Uragold Commences a Diamond Drill Program on the Beauce Placer Gold Property
November 29 2011 - 10:53AM
Marketwired
Uragold Bay Resources Inc. (TSX VENTURE:UBR), Uragold is pleased to
announce that it has commenced a four hole, 1000 meter diamond
drill program on the Beauce Placer Property to drill the bedrock
below the placer gold bearing basal till. Inlandsis Consultants,
who will provide geological services and supervision of the drill
program, has identifed two potential source areas to be drill
tested.
As reported previously, (Uragold press releases of April 18 and
July 5, 2011) Uragold confirmed the existence of a buried
orange-brown gold bearing till where analysis of recovered gold
grains from Uragold's sonic drill program suggests a proximity to a
bedrock source of gold, within the limits of the UBR Property.
Bulk Sampling Update
Uragold is currently working with GENIVAR Inc.'s Mining group to
obtain the required permits from Quebec's MNRF (Ministere des
Ressources naturelles et de la Faune) and the MDDEP (Ministere du
Developpement durable, de l'Environnement et des Parcs) to allow an
expanded bulk sampling program of 25,000 tonnes of the basal
orange-brown diamict from its Beauce Placer property located near
Saint-Simon-les-Mines in the Beauce region of southern Quebec. The
increased bulk sampling tonnage will provide a better understanding
of the economic potential of the deposit and evaluate a potential
future mining method. Due to the significant thickness of
overburden material on top of the gold bearing zone, regulatory
approval is required. Approval from the MNRF is now required In
Quebec for all bulk samples that exceeds 50 tonnes and/or 1000 m3
of overburden.
As reported previously Uragold has retained the services of
GENIVAR Inc. (GENIVAR) (TSX:GNV), one of the largest professional
services firm in Canada. GENIVAR will provide Uragold with an audit
of its environmental compliance in order to meet all legal
requirements and obligations as it continues to explore the Beauce
Placer gold property.
About the Beauce Placer Gold Property
The Beauce Placer property was the site of Canada's first gold
rush in the 1850's, years before the Klondike gold rush. Two of
Canada's largest gold nuggets, the Kilgour nugget at 52 ounces and
the McDonald nugget at 45 ounces, came from the Gilbert River,
which flows through the property.
In the early 1960's, the property was the site of a major placer
gold mining operation. The Beauce Placer Minning Co. was the only
commercial placer gold mining operation in eastern North
America.
About Uragold Bay Resources Inc.
Uragold Bay Resources is a junior exploration company trading on
the TSX Venture Exchange under the symbol UBR. Uragold is a top
claims holder in Southern Quebec's Appalachian belt. The properties
benefit from extensive historical exploration work and from
well-established infrastructure thereby helping to reduce
exploration risks. Uragold's business model focuses on developing,
a series of potential small scale low-cost gold mining operations
for their potential in generating cash flow while simultaneously
exploring core properties that hold the potential for the discovery
of blue sky gold deposits like the MacDonald project.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Bernard J. Tourillon, Chairman and CEO (514) 846-3271
Patrick Levasseur, President and COO (514)
846-3271www.uragold.com
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