News - New Priority Targets
Feb 05, 2008 10:00 ET
Uranium North Confirms Several Priority Targets on the Amer Lake Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 5, 2008) - Uranium North Resources Corp. (TSX VENTURE:UNR) has identified several new exploration target zones on its 100% owned Amer Lake property, in Nunavut. The targets are east of the centrally located Main Zone where the 6.7 million lb historical uranium resource(i) is situated.
Widespread uranium mineralization has been discovered on the Horned Lake and Split Lake prospects. The prospects are defined by frost-heaved uraniferous boulders, which are coincident with airborne geophysical uranium and magnetic anomalies. The data have identified approximately 30 kilometres of uranium prospective stratigraphy. To view map please click on the following link: https://www.uraniumnorthresources.com/s/EasternRegion.asp.
Horned Lake
The Horned lake prospect was defined by approximately 500 uranium bearing boulders mapped over a distance of 3 kilometres, in a NW-SE direction by Uranerz in the late 1970's. Fifty-two boulder samples from the area yielded assays ranging from less than 0.1% to 5.1% U3O8. Thirty-one grab samples collected from the area by Uranium North in 2007 confirm this uranium mineralization. The uranium values from 30 samples range from 0.03% to 1.1%.
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Sample % U3O8 Sample % U3O8 Sample % U3O8
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1 1.10 11 0.33 21 0.10
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2 0.67 12 0.29 22 0.07
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3 0.65 13 0.24 23 0.07
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4 0.64 14 0.20 24 0.05
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5 0.60 15 0.19 25 0.05
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6 0.58 16 0.17 26 0.04
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7 0.48 17 0.17 27 0.04
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8 0.46 18 0.13 28 0.03
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9 0.38 19 0.12 29 0.03
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10 0.35 20 0.11 30 0.03
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Radiometric and magnetic data at Horned Lake identify a 300 metre wide linear target zone that extends for approximately four kilometres.
Split Lake
A separate and parallel boulder field associated with bedrock uranium showings was identified one kilometre north of the Horned Lake boulder field. Historical U3O8 values from the Split Lake area range from 0.1% to 1.5% and include 0.17, 0.25, 0.49 and 0.59% U3O8. Seventeen grab samples collected from the area by Uranium North in 2007 confirm this uranium mineralization. The 12 highest grade samples yielded U3O8 values ranging from 0.04% to 0.65%.
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Sample % U3O8 Sample % U3O8 Sample % U3O8
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1 0.65 5 0.22 9 0.06
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2 0.53 6 0.13 10 0.05
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3 0.34 7 0.07 11 0.04
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4 0.28 8 0.07 12 0.04
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The 2007 geophysical survey data identifies a prominent NW-SE trending six-kilometre-long uranium and uranium/thorium ratio geophysical anomaly. The uranium bearing frost heave boulders at Split Lake are exposed along a linear trend extending for about one kilometre coincident with the radiometric anomaly. Further, a coincident magnetic anomaly suggests a possible bedrock uranium target that extends for approximately 10 kilometres. In addition, the airborne geophysics identifies similar signatures that may represent another 20 kilometres of the same prospective stratigraphic unit.
"These data isolate 30 kilometres of stratigraphy that is highly prospective for uranium," says Mark Kolebaba, President and CEO. "Both prospects are showing the potential to significantly expand the uranium mineralization on the property."
The historic Amer Lake Main Zone uranium prospect, which is reported to contain 6.7 million lb U3O8(i), is located within the property 10 kilometres to the west and is characterized by similarly NW-SE trending equivalent uranium anomalies and uranium/thorium ratio anomalies, coincident with linear magnetic anomalies.
Land Use permits for Amer Lake were received on September 6, 2007. Planning for a 2008 drill program is underway. The Amer Lake property is located north of Areva's Kiggavik deposit in Nunavut.
W.E. Brereton (P.Eng.) and J.S. Brett (P.Geo.) of MPH Consulting Limited are Uranium North's qualified persons responsible for the design and interpretation of the geochemical and geophysical programs, respectively.
A fixed-wing radiometric and magnetic survey was completed over the property by Terraquest Geophysical in August 2007, at a nominal flight-line spacing of 200 metres. Samples were selected for analysis in the field using a spectrometer. All samples were processed at Activation Laboratories Limited of Ancaster, Ontario, Canada. Activation Laboratories Limited is accredited by the Standards Council of Canada to ISO/IEC Standard 17025 Accredited Laboratory #266 and by the Florida Department of Health to NELAC Accredited Laboratory #E87979.
Uranium North holds 100% interest in three million acres of property located within the most prospective uranium basins in Canada, namely the Athabasca and Thelon Basins. Uranium North is focusing on developing a resource on the Amer Lake Property.
(i) Not compliant with NI 43-101. This is not a resource estimate and should not be relied upon as insufficient exploration has been carried out to delineate a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The sample data reported is from assessment files and other third party reporting. The accuracy and validity of this historic data has not been verified by Uranium North or its consultants.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba, President, Uranium North Resources Corp.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that Uranium North Resources Corp (the "Company") expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.