KELOWNA, BC, Dec. 12, 2014 /CNW/ - Northern
Uranium Corp. (TSXV : UNO) ("Northern Uranium" or, the
"Company") is pleased to announce that it has earned a 50% interest
in the North West Manitoba
property from Canalaska Uranium Ltd. ("Canalaska").
UNO Earns 50% Interest
As per the option agreement signed with
Canalaska, Northern Uranium was required to issue a total of
4,500,000 shares and 2,250,000 warrants to Canalaska as well as
incur $3,200,000 in expenditures on
the property. Northern Uranium has now met these requirements
and has earned a 50% interest in the project.
The next milestone in the agreement provides
Northern Uranium with the right to earn a 70% interest in the
project through the expenditure of $2,800,000 on the project, and the issuance of
2,500,000 shares and 1,250,000 warrants to Canalaska. The
expenditures must be incurred within two years.
Upon earning the 70% interest Northern Uranium
has the right to acquire an 80% interest in the project through
additional expenditures on the project and the issuance of shares
and warrants to Canalaska.
RAB Drilling
Northern Uranium is pleased to report that the
RAB drilling is continuing on the project. A second hole
(MG14RB-0011A) has reached bedrock. It was drilled
approximately 19 meters to the northwest of the previously
announced hole on November 21,
2014. Semi-pelite bedrock was intersected at approximately 14
meters and drilling continued to 19.5 meters. Similar to the
first hole elevated contents of biotite rich semi-pelite bedrock,
which is a known host of uranium was intersected at a depth of
approximately 14 meters and drilling continued to a depth of 19.5
meters. Composite samples were collected from the drill
cuttings every 1.5 meters. These samples were analyzed using an
Iso Cart 85 gamma ray spectrometer
which detects Uranium 232, 234, 235 and 238 as well as Lead 210,
Bismuth 214 and Radium 226. Analysis of the samples
determined that there was an increase in Uranium 232, 234, 235, 238
as well as Lead 210, Bismuth 214 and Radium 226 isotopes at or just
below the till-bedrock contact. Uranium 234 and 238 as well as Lead
210 and Radium 226 are mobile and therefore could have travelled up
structural zones from an uranium source detected by the gravity low
and elevated radon values in a favourable semi-pelite bedrock
source.
Based on these positive results a third hole
(MG14RB-0012A) is now underway. This hole is being drilled a
further 33 meters to the north west from the second hole. It
is currently at 16.5 meters in overburden.
Diamond
Drilling
The Company has now expanded its drill program
with the addition of a diamond drill rig. This drill is
testing a strong radon anomaly which is coincident with a strong
gravity low at the north end of Maguire Lake. The hole is
inclined at -60 degrees towards the northwest. At the time of
writing the hole is at 27 meters in overburden.
Northern Uranium's geologists consider the
Maguire Lake area to be highly prospective for uranium
mineralization and look forward to the continued drilling
results.
The technical information and results reported
here have been reviewed by Chad
Ulansky, PGeo, a qualified person under National Instrument
43-101, who is responsible for the technical content of this
release.
Forward Looking Statements
Some of the statements contained herein may be
forward-looking statements which involve known and unknown risks
and uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. The Company undertakes
no obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on such
forward-looking statements.
Neither 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.
SOURCE Northern Uranium Corp.
