43-101 standards, and to increase the size of the existing mineral resource in preparation for the forthcoming feasibility study.

“We’re pleased to have completed another successful drill program on the Bokan property”, said Jim McKenzie, President and CEO of Ucore. “The outcome of hitting mineralization as projected by our geological model speaks to the consistency of the deposit and the depth of knowledge now possessed by our geological team. This, in combination with the remarkable deep hole assay results released last week and the potential for significant resource expansion at depth, has made for a drill program that exceeded all expectations.”

The 2014 infill drill program produced a total of 3,960 metres of core from 17 diamond drill holes. Together with previous drill programs conducted between 2007 and 2011, Ucore has now completed 151 drill holes in total, comprising 23,622 meters of core at the Bokan property. The 2014 drill holes were uniformly successful, consistently encountered mineralization, intersecting the zone as expected, and with assay results consistent with those returned on prior programs.

A map showing the location of holes comprising the 2014 drill program can be accessed on the Company’s website: http://www.ucore.com/Fig3-Drill-Pad-Location-Map.pdf

2014 Drill Core Assay Results: The following table summarizes significant intersected values from 10 of the 17 holes completed in 2014. Holes LM14-145 and LM14-149 did not encounter significant mineralization.

Note that all widths indicated are core widths, not true widths, and totals may not agree due to rounding.

Hole Pad FROM
(m)
TO
(m)
CORE WIDTH
(m)
LENGTH WEIGHTED AVERAGE GRADE HREO/TREO Ratio (%)
LREO (%)* HREO (%)** TREO (%)***
LM14-135 14-7 37.82 39.68 1.86 0.225 0.089 0.314 28.34%
LM14-135 14-7 55.20 57.15 1.95 0.291 0.258 0.548 47.08%
LM14-135 14-7 72.20 73.76 1.56 0.140 0.184 0.324 56.79%
LM14-135 14-7 85.52 87.88 2.36 0.287 0.154 0.441 34.92%
LM14-135 14-7 92.14 94.90 2.76 0.086 0.135 0.437 30.89%
LM14-135 14-7 103.42 105.79 2.37 0.160 0.096 0.261 36.78%
LM14-136 14-8 176.11 178.61 2.50 0.185 0.064 0.249 25.70%
LM14-136 14-8 202.72 204.91 2.19 0.400 0.400 0.822 48.66%
LM14-136 14-8 237.25 242.12 4.87 2.690 0.156 0.425 36.71%
LM14-137 14-3 286.75 289.44 2.69 0.420 0.326 0.746 43.70%
LM14-137 14.3 312.80 315.67 2.87 0.565 0.483 1.048 46.09%
LM14-137 14-3 340.36 342.09 1.73 0.164 0.094 0.258 36.43%
LM14-138 14-10 29.90 32.50 2.60 0.203 0.103 0.305 33.77%
LM14-138 14-10 95.40 97.50 2.10 0.628 0.813 1.441 56.42%
LM14-138 14-10 117.64 123.84 6.20 0.259 0.157 0.416 37.74%
LM14-139 14-10 71.74 74.24 2.50 0.158 0.157 0.314 50.00%
LM14-139 14-10 159.26 162.00 2.74 0.199 0.153 0.351 43.59%
LM14-139 14-10 173.00 178.11 5.11 0.300 0.221 0.521 42.42%
LM14-139 14-10 192.04 194.55 2.51 0.281 0.184 0.465 39.57%
LM14-139 14-10 209.71 212.03 2.32 0.137 0.151 0.288 52.43%
LM14-139 14-10 217.16 220.20 3.04 0.277 0.194 0.471 41.19%
LM14-139 14-10 231.59 233.68 2.09 0.388 0.213 0.601 35.44%
LM14-139 14-10 235.35 237.04 1.69 0.243 0.153 0.396 38.64%
LM14-139 14-10 237.73 240.32 2.59 0.257 0.098 0.355 27.61%
LM14-141 14-11 3.60 310.75 4.75 0.204 0.127 0.331 38.37%
LM14-141 14-11 51.24 53.91 2.67 0.296 0.185 0.481 38.46%
LM14-141 14-11 57.48 59.70 2.22 0.411 0.278 0.690 40.29%
LM14-141 14-11 64.81 67.41 2.60 0.186 0.113 0.299 37.79%
LM14-141 14-11 79.94 82.13 2.19 0.312 0.150 0.462 32.47%
LM14-141 14-11 83.95 86.40 2.45 0.321 0.163 0.484 33.68%
LM14-142 14-15 33.27 35.78 2.51 0.235 0.232 0.467 49.68%
LM14-142 14-15 37.67 40.50 2.83 0.123 0.159 0.281 56.58%
LM14-142 14-15 50.64 53.06 2.42 0.433 0.597 1.030 57.96%
LM14-142 14-15 54.37 56.78 2.05 0.334 0.331 0.665 49.77%
LM14-142 14-15 58.50 60.70 2.20 0.168 0.136 0.303 44.88%
LM14-142 14-15 127.45 129.83 2.38 0.336 0.167 0.504 33.13%
LM14-142 14-15 150.78 153.30 2.52 0.588 0.275 0.862 31.90%
LM14-142 14-15 160.56 163.32 2.76 1.187 0.462 1.649 28.02%
LM14-142 14-15 176.00 179.37 3.37 1.564 0.335 1.899 17.64%
LM14-142 14-15 186.12 189.00 2.88 0.678 0.439 1.117 39.30%
LM14-144 14-15 91.70 93.55 1.85 0.270 0.058 0.328 17.68%
LM14-144 14-15 104.05 108.11 4.06 0.554 0.275 0.829 33.17%
LM14-146 14-6 67.14 70.00 2.86 0.116 0.113 0.229 49.34%
LM14-151 14-4 243.64 246.47 2.83 0.097 0.135 0.232 58.19%

