Monroe Minerals Announces Drilling Results on Ucore's Lost Pond Property

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Monroe Minerals Announces Drilling Results on Ucore's Lost Pond Property

posted on Apr 14, 2009 06:06AM

April 14, 2009

Monroe Minerals Announces Drilling Results on Ucore's Lost Pond Property

HALIFAX, NOVA SCOTIA--(Marketwire - April 14, 2009) - Ucore Uranium Inc. (TSX VENTURE:UCU) is pleased to announce results from an eighteen hole, 2,504 m diamond drill program completed on the Lost Pond property in western Newfoundland by Monroe Minerals Inc. (TSX VENTURE:MMX). The property hosts a number of uranium and Rare Earth Oxide (REO) showings which have been the focus of two drill programs by Ucore over the past two years. The Monroe drill program was completed in December 2008 and was focused on testing the U2 Cataclastic Zone uranium mineralization and the U3 REO Zone.

Commenting on the results, Monroe CEO and President Derek Moran said, "The results on the U2 uranium target were encouraging. The uranium-mineralized intersection has increased to a 20.1 m core length, including a higher grade interval, and the zone is apparently open down-plunge. While the REE results were positive, mineralization may be controlled by a number of fault blocks which complicate the continuity of the U3 REO zone."

U2 Cataclastic Zone Grid: Five holes (LP08-05, 06, 06B, 07 and 21) targeted the Cataclastic Zone in the area which had previous intersections up to 0.045% U3O8 (over 12.3) m. LP08-05 intersected a 4.0 m section of the alteration/structural zone starting at a down-hole depth of 139.05 m. LP08-06 was abandoned after 19 m due to blocky ground, whereas LP08-06B and 07 intersected the horizon above its now projected plunge. The final hole, LP08-21, targeted the down-plunge extent of the zone and hit the target at 235.4 m, resulting in an intersection of 0.038% U3O8 (over 20.1) m, including 0.061% U3O8 (over) 3.0 m. The Cataclastic Zone is interpreted as a 75 dipping zone and the true widths are approximately 75% to 80% of the down hole drill intercepts. It remains completely open down-plunge and additional drilling is planned.

Three other holes on the U2 Cataclastic Zone grid (LP08-08, 09 and10) tested uranium geochemistry anomalies located 400 m to 800 m away from the known mineralization and did not encounter any significant uranium zones. The following table lists all of the holes and anomalous results from this latest stage of drilling on the U2 Cataclastic Zone:

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Hole       Grid   Grid  Azimuth  Dip           From     To Interval
Number    North   East    (degrees)              (m)    (m)      (m)  %U308
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LP08-05   9,900 10,277    272    -60         139.05  143.1     4.05   0.032
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LP08-06A  9,968 10,170     93    -50         Abandoned in broken ground
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LP08-06B  9,964 10,180     93    -55          12.05   15.8     3.75   0.038
                                    Includes   14.1   15.8      1.7   0.067
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LP08-07  10,000 10,365    272    -60          No Significant Values
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LP08-08   9,900 10,820    272    -50          No Significant Values
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LP08-08B  9,900 10,800    272    -50          No Significant Values
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LP08-09  10,300 10,475    272    -50          No Significant Values
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LP08-10  10,700 10,675    272    -50          No Significant Values
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LP08-21   9,970 10,390    262    -56          235.4  255.5     20.1   0.038
                                    Includes  238.5  241.5      3.0   0.061
---------------------------------------------------------------------------

U3 REO Grid: Ten holes (LP08-11 to 20) targeted the U3 REO zone, located about two kilometres east of the U2 Cataclastic Zone. The holes were drilled on sections approximately 50 m apart to evaluate a discrete 250 m long bulls-eye magnetic high. This magnetic high is associated with REO minerals and previous drilling by Ucore in 2007 intersected up to 4.47% Total Rare Earth Oxides ("TREO") over 5.64 m. Monroe's drilling intersected multiple mineralized zones, including 4.32% TREO over 2.0 m core length in hole LP08-13 and 1.162% TREO over 15.3 m core length in LP08-17. This near surface mineralization appears to be affected by a number of fault blocks which complicate the continuity of the rare earth-bearing U3 zone. Additional work, including a series of short drill holes will be required to better define the deposit geometry. True width estimates are not known at this time. A summary of the drill results from the U3 Grid drilling are as follows:

