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Uranium North has completed a National Instrument 43-101 ("NI 43-101") compliant inferred mineral resource calculation for the Main Zone deposit on its 100% owned Amer Lake property in Nunavut. This new resource calculation is significantly higher than the historic estimate and represents what the Company believes is a portion of a much larger deposit on the property. To date only 20% of the deposit has been tested and planning is underway for an expansion program. This is one of several planned future expansions.
NI 43-101 Resource
The resource calculation outlines a 19.3 to 7.3 million pounds of uranium grading at 0.04 to 0.11% U3O8. using cut-off grades ranging from 0.01 to 0.06% U3O8. respectively. Using the current industry standard cut-off grade of 0.01% U3O8., a resource of 19.3 million pounds at an average grade of 0.04% U3O8. has been defined. The resource calculation outlines 12.9 million pounds U3O8. grading 0.07% U3O8. using a 0.04% cut-off or 9.7 million pounds grading 0.09% U3O8. using a 0.05% U3O8. cut-off. This is a significant increase from the historic estimate of 6.7 million pounds grading 0.07% U3O8. at a cut off of 0.05% U3O8.
It is concluded that the Deposit remains open to the south and east and that it can potentially be greatly increased with extensional drilling in this direction.
More infill drilling to replace 1970 drilling that had limited sampling of the mineralized stratigraphy will also likely increase mineral resources. If a pattern of extensional drilling is completed to connect the mineralization intersected in UNR-15 with the currently modelled ore lenses, and some infill drilling is done to replace poorly sampled 1970 drilling, it is expected that the total resource of U3O8. would range from 38 million pounds of U3O8. at a 0.01% U3O8. cut-off grade to 20 million pounds of U3O8. at a 0.05% U3O8. cut-off grade. This deposit size should be the target for the next drill program. Additionally, it should be noted, that this target still leaves a significantly large area of the favourable geology to the south and east of hole UNR-15 that can also be expected to have similar stratigraphically controlled uranium mineralization, therefore offering potentially substantial increases to these projections.
2008 Drill Program
A total of 1,763 metres of Reverse Circulation drilling were completed in 2008 in sixteen holes. All holes were drilled vertically. Several holes completed in the area of the Main Zone deposit intersected uranium mineralization to the south of and along strike of the deposit.
RC hole UNR-15, drilled 550 metres south of the Main Zone deposit, intersected two mineralized horizons between 115 and 131 metres depth, including a 1.52 metre horizon grading 0.292% U3O8. and a second 4.56 metre horizon grading 0.075% U3O8. This hole demonstrates the potential to significantly increase the size of the Main Zone to the south and verifies the presence of higher grade uranium zones.
RC hole UNR-5 was drilled approximately 90 metres south and 270 metres west of the deposit. UNR-5 intersected two mineralized horizons within 22 metres of surface including a 1.52 metre zone grading at 0.10% U3O8..
RC hole UNR-4, drilled 225 metres south of the deposit, intersected multiple mineralized horizons between 15 and 71 metres of surface. Mineralized horizons range from 1.52 -- 4.56 metres grading 0.014 to 0.047% U3O8. (see table below).
RC hole UNR-21, drilled 50 metres south of the deposit, intersected multiple mineralized horizons between 75 and 125 metres depth. Mineralized horizons range from 1.52 -- 3.04 metres grading 0.017 to 0.048 U3O8.
2008 RC Drill Results |
Drill hole |
From (m) |
To (m) |
Interval (m) |
% U3O8 |
lbs/ton |
UNR-15 |
115.52 |
117.04 |
1.52 |
0.292 |
5.84 |
|
126.16 |
130.72 |
4.56 |
0.075 |
1.5 |
including |
129.2 |
130.72 |
1.52 |
0.203 |
4.06 |
UNR-5 |
1.52 |
4.56 |
3.04 |
0.022 |
0.44 |
|
19.76 |
21.28 |
1.52 |
0.106 |
2.12 |
UNR-4 |
15.2 |
18.24 |
3.04 |
0.014 |
0.28 |
|
27.36 |
30.4 |
3.04 |
0.018 |
0.36 |
|
33.44 |
34.96 |
1.52 |
0.015 |
0.30 |
|
38 |
42.56 |
4.56 |
0.027 |
0.54 |
|
53.2 |
54.72 |
1.52 |
0.047 |
0.94 |
|
69.92 |
71.44 |
1.52 |
0.012 |
0.24 |
UNR-21 |
74.48 |
77.52 |
3.04 |
0.032 |
0.64 |
|
86.64 |
89.68 |
3.04 |
0.017 |
0.34 |
|
100.32 |
101.84 |
1.52 |
0.048 |
0.96 |
|
115.52 |
118.56 |
3.04 |
0.022 |
0.44 |
|
123.12 |
124.65 |
1.53 |
0.021 |
0.42 |
An additional two RC holes, UNR-2B and UNR-3 were drilled 200 to 300 metres directly west of the Main Zone and a northwest-trending fault, which appears to have offset the mineralization to the south. These two holes were collared in rocks which typically underlie rocks that host the mineralization in the deposit. An additional hole, UNR-12 drilled 650 metres west of the Main Zone and 350 metres west of UNR-5 was lost at 9 metres depth.
2011 Drill Program
The initial program is underway and is expected to complete approximately 20 drill holes southeast of the inferred resource*. An additional 20 holes have been proposed for a second phase program
An important aspect of the program is to identify additional higher grade thicker zones as observed in drill hole UNR-15.
Reverse circulation drill cuttings will be logged in the field under binocular microscope. A scintillometer will be used to measure intervals with elevated uranium prior to sampling. Geochemical sampling will be conducted over the entire hole every 1.5 metre.
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