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September 24, 2009 Uranium North Files NI 43-101 Report on Amer Lake Inferred Resource which includes a New Exploration Target for up to 38 Million Pounds U3O8.
Vancouver, September 24, 2009 -- Uranium North Resources Corp (UNR -- TSX-V) has filed on Sedar, a National Instrument 43-101 technical report for its wholly owned Amer lake property in Nunavut. The report describes the inferred mineral resource calculation for the Main Zone Deposit announced on August 6th, 2009. In addition, the report provides an expansion target up to 38 million pounds U3O8.
"This independent report delineates a significant inferred resource with immediate expansion potential to 38 million pounds. This fits with our belief that the property has the potential to host a large, shallow, bulk tonnage uranium deposit. To date this resource represents approximately 20% of what we anticipate the Main Zone Deposit area to be." says Mark Kolebaba, President and CEO of Uranium North Resources.
Using the current industry standard cut-off of 0.01% U3O8, an inferred resource of 19.3 million pounds at a grade of 0.04% U3O8 has been defined or 9.7 million pounds U3O8 at a grade of 0.09 using a 0.05% U3O8 cut-off.
The report demonstrates a significant increase from the historic estimate of 6.7 million pounds grading 0.07% U3O8 at a cut off of 0.05% U3O8 to 12.9 million pounds U3O8 grading 0.07% U3O8 using a 0.04% cut-off.
Table 1. Details of the inferred resource estimate are as follows:
T x 1,000
The independent NI 43-101 report concludes that the deposit remains open to the south and east and that it can potentially be greatly increased with continued drilling in this direction. Further, the report suggests that the current Main Zone resource may be understated and that more infill drilling may increase the mineral resources as it appears to be under sampled by the historical drilling. The report provides a target of 38 million pounds U308 at a 0.01% U308 cut-off to 20 million pounds U308 at a 0.05% U308 cut-off. This deposit size is the target for the upcoming drill program.
Additionally, it should be noted, that this target still leaves a significantly large area of favourable geology to the south and east that is expected to have similar stratigraphically controlled uranium mineralization, therefore offering the potential to substantially increase these projections further.
In addition to the expansion potential of the Main Zone Deposit area, the Company has identified numerous other similar uranium bearing zones all within a 10 kilometre radius of the Main Zone deposit. The company is currently developing plans for an early 2010 drill program.
The Amer Lake property is located 145 kilometres north of Baker Lake, Nunavut and 70 kilometres northwest of an all-season road, which extends from Baker Lake to the Agnico Eagle Meadowbank gold deposit slated to be in production by 2011. Also in the vicinity is Arevas' 147 million pound Kiggavik deposit which Areva is working towards a planned production date of 2015.
Allan Armitage, Ph.D., P.Geol, Vice President - Exploration of Uranium North, is a Qualified Person as defined by National Instrument 43-101, and is responsible for quality control of exploration undertaken by the Company and has reviewed and approved the technical information in this release. GeoVector Management Inc. of Ottawa managed the field program this year. Mineral resource estimates were carried out by Mr. Joseph Campbell, President of GeoVector Management Inc., and an independent Qualified Person as defined by National Instrument 43-101. Alan Sexton, MSc, P.Geol., the Project Manager and a Qualified Person under NI 43-101, supervised the technical aspects of the 2009 field program.
On behalf of Uranium North Resources
Mark Kolebaba President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
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.
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