Light Rare Earth Oxide (LREO) is the sum of the Light Rare Earth Oxide analyses (La2O3, Ce2O3, Pr2O3, Nd2O3 and Sm2O3)

Heavy Rare Earth Oxide (HREO) is the sum of the Heavy Rare Earth Oxide analyses (Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, plus Y2O3)

Total Rare Earth Oxide (TREO) is the sum of the individual Rare Earth Oxide analyses (La2O3, Ce2O3, Pr2O3, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, plus Y2O3).

Detailed results by individual rare earth oxide can be found in the table attached as Schedule “A”.

In addition to the above noted infill drill holes, 5 geotechnical holes and 8 monitoring wells totalling 602 meters were drilled to provide design data for the development of the proposed engineered facilities associated with the current mine plan.

NI 43-101 Compliance

Diamond drill core was split on site, with half the core transported by commercial carriers to the Bureau Veritas Inspectorate America analytical facility in Juneau, Alaska, USA and check assay samples submitted to Activation Laboratories in Ancaster, Ontario, Canada. Sample containers were sealed and chain of custody was maintained throughout transport. The QA/QC program included the insertion of duplicates, blanks and certified standards in the submitted sample shipments; and laboratory insertion and analysis of standards and blanks, duplicates and resplits. Analyses were made by inductively-coupled plasma mass spectrometry with lithium metaborate fusion, reporting whole rock analyses as an additional quality control measure. Reported values are length-weighted averages from multiple samples. All widths reported are core intercepts.

Jim Robinson, P.Geo. (BC), an independent geologist with Aurora Geosciences (Alaska) Ltd. and a qualified person in accordance with NI 43-101, has reviewed and approved the technical content of this press release.

About Ucore Rare Metals Inc.

Ucore Rare Metals Inc. is a development-phase mining company focused on establishing rare metal resources with near term production potential. With multiple projects across North America, Ucore’s primary focus is the 100% owned 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 developing near term production facilities and limiting the capital costs associated with mine construction.

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, development timelines, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view Schedule “A”, please view the following link: http://file.marketwire.com/release/ucore_sched_a.jpg


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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Comments

  • David Mortimer

    When is the market going to wake up to UCORE???

    February 3, 2015 - 7:13 PM

  • Bill Keenes

    David, excellent question, and the same goes for several other well advanced heavy rare earth developers that resident expert Jack Lifton occasionally makes mention of.

    February 4, 2015 - 2:22 AM

  • David Mortimer

    I think that UCORE is unique because of its location and as we know the Alaskan authorities are very pro active in encouraging the mining industry Ucore has access to 245$ million in funds made available by Alaska in getting the mine off the ground , the start up costs of Bokan mountain is by far the least of any start up out there , Ucore probably needs BFS and an uptake in HRE prices to really get the markets wet but it will come soon.

    February 4, 2015 - 7:02 AM

  • Walbangerharvey

    I am not sure the market yet has digested how much this expansion of the resource means for Ucore. This solidifies and expands the HREE/CREO-rich ore the company has under Bokan Mountain. That will mean a significantly expanded mine life–really important for financing/economics. Couple all of this with an ideal Pacific Rim geography right on the coast with cheap and year-round navigation, an American location with all the stability that means (no African National Congress here and none of the political instability and corruption of Central Asia and all the delays and court fights that would entail), a very economical mining plan, a state of Alaska geared to support mine development and a powerful Alaskan US senator behind ree and this specific project and it is difficult to imagine a more favourable confluence of factors. The only other ree mining hopeful that even comes close is Tasman. It just so happens that these are my two selections among the many ree miners. A bit off topic–MCP is tempting given its recent run but it still has the same ore it always has had and I just am not convinced that LREE-dominated ore will pan out no matter how much is pumped into the project.

    February 4, 2015 - 9:38 PM

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