Updated: 2015-10-07 - 11:09:00
UC Resources Symbol: UC.V
January 24, 2007 UC Resources Ltd.: Torreon, Coahuila, Mexico/Vancouver, British Columbia; Trading Symbol: TSXV: UC (the "Company") UC Resources is happy to announce that it has started its La Yesca Project processing plant with the purpose of testing all of the plant's components. The plant has been operating for a period of one week as part of the initial commissioning process, leading up to the initial production rate start-up scheduled for early next week.
To date, all of the components of the mill have been installed and are running well. Minor adjustments are necessary, and will continue to be made over the course of the next few days in an effort to fine-tune all of the various aspects of the mill.
It is expected that the initial start up will be set at a feed rate of 50 tpd and be ramped up to the design capabilities of 200 tpd over the course of the next few weeks.
UC Resources immediate exploration focus for the build-out of the La Yesca Project is the La Colorada mine (gold occurrence-former gold and silver producer). This gold occurrence is considered by management to be a significant exploration asset located on the adjacent (to the aforementioned former production property) Xora concession with an inferred mineral resource of 11,730 tonnes grading 0.70 g/t gold and 619 g/t silver (this resource estimate is from available government documentation as disclosed in the NI 43-101 report on file). The La Colorada mine was a past producing gold and silver mine (circa 1700 by Spanish mining interests), and actual tonnage mined is unknown. Lower grade gold and silver found immediately east of the La Colorada mine opening suggests that a zone of bulk mineable material may exist on the property, within which there may be additional mineralization occurrences that are similar to the La Colorada vein. This type of target prompted a reconnaissance style of follow-up. Some of the historical mine workings were recently (January 9-13 2007) visited by UC Resources exploration personnel. Sampling of some of the occurrences that could be easily accessed was completed. Recent sampling at the La Colorada mine included the selection of 5 representative samples of the exposed un-mined vein material from near surface to 50 meters inside the old mine as accessed from the main portal. The exposed un-mined vein, as it was left, varied from 0.45 meter to 6.0 meters wide, and samples were selected from along the 50 meter length at approximately 10 meter intervals. The assay results varied between 0.1 g/t to 1.05 g/t Au and 29 g/t to 952 g/t Ag. The arithmetic average of the assay results was 0.46 g/t Au and 279.2 g/t Ag. A representative sample from the nearby mine dump was 0.6 g/t Au and 301 g/t Ag, being similar in grade to the in situ vein material from the old mine.
The La Yesca mining district is underlain by Tertiary age andesite and rhyolite volcanic rocks that are part of the prolific Sierra Madre Occidental mining belt, which hosts numerous epithermal gold and silver mines and mineral occurrences. In the immediate La Yesca district there are at least 16 known gold and silver mineral discoveries, of which five are reportedly past producing mines. Four of these past producing mines are located on the UC Resources concessions. During the recent project visit, three other past producers were also visited: El Mirador, where representative grab sample of vein material assayed 0.15 g/t Au and 431 g/t Ag; Las Cuatas where vein representative grab sample of waste dump assayed 5.4 g/t Au an 606 g/t Ag; and Las Guasimas where representative grab sample of vein assayed 1.0 g/t Au and 53 g/t Ag.
All assay results as reported herein were completed by "Ensayes Y Representaciones, S.A. de C.V.", or ERSA Laboratory located in Torreon, Coahuila, Mexico. Samples were selected, sealed and delivered by UC Resources personnel to the laboratory where they underwent standard fire assay methodology. As the project was initially reconnaissance in nature, and with the assays showing interesting levels of gold and silver content, additional sampling will be undertaken from each prospect, and the sample splits will be sent to the Mexican laboratory as well as an accredited Canadian laboratory for corroboration of exploration assay results.
This press release has been prepared by management of UC Resources Ltd. and has been approved for dissemination by Neil Novak P.Geo. of Cambridge, Ontario, a Qualified Person under Canadian Securities guidelines, in his capacity as Vice President for UC Resources Ltd.
On behalf of the board of directors,
Richard J. Hamelin, President/Director
For further information:
Contact Vancouver Head Office
#1000, 355 Burrard Street Vancouver, B.C. V6C 2G8 Canada
Toll Free: 1-800-366-8566 (Canada & USA)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This 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 production, reserve potential, exploration drilling, exploitation 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 the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.