HALIFAX, NOVA SCOTIA -- (Marketwire) -- 12/22/10 -- Ucore Rare Metals Inc. (TSX VENTURE: UCU)(OTCQX: UURAF) ("Ucore" or "the Company") is pleased to release additional trench assay results from the Company's 2010 Field Program at the Bokan-Dotson Ridge rare earth project in southeast Alaska ("Bokan"). The Field Program, comprised of extensive mapping, surface trenching and channel sampling, was undertaken to supplement subsurface drilling and to obtain a greater understanding of overall deposit dimensions at the Dotson Zone. Partial results from the trench program were released on November 30, 2010, and the data presented herein represents the balance of trench assays from that program.
The 2010 Field Program was undertaken in part to facilitate the calculation of an NI 43-101 compliant resource estimate, pending from Ucore in early 2011. Channel samples were collected along the Dotson Zone, augmenting an extensive diamond drill program completed in the area during the 2010 exploration season. As reported in the previous trench program press release, a map showing the location of the 2010 trenches is available at the following web link: www.ucoreraremetals.com/trenches/
Significant results of the second set of the surface trenching and channel sampling program are listed below:
Trench Width TREO HREO (m) (wt.%) (%) TR10-23 2.19 2.13 42.0 TR10-25 3.19 1.30 26.8 TR10-26 1.42 0.98 27.9 TR10-27 1.59 0.71 31.3 TR10-28 4.08 1.03 28.3 TR10-29 4.48 1.55 35.2 TR10-32 2.95 1.44 37.2 TR10-33 1.81 1.04 24.6 TR10-34 1.50 1.70 28.7 TR10-35 1.63 0.84 25.6 TR10-40 1.71 1.34 26.2 TR10-41 1.55 0.69 27.9 -- TREO = Total rare earth oxides: LREO + HREO -- LREO = Light rare earth elements: La, Ce, Pr, Nd, and Sm as oxides -- HREO = Heavy rare earth elements: Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb, Lu, and Y as oxides -- The channel samples were cut in accessible outcrop exposures, extended where possible by hand excavation. Consequently, sampled width may not represent the full width of mineralization present at any site. -- % HREO = HREO as percent of TREO (HREO/TREO) -- All widths are apparent widths. -- Major contributing rare earths to TREO: La2O3, Ce2O3, Nd2O3 -- Major contributing rare earths to HREO: Dy2O3, Gd2O3, Y2O3
"The results again confirm the enriched heavy rare earth content at the Dotson Zone, including inordinate levels of dysprosium and terbium, metals recently earmarked by the US Department of Energy as being critical to near term American energy policy," said Jim McKenzie, President and CEO of Ucore. "The assays are also consistent with heavy rare earth concentrations reported from drill holes along this zone. The data in its totality indicate the presence of a significant heavy rare earth deposit in a state well known for supporting and bringing critical resource projects to term."
Last week, Alaska Governor Sean Parnell released his proposed Alaska State Budget for Fiscal Year 2012, which commences July 1, 2011. Contained in that budget is a US$500,000 allocation for the strategic assessment of rare earth element resources in Alaska.
"I see a day when we can unlock a new set of resources for our nation. Alaska can become America's source for rare earth elements," said Governor Parnell. "Currently, the Peoples Republic of China controls 97 percent of the world market for rare earth elements. Recently, China imposed trade quotas and increased taxes on the export of these mineral elements. American consumers and our national security depend heavily on access to rare earth elements. We cannot afford to be dependent on foreign sources of rare earth elements - and we believe Alaska's subsurface contains vast quantities."
For a full transcript of Governor Parnell's December 15, 2010 Budget Address is available at the following address: http://www.gov.state.ak.us/parnell/press-room/full-press-release.html?pr=5601
Governor Parnell's comments are consistent with the recently published findings of the US Geological Survey, which conclude that the heavy rare earth-enriched mineralization at Bokan could have considerable economic potential (The Principal Rare Earth Elements Deposits of the United States - A Summary of Domestic Deposits and a Global Perspective; Report 2010-5220, November 2010; see also www.sciencedaily.com/releases/2010/11/101117184451.htm). According to this first detailed evaluation of rare earth elements in the U.S., Ucore's heavy rare earth-oriented deposit at Bokan is the site of one of the three largest known rare earth deposits in the United States, which include the primarily light rare earth-oriented deposits at Mountain Pass in California and Bear Lodge in Wyoming.
NI 43-101 Compliance
Channel samples were cut with a diamond blade saw at approximately 90 degrees to the strike of the same steeply-dipping vein structure of the Dotson Zone. Reported values are length-weighted averages from multiple samples. True width is estimated to be between 80-90% of the reported sample width. Sample containers were sealed and the chain of custody was maintained throughout transport. The QA/QC program included the insertion of certified standards and blanks in the submitted sample shipments and laboratory insertion and analyses of standards and blanks. Analyses were made by inductively-coupled plasma mass spectrometry with lithium metaborate fusion at Activation Laboratories of Ancaster, Ontario, reporting whole rock analyses as an additional quality control measure. Mike Power, P. Geo. (BC), CPG (AIPG), an independent geologist with Aurora Geosciences (Alaska) Ltd., has prepared the technical data relative to the drill and trench assays provided herein and is the qualified person responsible for their accuracy.
Ucore Rare Metals Inc. is a well-funded junior exploration company focused on establishing REE, uranium and other rare metal resources through exploration and property acquisition. 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 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. The property is located in an area reserved for sustainable resource development with an existing road network providing access to the main target areas. REE mineralization at the Bokan-Dotson Ridge project occurs in a well-demarcated vein system related to a Mesozoic peralkaline granitic complex. The Bokan - Dotson Ridge project is the only rare earth project currently documented worldwide which is situated on immediate deep water access, considered a significant advantage in expediting mine production and limiting the capital costs associated with mine construction.
In 1989, a US Bureau of Mines study (Warner & Barker, USBM OFR 33-89) estimated that the greater Bokan area contains 37.8 million tons grading 0.50% TREO. This historical non-NI 43-101 compliant estimate equates to 374 million lbs of TREO and ranks as one of the most prospective and accessible heavy rare earth prospects in North America. The Warner & Barker report additionally concluded that there is a significant collateral mineralization of Nb and Zr at Bokan.
In 1996, a USBM study (Green & Harbuck) concluded that: "The Bokan Mountain area on Prince of Wales Island, AK, contains vast quantities of heavy rare earth minerals." The report went on to postulate that the liberation of yttrium, considered a proxy for the prospective liberation of all HREE's, is highly amenable to metallurgical cracking methodologies.
Readers are cautioned that the resource estimates quoted by the US Bureau of Mines were prepared prior to the implementation of National Instrument 43-101 and are therefore of a historical nature. No qualified person has done sufficient work to classify the historical estimate contained hereunder as current mineral resources. The Company is not treating the historical resource estimate as a NI 43-101 defined resource or reserve, and therefore the historical resource estimate should not be relied upon.
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 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.
Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer