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October 16, 2014 --- Vol. 08, No. 42October 2014

Alaska News Nuggets

RARE EARTHS – Ucore Rare Metals Inc. Oct. 15 reported issuing a request for proposals to engage a consulting firm to prepare a bankable feasibility study for the company’s Bokan-Dotson Ridge heavy rare earth deposit in Southeast Alaska. The preparation of the feasibility study has been timed to allow access to final metallurgical work and the operation of the forthcoming Bokan pilot plant before finalizing the feasibility study. "The completion of our infill diamond drill program at Bokan this summer has allowed us to continue uninterrupted toward mine development,” said Ucore COO Ken Collison. The 5,000-meter drill program consisted of 2,500 meters of infill drilling; 1,500 meters of deep targeted drilling to expand the Bokan resource at depth; as well as 1,000 meters of geotechnical and groundwater drilling to support environmental analysis and the permitting process. To make the most efficient use of time, and specifically in order to shorten the timeline to construction, the permitting process at Bokan will continue during the preparation of the BFS. This simultaneous undertaking is designed to ensure the mine construction is ready to commence with minimal delay, upon the issuance of required mine building permits. “The preparation of the BFS is a milestone for Ucore, and marches us yet another step closer to construction at Bokan Dotson-Ridge,” said Ucore President and CEO Jim McKenzie. “Our project continues to progress according to plan. It’s especially gratifying to be making these material advances during a market down cycle. Ucore’s fundamentals are strong, and this work positions us to take advantage of higher prices in the future.”

GOLD – Miranda Gold Corp. Oct. 15 said a recently completed 234 sample soil grid, along with rock samples of quartz vein rubble, suggest that the vein system mined on Bullion Mountain in the Willow Creek District extends beyond a fault that bounded historical production. The sampling identified an 800-meter-long gold-in-soil anomaly and identified three quartz vein sub-crops that assayed 1.48 ounces per ton, 0.50 oz/t and 0.53 oz /t gold. Miranda says the adjoining Gold Bullion Mine had historical production of 77,000 ounces at 1.4 oz/t gold. Miranda is encouraged by these exploration results as they indicate new vein segments can be quickly identified and advanced to drill targets in the Willow Creek District. Historical mines within Miranda’s holdings in the district include the Lucky Shot, War Baby, Coleman, Nippon and Gold Bullion. The first three of these mines lie along Lucky Shot Ridge while the Nippon and Gold Bullion mines are located about 1.9 miles (three kilometers) to the east on Bullion Mountain. The soil grid, which satisfied 2014 assessment requirements, was designed to test the Bullion Mountain area for new vein segments. Miranda thinks that the Lucky Shot Ridge and Bullion Mountain veins are fault offsets of the same zone of high-grade gold quartz veins and that the area where the soil grid is located offers exploration potential for a new discovery. For perspective, the new soil anomaly compares favorably to the Lucky Shot vein that produced more than 350,000 ounces of gold at greater than 1.2 oz/t in 1200 meters of vein. Miranda says veins in the Willow Creek District rarely outcrop but can be detected by close-spaced soil sampling. The new soil results compare well with orientation soil sampling above the upper Coleman segment of the Lucky Shot vein, where Miranda recently reported a NI 43-101 compliant measured and indicated resource of 62,100 oz of gold contained in 78,700 metric tons at an average grade of 24.6 grams per metric ton gold; with another 4,100 troy oz gold contained in 5,300 metric tons at an average grade of 24.2 g/t gold reported as inferred. Gold Torrent Inc. has completed its due diligence on the Willow Creek Project and is working with Miranda to finalize a joint venture agreement. Once the joint venture agreement is signed Miranda anticipates that Gold Torrent will begin permitting, underground drilling, and other work needed to expand the resource base and fast-track the Coleman into production. Based on the terms of the joint venture, Gold Torrent will fund the first US$10 million in capital costs.

GOLD/COPPER – Freegold Ventures Ltd. Oct. 14 said it has enlarged its Shorty Creek property to 26,807 acres by staking an additional 48 claim. Exploration completed over the Shorty Creek project has defined significant chargeability anomalies which are coincident with strong copper, molybdenum, gold and bismuth geochemistry. Additional staking was done to cover extensions to the known anomalous areas. Freegold said it is extremely pleased with the results to date and believes Shorty Creek project represents excellent drill ready porphyry copper-gold and copper-molybdenum targets. The Shorty Creek Project is located 60 miles (100 kilometers) northwest of Fairbanks, Alaska and about 2.5 miles (four kilometers) to the south of International Tower Hill’s Livengood gold project. Previous exploration at Shorty Creek identified significant gold, copper and pathfinder elements associated with gold-copper porphyry style mineralization in limited shallow drilling. Previous drilling encountered up to 67 meters grading 1.22 grams per metric ton gold with most of the drilling intercepting increasing copper grades at depth (up to 0.45 percent copper). Since acquiring the project in July, Freegold has completed 28.6 line kilometers of induced polarization surveying and collected 354 soil geochemical samples. Results show a strong chargeability anomaly which is more than 2,000 meters long and 1,000 meters wide in the northwestern area of the grid. Coincident with the geophysical anomaly strongly anomalous copper values (up to 669 parts per million) with significant molybdenum (up to 150 ppm) were returned. In the southern portion of the grid, where previous drilling by Fairbanks Exploration and Asarco in 1989-1990 was completed, a significant chargeability zone was identified which correlates very well with the area of limited previous drilling. Strongly anomalous gold (up to 480 parts per billion) and bismuth (up to 276 ppm) are associated with the geophysical anomaly. In addition to the geophysical and geochemical anomalies, extensive alteration and hornfels metamorphism spatially associated with small bodies of biotite granodiorite, quartz porphyry and aplite have been previously mapped over a 4,000- by 4,000-meter area.


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