Uranium North Identifies Expansion Possibilities on the Mallery Lake Gold/Silver Project
February 01 2011 - 10:03AM
Marketwired
Uranium North Resource Corp. ("Uranium North" or the "Company")
(TSX VENTURE: UNR) demonstrates through a rock and soil sampling
program that gold is present in the volcanic rock that hosts the
gold bearing veins at Mallery. The combined mineralization within
the veins and the adjacent volcanic rock considerably increases the
mineralized width potential for the project. In addition, the 2010
rock and soil samples collected from the property suggest
mineralization at Mallery is significantly more widespread than
previously known. The Mallery Lake project is located in Nunavut
and is 100% owned by the Company.
Mineralized veins have yielded gold assays greater than 1 g/T Au
up to 54 g/T Au. Silver / gold values occur on a 1:1 to 1:5 ratio
with silver ranging from less than 1 g/T to 272 g/T (See October
14, 2010 news release). Recent rock samples collected over sizeable
intervals of the volcanic rock hosting the veins have also yielded
gold mineralization. Of particular interest is a composite grab
sample yielding 2.19 g/T Au over 8 metres, and chip samples of
volcanic rocks with minor quartz vein material returning 1.45 g/T
Au over 3 metres and 0.92 g/T Au over 2 metres. Recognizing that
gold mineralization occurs in the host rock as well as the quartz
veins increases the potential for wider zones of
mineralization.
Interpretation of soil sample results collected over the project
area indicates that the gold and silver mineralization may be more
extensive than outcrop exposure demonstrates. Mineralization may be
continuous between outcrop exposures along strike for at least 800
metres by 700 metres.
"Based on these data, we feel Mallery has the signature of a
large mineralized gold and silver system. We are designing a drill
program to test the mineralization with the goal of increasing the
size of the known system significantly," says Mark Kolebaba
President and CEO of the Company.
Planning for a 2011 exploration program at the Mallery Lake
Property is underway. Plans include drilling up to 2000 metres and
a detailed sampling program.
About Uranium North
Uranium North owns 100% interest in four drill ready
gold/silver/copper projects and one gold/silver project. The
company also owns four uranium projects including the Amer Lake
project which contains a 19.3 million pound uranium resource.
Graham Gill, P.Geo., is the Qualified Person as defined by
National Instrument 43-101, reviewing the 2010 lab results for the
Mallery Lake project. The 2010 sample results described in this
news release were collected to determine the presence or absence of
gold and silver mineralization and should not be interpreted as
being representative of average grades. Samples were prepared and
analyzed at ALS Canada Ltd. using the ultra low detection limit
multi-element package ME-MS41L on a sample size of 0.5 grams. The
sample is digested by aqua regia and finished with ICP-AES or
ICP-MS. Coarse materials such as native gold may not be detected in
such a small sample size so gold content was reanalyzed using
analytical method AU-TL43 on a 12.5 gram sample size. This method
uses an aqua regia digestion with an ICP-MS finish.
On behalf of Uranium North Resources
Mark Kolebaba, President and CEO
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, 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, 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.
"Neither the 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."
Contacts: Uranium North Resource Corp. Heather Kays Corporate
Communication 604-484-7120 604-484-7143 (FAX) info@uraniumnorth.com
www.uraniumnorth.com
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