UC Resources has discovered gold. While the gold 'zone' discovered through shallow drilling was only a short interval, it was contained in quartz (which is a feature commonly found in conjunction with gold veins). Also significant are the electromagnetic anomalies in close proximity to this discovery, three of which are also fairly shallow, and one of which is deep.

Drilling on these is to begin tomorrow (Oct. 17th). With the additional detailed electromagnetic surveying done on these targets, conditions are, in my opinion, favorable to locating the source from which this narrow gold vein emanated. Narrow gold veins like the one discovered are often referred to as 'stringers', being narrow veins that splay off from frequently larger veins.

I find this information encouraging, as the Ring of Fire is known to contain a wide variety of mineralized bodies (nickel/copper/platinum/palladium, chromite, vanadium, zinc, etc.). It is only a matter of time, I believe, before a significant gold ore body is found.

I think UC has likely uncovered a stringer which is connected to a larger vein (or veins).

While it will likely be 8 to 10 weeks before assays are reported from the drilling that starts tomorrow, the detailed follow-up electromagnetic surveying provides, in my estimation, a greater likelihood of discovering gold in greater quantity. With the price of gold having climbed over $1,000/oz (and having remained at these levels for some weeks), UC has a great opportunity to discover one of the more lucrative metal deposits in the Ring of Fire.