VANCOUVER, Dec. 10, 2014 /CNW/ - Forum Uranium Corp. (TSX.V:FDC) ("Forum") and Uracan Resources Ltd. (TSX.V:URC) ("Uracan") announce the commencement of a 600 metre drill program to follow-up on drill targets identified by an initial 2014 drill campaign on Forum's 100% owned Clearwater project, on trend from Fission Uranium's Patterson Lake South discovery in the Athabasca Basin, Saskatchewan.
To date, Forum has also conducted prospecting, soil and lake radon surveys, lake sediment sampling, and airborne and/or ground electromagnetic, magnetic, gravity and radiometric surveys. A nine hole, 2,310 metre drill program was completed by Forum in April 2014.
This initial 2014 drilling program defined a number of shallow targets areas with altered and reactivated graphite bearing structures with elevated boron and nickel geochemistry and anomalous radioactivity. Forum and Uracan plan to drill five to seven holes to follow-up these structures and to test new geochemical/geophysical targets that have not yet been drill tested.
Uracan can earn a 51% interest in the Clearwater property by spending $3 million in exploration over three years and up to a 70% interest by spending $6 million over five years. The Clearwater Project covers a total of 9,912 hectares adjoining Fission Uranium's Patterson Lake South claims to the southwest. Forum will be the Project operator until Uracan earns its 51% interest, after which Uracan may elect to become the operator.
Marc Simpson, P.Geo., Uracan's President and CEO is the Qualified Person that has reviewed and approved the contents of this news release on behalf of Uracan.
ABOUT URACAN RESOURCES LTD.
Uracan Resources Ltd. (TSX.V:URC, OTC:URCFF) is a Canadian-based exploration company focused on exploring for uranium deposits in Saskatchewan and Quebec, Canada. In early 2013, Uracan signed an agreement with UEX Corp., whereby Uracan acquired the option to earn from UEX a 60% participating interest in the Black Lake Property along the northern margin of the Athabasca Basin. UEX currently holds an 89.99% interest in the Black Lake Project with AREVA Resources Canada Inc. ("AREVA") holding the remaining 10.01% interest.
Since 2006, Uracan has discovered a N.I. 43-101 Compliant Indicated Mineral Resource estimate of 7 million lbs U3O8 (21.5 million tonnes at a grade of 140 ppm U3O8 using a 100 ppm cut-off grade) and a N.I. 43-101 Compliant Inferred Mineral Resource estimate of 37 million lbs U3O8 (140.6 million tonnes at a grade of 120 ppm U3O8 using a 100 ppm cut-off grade) on its 100%-owned exploration properties in Quebec.
Uracan continues to review additional opportunities worldwide to capitalize on management's exploration and financing capabilities.
ON BEHALF OF URACAN RESOURCES LTD.
| "Clive Johnson" | "Marc Simpson" |
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| Clive Johnson | Marc Simpson |
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| Chairman | President and CEO |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the mining industry, and other risks and uncertainties detailed from time to time in the Company's filings with the Canadian securities administrators (available at www.SEDAR.com ). Forward-looking statements are made based on various assumptions and on management's beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE Uracan Resources Ltd.
