Anglo Canadian Uranium Corp. (TSX-V: URA) (the “Company”) is pleased to announce results from the Phase One Exploration program at the Princeton Copper Project located 1500 meters south-southeast of Copper Mountain’s Pit #3. Phase One was initiated in August of 2009, and focused on establishing a baseline, hand trenching at six mineralized showings and road improvements. Exploration was focused on two primary areas; Skagit and Tacoma Two.
Skagit Zone
This region underwent significant historical trenching exploration approximately 30 years ago. A total of three samples were collected from this zone, results can be viewed in table below. The zone contains abundant malachite and chalcocite on fractures, with historical sampling results of 0.56% Copper over 63 feet. This zone has never been drilled.
Tacoma Two Zone
This zone consists of two exploration areas, one lying 865 meters west-southwest of the Skagit zone, the second area being 480 meters west of Skagit. At the first area, a possible window of intrusive rocks within an area of Nicola volcanic rocks demonstrated copper mineralization. It is unknown if this is part of a dike or larger intrusion, and requires additional exploration efforts. The second zone explored at Tacoma Two is situated where a short historic shaft was sunk on copper mineralization in fractured Nicola volcanic rocks. Subsequent exploration will focus on existing areas of strong mineralization, and can be accomplished by excavating areas of interest to determine the extent and possible orientation. This zone has also never been drill tested.
The following table outlines the results of the Company’s exploration program, with focus on Copper, Gold and Silver occurrences.
Skagit-Tacoma Project, Princeton Area, BC
|
Sample Number |
Easting |
Northing |
Sample Type |
Sample Width |
Cu % |
Au g/t |
Ag ppm |
Mo ppm |
|
SKG-01 |
681139 |
5462868 |
Chip |
5.1 m |
0.30 |
0.028 |
2.9 |
<2 |
|
SKG-02 |
681130 |
5462850 |
Grab |
2x2 m |
0.12 |
0.015 |
1.7 |
11 |
|
SKG-03 |
681143 |
5462889 |
Grab |
30 m |
0.34 |
0.022 |
3.5 |
<2 |
|
TAC 2-01 |
680318 |
5462597 |
Grab |
2.0 m |
0.60 |
0.453 |
1.7 |
21 |
|
TAC 2-02 |
680320 |
5462594 |
Chip |
3.0 m |
0.71 |
0.444 |
2.2 |
26 |
|
TAC 2-03 |
680320 |
5462594 |
2.71 |
1.145 |
7.0 |
62 |
||
|
TAC 2-04 |
680658 |
5462831 |
Grab |
1.8 m |
1.48 |
0.059 |
7.7 |
77 |
|
W09-01 |
681463 |
5463685 |
Chip |
3x3 m |
0.01 |
<0.005 |
<0.2 |
<2 |
Copper Mountain History and New Developments
The Copper Mountain district has a lengthy history of exploration beginning in the 1890's. Production commenced in 1923, and has been suspended and restarted as new ore bodies were discovered in the area. Initial production was initiated by Granby Consolidated Mining, Smelting and Power Company with 31.5 million tonnes of ore grading 1.08% Copper extracted from underground excavations from 1925 to 1930, and from 1937 to 1957. Additional exploration commenced in 1966 by Newmont Mining Corporation of Canada, with production commencing in 1972 from the Ingerbelle deposit. The entire deposit was sold again in 1988 to Cassiar Mining Corporation which operated under the name Similco Mines Ltd. The mine closed down in November 1996, due to low strip ratio reserves, rising production costs, and additional necessary capital expenditures. Historic production from the district to 1993 was 1.7 billion pounds of copper, 8.4 million ounces of silver and 0.62 million ounces of gold. Recent activity has been documented by Copper Mountain Mining Corp. (CUM-TSX), with new discoveries identified, and a 25% equity interest sold to Mitsubishi Materials Corporation.
In a Feb 8, 2010 news release Copper Mountain Mining Corporation announced that construction work on the Copper Mountain Project was proceeding on schedule with the concentrator building foundations approximately 92% completed. To date the Company has incurred a total of $285 million in spent and committed expenditures out of a planned $438 million on the project. Copper Mountain stated that “full production is expected to be achieved by June 2011 at the rate of 35,000 TPD”.
The measured and indicated resources based on a 0.15% Cu cut-off are 518.6 million tons grading 0.31% Cu containing 3.2 billion pounds of copper. The anticipated mine life is 17 years.
Anglo Canadian is very encouraged by the results from this initial program on the Princeton Copper project in such close proximity to the Copper Mountain mine. The company plans to commence a Phase Two exploration program when weather permits with the objective of determining if the copper mineralization is part of a larger system.
The Phase Two program will also include an MMI soil sampling program as recommended in the Phase One exploration program report with the objective of identifying targets for trenching and/or drilling programs.
Samples for the recent program were analyzed by an ISO 9001 certified and accredited facility. The Qualified Person for this news release is Mr. Warner Gruenwald, P.Geo who conducted the Phase I sampling and reviewed this news release.
About Anglo-Canadian Uranium Corp.
Anglo Canadian Uranium is a junior mineral exploration company with uranium, copper, and gold properties in Quebec, Colorado, Utah, British Columbia, and Yukon. For more information on the Company and its projects, please visit the website at www.anglocanex.com
ON BEHALF OF THE BOARD OF DIRECTORS:
“Len J.Harris”
Len J. Harris, President
T: 604 669 6807
Toll Free: 866 488 3838
E:
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