UC Resources Ltd. Auditor Raises 'Going Concern' Doubt
Oct 28 13
UC Resources Ltd. filed its Annual on Oct 28, 2013 for the period ending Jun 30, 2013. In this report its auditor, Morgan & Company, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
UC Resources Ltd. Discovers Additional Gold & Silver Veins at Xora
Jun 6 13
UC Resources Ltd. announced that it has discovered an additional two major Silver Vein structures within the XORA Concession adjacent to the company La Yesca Mill site. The Larissa Vein structure, is adjacent to fault N5 W. This fault consists of heavy gouge material/shearing, with abundant clay accompanied by calcium carbonate plus minor silica - white and brown colored, moderately obliterated after oxidation. No significant numbers come from the fault structure itself, but values are seen in the adjacent Bx Vein which is at least 1.8 meters in width, returning up to 2 g/t in Au (gold) and up to 600 g/t in Ag (silver). This manifestation is located in section 1175, with the quartz networks appearing to drifting in a N60 W direction with respect to the general strike of regional fault in the area. This zone is adjacent to sample 69384 and have a new sample No. 69406 over 1.5 meters width. This sample runs 0.51 g/t in Au and 220 g/t in Ag. This gives approximately 3.3 meters of mineralized vein running up to 400 g/t in Ag and nearly 1.5 g/t in Au. This area is strongly recommended for further exploration. Approximately 143 meters eastward in the same section, have another manifestation of anomalous gold and up to 600 g/t in Ag (1 meter wide). As a result, there is good potential traced from the new Larissa Zone over to the Mirador Zone. A drill pad has been set up on the steep area adjacent to the Larissa Zone with the intention of drilling one or more holes to test this zone. The Mirador system also includes an impressive matrix supported breccia, adjacent to an andesitic dike, which is evident in over 100 meters in strike length, in a direction nearly N-S. This breccia did not return significant values, but returned anomalous gold such as 0.3 g/t Au in 3 locations. Cuatas III is an intersection of structures striking N20 E and N30 W, located 90 meters westward from the Cuatas system. It is a small mineral occurrence, 3-4 meters in length and 1.5 meters wide. Sample No.69400 was taken over a width of 1.5 meters and returned a value of 123 g/t in Ag. Sample No. 69401 is a dump sample, returning random values between 0.232 g/t in Au and 242 g/t in Ag. This structure has the same strike and dip as the Cuatas I Vein. The Coral Vein Structure occurs in what is considered the south part of the property, immediately after the regional E-W Lyon Fault. This vein drifts at N20 E with respect to the predominant N-S structural control, and appears to be at least a 4 meter in width. Part of the footwall remains covered due to its dipping into the hillside. Four samples were collected across the vein structure, two of them with decent numbers: 5-7 g/t in Au and around 80 g/t in Ag. Sample No.69377 is 1.30 meters in width and found in the footwall. Values were returned with 5.83 g/t in Au, 81.8 in Ag and an adjacent sample No. 69380 had the same width with 6.58 g/t in Au, 79 in Ag. This old work seems to have vertical development but is covered and slumped in, after the extraction of mineral and vein materials were done in the past. Some more channel sampling is recommended along the fault in the vicinity of former Coral mine. They have made arrangements with the land owners to build a road on this side of the property, so they can drill test this are as well as second priority targets such as the Manguito, the Waterfall, and the Crucificado occurrences to south. The Cuba Vein Structure is developed in highly argillized rock, amygdaloidal in composition, has a waxy material in open spaces but anomalous gold is scarce in the andesite outcrops around the Cuba vein. The Rita vein occurs approximately 70 meters west of the Waterfall I, in a N-S structure, 1.8 meters in width and perpendicular to an andesite dike of 4.20 meters width. The Guacamaya Structure is approximately 130 meters west of the Rita structure - which is an E-W structure consistent with an andesite dike but has had no significant numbers in gold or silver but had a few anomalous gold results. Between Cuatas and Mirador systems, some structures ranging from 1-1.5 meters in width. These are known as the Dominick 1, and Anita 1. They are awaiting results from sampling in this area. The Xora deposit is an undeveloped epithermal system of narrow veins which occurs along 700 meters of strike length. Mapped and named as the Cuatas to Mirador-Colorada Systems with multiple en echelon sub parallel vein systems they are consistent and likely tied into the regional N-S fracturing transecting the region and occur as multiple mineral occurrences.
UC Resources Ltd. Provides Operating Update of its La Yesca Facility in Mexico
Mar 1 13
UC Resources Ltd. announced that it has successfully concluded physical testing over the past number of weeks at its La Yesca facility in Mexico. The results of the testing indicate that tailings already processed at La Yesca can be reprocessed by the company to achieve a reasonable recovery return for silver and gold. The results from the test showed that approximately 75% of original recovery could be achieved from the reprocessing of tailings previously processed. Other associated costs of production such as cyanide usage and equipment usage are lower on reprocessed tailings, so the company believes the net result will be that revenues will be closer to approximately 80% of normal, once these factors are taken into account. The significance of the testing is that the company will now be able to proceed to process all tailings accumulated in three separate tailings ponds at the site. In order to accommodate this production, the company has entered into an agreement with Clifton Environmental Services Ltd. for the development of a larger tailings pond facility to accommodate the company's production for the next approximately five years of processing, reprocessing and virgin ore extraction. The company plans to run a mix of newer tailings combined with older tailings to maximize and extend production as much as possible at La Yesca. This does not include the raw material the company believes it will obtain through the narrow mining of the XORA concession. The company announced on December 2012 that it had discovered a significant silver vein structure at XORA.