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Hole      Grid   Grid    Az  Dip             From     To  Interval
Number   North   East   (degrees)              (m)    (m)       (m)   %TREO
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---------------------------------------------------------------------------
LP08-11  2,034  1,950   190   50             49.5   52.8       3.3    1.260
                                  Includes   50.5   52.8       2.3    1.757
                                       and   50.5   51.0       0.5    4.809
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LP08-12  2,075  1,950   190   50               No Significant Values
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                                             50.1   51.4       1.3    3.631
                                  Includes   50.1   50.4       0.3   15.035
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LP08-13  2,075  2,000   190   50             64.9   66.9       2.0   4.321
                                  Includes   64.9   65.9       1.0    6.482
---------------------------------------------------------------------------
                                               77  81.75      4.75    2.133
                                  Includes  80.75  81.75       1.0    9.591
---------------------------------------------------------------------------
LP08-14  2,040  2,000   190   45            23.75   25.1      1.35    1.173
                                  Includes  24.75   25.1      0.35    4.416
---------------------------------------------------------------------------
LP08-14B 2,040  1,990   190   45              No Significant Values
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LP08-15  2,005  2,050   190   50            70.41  74.48      4.07    1.003
                                  Includes  70.41  72.48      2.07    1.520
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LP08-16  1,956  2,100   190   50              No Significant Values
---------------------------------------------------------------------------
                                             17.1   19.4       2.3    2.841
                                  Includes   17.1   17.9       0.8    5.379
---------------------------------------------------------------------------
LP08-17  2,020  2,100   190   50             87.9  103.2      15.3    1.162
                                  Includes  102.0  103.0       1.0    2.555
---------------------------------------------------------------------------
                                            112.3  119.8       7.5    1.269
                                  Includes  115.1  116.1       1.0    2.235
                                       and  118.8  119.8       1.0    2.690
---------------------------------------------------------------------------
LP08-18  2,000  2,150   190   50              No Significant Values
---------------------------------------------------------------------------
LP08-19  2,035  2,100   190   50              No Significant Values
---------------------------------------------------------------------------
LP08-20  2,110  2,000   190   50              No Significant Values
---------------------------------------------------------------------------

Quality Control: Core samples from this drill program were split using a diamond saw and half of the core was sent to Activation Laboratories in Ancaster, ON for analysis. Uranium concentration was analyzed by Delayed Neutron Count (DNC) along with ICP-MS for select major, minor and trace element compositions. Samples collected from the Rare Earth Oxide Zone were analyzed using a WRA +Trace 4Litho package, which ensures the accuracy for analyzing total metal content for elements like REEs. Blank samples were inserted into the sample batch periodically and standards were used at Activation Laboratories to ensure accuracy.

Background and Compliance

Ucore Uranium Inc. is a junior exploration company focused on establishing uranium and associated resources through exploration and property acquisition. Ucore's Lost Pond Property is located in western Newfoundland, where Monroe is earning a 50% interest (see press release September 16, 2008) by spending $2,600,000 on exploration, including a minimum first year commitment of $700,000, and issuing 3,000,000 shares to Ucore, including 500,000 shares on signing, over four years. Monroe has met its expenditure obligation through December 31, 2009. The Qualified Person ("QP") responsible for Monroe's Lost Pond exploration program is Wayne Reid, P.Geo. The qualified person responsible for ensuring that the contents of this press release are an accurate summary of Monroe's data is Harmen Keyser, P.Geol. (NWT), Ucore's Vice President of Project Development. For more information, please visit our website: www.ucoreuranium.com.

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