IGC Resources Announces Drilling Start on Uaroo Uranium Project, Western Australiaadmin
IGC Resources Inc. announced that drilling has commenced on the Company’s Uaroo Uranium project, Western Australia. The project covers 400 square kilometres of granted tenements which are 100% owned by IGC. The tenements cover late stage granites beneath sandstone and conglomerate, which are capable of hosting uranium, copper and gold, and of providing adequate source rocks to allow a significant deposit to have developed.
The Company intends to complete approximately 2,500 metres of aircore drilling to test for the nature and extent of uranium mineralisation previously identified in the area during the mid 1970′s by CRA Exploration Pty Ltd (“CRA”). Historical results from CRA within the anomalous uranium in defined roll front include 3.7m @ 0.11kg/t U3O8, email@example.com, 2m @0/.7 and firstname.lastname@example.org/t U3O8 (to view the map accompanying this press release, please click on the following link: http://www.ccnmatthews.com/docs/IGC.pdf).
In addition the Manyingee Uranium deposit (less than 50 kilometers to the northwest) provides supporting evidence that uranium has deposited within an extensive paleo drainage in the area.
Immediate neighbours to the north (Scimitar Resources Limited, ASX listed) recently announced results from their part of the same roll front which passes through IGC’s Uaroo project including 1.2 m @ 511 ppm, 1.2 m @ 685 ppm, 3.2 m @ 600 ppm (including 1.0 m @ 1340 ppm U3O8) from their September 2006 drilling program.
The Company also has a second uranium prospect at its Fraser Range iron oxide copper-gold project in Western Australia. The prospect lies atop the main Endurance and Irion Duke iron oxide copper-gold targets recently identified in the area by IGC.
IGC Resources Inc.’s principal business activities are the exploration, development and mining of gold, copper and uranium prospects within Australia, while continuing to investigate other mineral resource prospects for potential acquisition globally. The Company trades on the TSX Venture Exchange under the symbol “IGC” (IGC.V for yahoo.com quotes) and Frankfurt symbol “I6G”.
17.5M shares outstanding; Last trade: C$0.38
Statements in this release may constitute forward-looking statements which involve known and unknown inherent risks and uncertainties that are detailed in IGC’s periodic filings with Canadian securities regulators. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Actual events or results could differ materially from IGC’s expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Linda Holmes IGC Resources Inc. Corporate Secretary (250) 404-0310 (250) 404-0311 (FAX) Email: email@example.com
Source: IGC Resources Inc.