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Ucore’s flagship property at Bokan Mountain is situated at the southern most part of the Alaskan panhandle, on the southern end of Prince of Wales Island. It is approximately 60 km southwest of Ketchikan and 130 km northwest of Prince Rupert. The Bokan Mountain project covers 30 sq. km (19 sq. miles) and includes the former high grade Ross Adams Mine, which is Alaska’s only prior producing uranium mine.
Key Features
.jpg) Prior producing high grade uranium mine
USGS estimated 11+ million pounds U3O8 remaining in situ
One of the largest combined heavy & light rare earth deposits in North America
Secure mineral title and no land claim issues
Entire mine workings and road network intact
Exceptional access to deep water shipping and rail facilities
Near term production potential
Area has not been explored with modern techniques and technologies (35+ years dormant)
Extensive historical database containing previous exploration and mining data
Exceptional initial drill assays, including 3.9 meters grading 2.43% and 50.24 meters grading 0.47% (2007 results)
Multiple prospects and multiple commodities
Project Overview
The Ross Adams mine operated for short periods between 1957 and 1971, initially as an open pit and later an underground mine. During this time, a total of 1.3 million pounds of U3O8 were produced, at an average grade of 0.76% from the Ross Adams zone, one of more than 30 uranium occurrences known at Bokan Mountain.
(2).jpg) In 1989, a US Geological Survey estimated that the area hosts some 11+ million pounds of uranium as well as tantalum, niobium, and rare earth elements; identifying the Bokan Mountain property as one of the largest combined heavy and light rare earth deposits in North America (Reported by Warner and Barker (1989) for United States Department of the Interior, Bureau Of Mines. These figures and associated resource estimates are historic in nature, not compliant with National Instrument 43-101, and have not been reviewed by Ucore’s qualified persons. On this basis they cannot be relied upon as statements of mineral resources). Since acquiring the Bokan Mountain property in 2007, Ucore has been working to confirm the USGS estimates and is investigating the possibility of an even larger resource, to be explored with modern exploration techniques.
The Bokan project is situated within the Tongass National Forest. It is operated by the US Forest Service and has no indigenous or residential populations, resulting in secure mineral title for Ucore and no land claim issues.
The Ross Adams mine has the potential for near term reactivation of uranium production. The deposit is open at depth and along strike, with extensive mine infrastructure intact and amenable to new development. This infrastructure includes an access road system and two accessible underground mine haulage levels, as well as close proximity to barge-accessible tidewater at Kendrick Bay. The area is served by barge and float plane from Ketchikan, and the pre-existing road network provides access to key target areas. Located just 130 kilometers from the port city of Prince Rupert, the Bokan Mountain property provides for easy access to both North American and Asian markets by rail and sea.
Substantial amounts of private, historic technical data pertaining to past exploration and mining in the Bokan Mountain area have been obtained. This includes information such as mine workings, minerology, drill logs, uranium production records, and mapping. Ucore also has access to a substantial amount of published research by government and academic interests, as well as the technical support of several prominent local mining exploration interests with long-standing exploration knowledge of the district.
Bokan Mountain is Alaska’s only prior uranium producing site which yielded some of the highest known grades within the United States, and Ucore’s large land holdings on this site have not been thoroughly explored using modern exploration techniques. This, together with the extensive historical database and the USGS resource estimates, suggest that Bokan has excellent upside potential for discoveries of new uranium and rare earth deposits.
Geology and Mineral Occurences
Historical information has been thoroughly reviewed. Based on this information, as well as Ucore’s own exploration results, more than 30 uranium occurrences have been identified at Bokan Mountain. (2).jpg) They are related to a peralkaline ring dike complex known as the Bokan Intrusive Complex. Variable concentrations of light and heavy rare earth elements (REE), zirconium, beryllium, tantalum, and niobium are associated with the uranium mineralization. Most of the uranium mineralization in the area is characterized by multiple, steeply dipping, uraniferous quartz-pegmatite veins localized by radial fractures near the margin of the Complex. The most significant of these more than 30 mineralized occurrences include the Ross Adams, I&L, Dotson Shear, Sunday Lake, and Geiger Zones.
