Bancroft Uranium Announces Final Series of Drilling Results Monday June 16, 4:00 am ET
SCOTTSDALE, AZ--(MARKET WIRE)--Jun 16, 2008 -- Bancroft Uranium Inc. (OTC BB:BCFT.OB - News) ("Bancroft" or the "Company") today announces the final series of drilling results from the 2008 surface drill program conducted at the Monmouth Uranium Project, near Bancroft, Ontario. The Company today is releasing assay results from the final 7 drill holes 08-41 through 08-48 as outlined below. The Company has now received all drilling results and third party engineers have begun calculating the uranium resource at Monmouth. The detailed engineering report on the Monmouth Uranium Project being prepared will comply with N.I. Policy 43-101.
This fourth in a series of drilling assays and intervals are from holes drilled over the final 200 feet of strike length exposure of the host rock skarn. In total, the combined results cover drilling conducted over 1,100 feet of strike on the deposit. Assays of 1.069lb/13.6' in the last hole drilled, 08-48, and 0.831lb/15.5' in 08-42 represent the best results from this series of holes. Significant results are as follows. Assays are noted as lb representing lbs/ton U3O8 over feet:
08-41- 0.939lb/1.1' from 263.7 to 264.8 feet, 0.830lb/2.2' from 348.5 to 350.7 feet
08-42- 0.831lb/15.5' from 368.6 to 384.1 includes a 3.773lb/2.6' at 368.6 to 371.2 feet
08-43- 1.004lb/11.6' from 97.2 to 108.8 feet; including 1.905lb/5.0' from 97.2 to 102.2 feet and 0.536lb/3.8' from 105.0 to 108.8 feet
08-44- 0.288lb/11.4' from 64.4 to 75.8 feet; 0.401lb/9.6' from 104.2 to 113.8 feet; 0.701lb/4.1' from 124.9 to 129.0 feet
08-45- 0.126lb/14.1' from 18.9 to 33.0 feet; 0.433lb/32.1'/56.3 to 88.4 feet including 1.014lb/9.7' from 56.3 to 66.0 feet and 0.256lb/14.3'from 74.1 to 88.4 feet
08-46- 0.372lb/14.9' from 89.0 to 103.9 feet including 0.613lb/7.3' from 89.0 to 96.3 feet; 0.367lb/25.8' from 125.9 to 151.7 feet including 0.447lb/17.0' from 125.9 to 142.9 feet and 0.358lb/5.2' from 146.5 to 151.7 feet
08-47- 0.474lb/43.3' from 82.0 to 125.3 feet
08-48- 1.069lb/13.6' from 13.3 to 26.9 feet
Bancroft has verified the location, thickness and flat lying geometry of the uranium bearing skarn system intersected in the historical drilling. U3O8 assays have been returned from both uraninite-bearing bright orange-colored calcite alteration in the skarn and from several pegmatite bodies in and adjacent to the skarn package. The geological modeling of the deposit is now coming into focus with the alteration zone rock package dipping at a fairly consistent 25-30 degrees, amenable to a potential open pit scenario.
All of Bancroft Uranium's exploration programs are designed and supervised by Qualified Persons ("QP") under the N.I. Policy 43-101, who ensure that programs are carried out using current industry "Best Practices." Murray McGill P.Geo (QP) supervised the spring 2008 drilling program. The NQ size core was logged by Mr. McGill and split on-site. Activation Laboratories in Ancaster, Ontario, analyzed half core samples using standard Delayed Neutron Counting (DNC) methods. Activation Laboratories employs rigorous in-house QA/QC procedures in the DNC process.
ABOUT BANCROFT URANIUM INC. (OTC BB:BCFT.OB - News)
Bancroft Uranium Inc. is an exploration Company which intends to develop Uranium assets in North America. Bancroft's initial asset, the Monmouth Uranium Project is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.