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Junior Miner Discovers Additional Areas of Significant Uranium Mineralization
By: AllPennyStocks.com News
November 26, 2009
Uranium may not be yielding the stratospheric prices gold is, but the fight to bring uranium out of the ground and to market is a compelling one nonetheless. Given its wide use in both the military arena -- in high-density penetrators, and as the fissile explosive material to produce nuclear weapons – and the civilian field – in nuclear power plants – the uranium mining industry remains a lucrative one, and the companies succeeding in that field should be saluted for that success.
Among those companies is Vancouver-based Uracan Resources Ltd. (TSX-Venture:URC), which, in the last full week of November, announced it has discovered additional areas of significant uranium mineralization on one of its properties in Quebec.
What’s more, many of the mineralized zones on the Costebelle claim on URC’s North Shore Property discovered in last year’s exploration program have been extended along strike. Results include 12 metres grading 0.123% (1,233 parts per million or 2.47 lbs/t) Uranium and 6.5 metres of 0.074% (735 ppm or 1.47 lbs/t) Uranium in saw channel samples.
During the initial reconnaissance exploration program in 2008, the company says one zone was discovered with channel sample widths and grades of up to 57 metres of 0.021% (210 ppm or 0.42 lbs/t) Uranium. The 2009 work program followed up the 2008 results with a mapping and sampling program to further define strike lengths and mineralization in the area.
URC is a publicly-listed uranium exploration company, exploring for shallow, bulk tonnage style uranium mineralization in Canada. Founded only three years ago, Uracan is led by a team of proven exploration and mine entrepreneurs and mine-builders.
Nor are URC’s activities restricted to Quebec; its 100%-owned Pipewrench Lake Property is located in the Wollaston Domain in Saskatchewan, approximately 120 kilometres south of the Athabasca Basin, one of the most prolific uranium producing areas of the world. Soon after its founding, Uracan staked two mineral claims totaling approximately 2,056 hectares in the Pipewrench Lake and Narrows Lake area approximately 130 kms northwest of La Ronge, Saskatchewan.
The week before the news came out about Costebelle, the company closed a private placement involving nearly 17 million units at 30 cents per unit, for gross proceeds of more than $5 million.
Best of all, for small cap investors, the company’s stock price has faded a bit from its 52-week peak of 48.5 cents, achieved early in November, to around 36 cents, after the news of the Costebelle discovery filtered into the investment community. It’s not nearly as cheap as the 12-cent-a-share level at which URC found itself last December, when investors were taking counsel of their fears, but few stocks are these days.
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