The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
UCU: TSX-V
President and CEO: James Mackenzie
Vice President, Project Development: Harmen Keyser
Vice President and CFO: Peter Manuel
At the behest of lawmakers at both the state and federal levels, and with the support of the U.S. Geological Survey, Ucore Rare Metals Inc. (formerly Ucore Uranium Inc.) is advancing the heavy rare earth element-enriched Bokan Mountain project located about 37 miles from Ketchikan in Southeast Alaska toward feasibility. The U.S. Bureau of Mines more than 20 years ago estimated the site contains at least 374 million pounds of recoverable rare earths, enough to protect America's access to the rare earth elements vital to production of cutting-edge and strategic technologies.
Rare earth minerals - used in green technology, high-tech consumer goods and military applications - are currently nearly 100 percent mined in China, which has increasingly restricted its exports of them to foreign production facilities.
In July Ucore launched a C$3 million exploration program at Bokan Mountain.
In addition to a 4,000-meter drill campaign, the work included extensive ground mapping, surface sampling and mineral characterization initiatives, as well as ground geophysics activities to assess more than 30 known REE-bearing prospects that have never been drilled.
The Nova Scotia-based explorer also retained Collison and Associates to complete prefeasibility work and plan for underground exploration at Bokan.
In conjunction with Ucore's exploration, the USGS sent a team of geoscientists to Bokan for the purpose of advancing the U.S. government's understanding of the mineralogy at Bokan.
The REE experts examined the Dotson Shear, Geoduck, Wennie and Geiger zones at Bokan.
They also explored the Sunday Lake zone, an area that yielded among the highest heavy rare earth element grades in North America.
Drilled for the first time in 2009, hole LM 09-65b at Sunday Lake cut 4.8 meters averaging 1.73 percent HREEs as oxide and 0.10 light rare earth elements as oxide.
Of particular interest to the USGS are terbium and dysprosium, which have been found in anomalously high grades in the Bokan area.
This work follows up on 2009 studies - funded through a USGS research grant and conducted by geologists from four Canadian universities in 2009 - that examined the geologic processes that led to deposit formation at Bokan and to characterize the granite complex that contains the deposits.
With the information gained from the studies, the USGS hopes to locate similar deposits in Alaska and western North America.
New laws on Capitol Hill and in Juneau could streamline the permitting process and help fund a mine at Bokan Mountain.
Two bills currently before Congress call for loan guarantees to stimulate U.S. REE mining and manufacturing as well as expediting review and approval of permits for rare earth exploration and development.
Lawmakers in Juneau have voiced support for expediting permitting and production of REEs in Alaska.
Ucore originally investigated Bokan for its uranium potential.
Between 1957 and 1971 a total of 1.3 million pounds of U3O8 were produced, at an average grade of 0.76 percent from the Ross Adams Mine at Bokan.
Recognizing the REE potential of the property, the junior shifted its focus toward these metals in 2009.
Ucore also holds a suite of uranium properties in Canada including Sandybeach Lake and Neultin Lake in southern Nunavut; Elliot Lake in Ontario; and Lost Pond in Newfoundland.
No significant exploration was carried out on these properties in 2010.
Cash and short-term deposits: C$4.4 million (at June 30, 2010)
Working capital: C$3.9 million (at June 30, 2010)
Market Capitalization: C$68.51 million (at Sept. 13, 2010)
501-2000 Barrington St. Halifax, Nova Scotia B3J 3K1
Tel: 902-482-5214 Fax: 902-491-4281
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