Uracan Resources Ltd. announced that the company and the operator UEX Corporation commenced a $455,000 diamond drilling program of approximately 1,900 metres on the Black Lake Project. The Property is located along the northern margin of the prolific Athabasca Basin in northern Saskatchewan. The Black Lake Project covers a total of 30,381 hectares within the Athabasca Basin.

This exploration drilling program will further test geophysical and geochemical targets identified by previous exploration work both at the unconformity as well as in the underlying basement rocks. Bleaching and desilicification of the sandstone as well as strong local clay alteration and dravite zones have been intersected on the property consistent with those commonly associated with uranium deposits elsewhere in the Athabasca Basin. Prospective fault structures offsetting the unconformity (reverse faulting on the main conductor and southeast-northwest cross structures) are also present throughout the Property and are considered good potential hosts for unconformity and basement-hosted uranium mineralization.

The exploration program is being conducted with UEX Corporation acting as the operator. Exploration drilling conducted by Uracan and UEX at Black Lake in 2014 has intersected significant uranium mineralization in several areas including 0.131% U3O8 over 0.5 metres and 0.124% U3O8 over 1.0 metres in drill hole BL-148. This mineralization is hosted within and adjacent to the Eastern Fault Zone from which previous drilling intercepts on the property have been obtained.

These mineralized intervals encountered in drill hole BL-148 occur at and up to 19 metres below the unconformity between the overlying Proterozoic Athabasca sandstones and underlying Archean basement rocks. This basement-hosted mineralization intersected below the footwall unconformity is significant as this style of mineralization has not been encountered previously in this area of the Property and represents a new prospective target. Basementâ ‘hosted mineralization will be a major exploration target in the upcoming drill program.