UC Resources Ltd. (TSX VENTURE:UC) (“UC” or the “Company”) is pleased to provide this update to its shareholders, stakeholders and interested parties.
The company has recently completed a sampling program at the Mirador and Las Cuatas mine locations within the Xora concession immediately adjacent to the La Yesca production mill.
The intention of the company has always been to maximize opportunities that exist within its current assets. With the cash made available to the company from the sale of its McFaulds Lake asset in Canada, the company is in a position to realize the opportunities that may occur through exploration within its current mining concessions. One of the strategies the company believes fits well into its current operations and production at the La Yesca mill operation is to continually add new mill supply to extend the life of the mill and to enhance recovery rates.
Upon his arrival to UC Resources Ltd., managing Geologist, Mr. Gerardo Tarin, was dispatched to better understand the upper reaches of the XORA claim that contain the Colorada, Mirador and Las Cuatas mines.
Extensive sampling has been performed both on surface and underground within the Las Cuatas and Mirador mines to date. The Mirador and the Las Cuatas mines are 200 metres apart and during the sampling process, the company discovered areas that extend further than previously observed.
Of particular interest is what appears to be a continuation of the Las Cuatas vein that has now been followed on surface for some 40 metres to the north before it is covered by overburden. A second adit, not previously known to us, has been discovered at the Mirador mine as well.
Because of these discoveries, a drill will be mobilized to the site in late August and will conduct a shallow drill program to test the underground extent of the Las Cuatas vein on strike and the Mirador vein’s extent.
The company plans an initial 6 hole, 1000 metre drill program.