KELOWNA, BC, July 2, 2015
/CNW/ - Northern Uranium Corp. (TSXV : UNO) ("Northern
Uranium" or, the "Company") is pleased to provide a progress report
on its 50% owned North West
Manitoba project. The Company can earn up to an 80%
interest in the project from CanAlaska Uranium Ltd (TSXV:CVV).
Bedrock, consisting predominantly of semi-pelite gneiss,
calc-silicate gneiss and calcareous arkose, was intersected by hole
MG15DD-0016 at a down hole depth of 26 metres. Drilling
intersected hydrothermal alteration zones from 327.9 to 334.5m and
from 334.5 to 338.4m.
Both of these hydrothermal zones contained strong hematitic
limonite alteration and were associated with anomalous
radioactivity. A one metre interval from 330.1 metres
downhole averaged 730 counts per second (cps) with a down hole
gamma probe. Within this interval was a 0.3m section that
averaged 1023 cps. A 0.75 metre interval from 334.8 metres
averaged 579 counts per second. Natural gamma radiation was
measured using a down hole GV500-501 scintillometer manufactured by
GeoVista.
This compares to Cameco's recent AXA-007 Thelon discovery in
which up to 400 (equivalent) cps with limonite alteration was
intersected. Northern Uranium has intersected anomalous
radioactivity in excess of 400 cps in holes MG15DD-0012,
MG15DD-0014 and MG15DD-0016.
Scintillometer readings should only be used as a preliminary
indication of the presence of radioactive materials. The
degree of radioactivity may not be directly or uniformly correlated
with uranium grade. Consequently core samples from anomalous
intervals are being sent for assay to determine uranium
grades.
Hole MG15DD-0016 tested the depth extension of the hydrothermal
alteration zone previously intersected by holes MG15DD-0009,
MG15DD-0011, MG15DD-0012, MG15DD-0013 and MG15DD-0014. It was
drilled along strike and mid way (60m from each hole) between
MG15DD-012 and MG15DD-0014. MG15DD-0016 returned the highest
down hole gamma results to date.
As the increasing radioactivity encountered in hole MG15DD-0016
indicates the drilling is progressing towards a more mineralized
source the next hole is being drilled 60 metres along strike to
test the mineralization beneath hole MG15DD-0014. The second
drill is drilling another anomaly and is presently at 303 metres
depth.
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.