Exploration Program
2007(1).jpg)
In 2007, Ucore focused on exploring the I&L zone, located 450 meters northeast of the Ross Adams Mine. A total of nine diamond drill holes spanning 422 meters were completed at the previously tested but unmined I&L zone. A high resolution airborne geophysical survey was flown, and an extensive data compilation program was initiated.
2008
Ucore’s primary focus for the 2008 exploration season was to expand upon the high grade uranium mineralization identified at the I&L zone during the 2007 drill program, and to identify and evaluate additional drill targets.
(2).jpg)
As of September, 2008, 37 holes (holes 10-46) were drilled at four separate target areas, with the majority coming from the I&L zone. Ucore has received and announced significant uranium and multi-element assay results for the first 16 holes of the season (holes 10-25), and is currently waiting to receive assay results for the remaining holes.
In addition to high grade uranium values, the I&L zone is also enriched in rare earth elements and related metals, including yttrium, zirconium, beryllium, and niobium. Results indicate potentially significant concentrations of highly valuable heavy REE’s, many of which are uncommon at most other North American deposits and have valuations ranging from hundreds to over one thousand dollars per pound. Furthermore, surface sampling has identified several zones with even higher REE values outside of the I&L zone and the other main uranium-bearing zones.
Ucore is compiling and assessing the 2008 drill results. The distribution of uranium and rare earth elements is suggestive of (1) an inverse relationship between uranium and rare earth elements, (2) most of the uranium mineralization is located near the margin of the Bokan peralkaline granite complex, and (3) most of the best rare earth element values are found more distant to the intrusive complex.
REE's at Bokan: Supplement to the September 25/08 Press Release
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Element
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Symbol
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Atomic
Number
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Bokan
Range %1
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Price2
(US $/kg)
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Typical Uses
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Light REE’s
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Lanthanum
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La
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57
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0-0.5
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6-30
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Optical glass, cast iron, petroleum refining catalyst, alloys
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Cerium
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Ce
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58
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0-0.2
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4-40
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Glass polishing, steel, autocatalysts, self-cleaning ovens
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Praesodymium
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Pr
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59
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<0.025
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50-60
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Glass, magnets
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Neodymium
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Nd
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60
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0-0.1
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32-50
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Magnets (including computers and voice coils), lasers, catalysts
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Promethium
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Pm
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61
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-
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Synthetic element
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Samarium
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Sm
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62
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0-0.04
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4-250
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Magnets, lighting, lasers, biofuel catalysts
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Heavy REE’s
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Europium
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Eu
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63
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<0.01
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430-1800
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Phosphor, nuclear energy controls
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Gadolinium
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Gd
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64
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0-0.2
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10-400
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Microwaves, phosphors, superconductors, medical MRI’s
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Terbium
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Tb
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65
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0-0.06
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700-1800
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Phosphors, fuel cells
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Dysprosium
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Dy
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66
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0-0.6
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100-150
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Lasers, chalcogenides
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Holmium
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Ho
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67
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0-0.2
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650-2000
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Nuclear control rods, lasers, colorants
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Erbium
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Er
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68
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0-0.6
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20-500
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Alloys, glass pigments
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Thulium
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Tm
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69
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0-0.1
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790-2500
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Ceramic magnets
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Ytterbium
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Yb
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70
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0-0.5
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130-400
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X-rays, lasers
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Lutetium
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Lu
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71
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0-0.06
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2000-3500
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Petroleum cracking catalysts
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Yttrium
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Y
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39
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0-5
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10-50
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Phosphors, lasers, ethylene production, ceramics, alloys
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1. Range of REE values at I&L zone, Bokan Mountain, based on drill results released September 25, 2008.
2. REE prices are transaction based. Therefore prices vary as determined by supply/demand, purity of oxide, and quantity.
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