URANIUM NORTH RESOURCES CORP,. : http://www.uraniumnorth.com/ : QwikReport

Resource Calculation

Amer Lake Resource Calculation

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.

Based on cut-off grades ranging from 0.01 to 0.06% U3O8, the interim resource calculation outlines 19.3 to 7.3 million pounds of uranium grading at 0.04 to 0.11% U3O8 respectively (Table 1).

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.

Table 1. Details of the resource estimate are as follows:

Cut-Off Grade
U3O8

Tonnage
T x 1,000

U3O8
Grade

U3O8
Lbs

0.010%

21,423

0.041

19,317,000

0.020%

15,344

0.052

17,509,000

0.030%

11,596

0.061

15,462,000

0.040%

8,391

0.070

12,981,000

0.050%

5,094

0.087

9,713,000

0.060%

3,062

0.108

7,288,000
All tabulated data has been rounded to two decimal places for U3O8 grades and to the nearest thousand for tonnage and pounds

This resource is confined to drilling within an area which measures 1,400 metres in an east-west direction and 500 metres in a northwest-southeast direction. Geology and geophysics indicate the Main Zone deposit may extend an additional 1,200 metres to the southeast which will be a focus for future drilling. In addition to the expansion potential of the Main Zone, the Company has identified numerous other similar uranium bearing zones within a 10 kilometre radius of the Main Zone deposit.

Geological modeling using computer software shows that the Main Zone deposit outcrops to the north and extends shallowly to the south where the mineralized body becomes flat lying. This type of geometry may be amenable to low-cost mining methods.

The mineralized zone is hosted within a magnetic sandstone unit that is traceable with geophysics. The traceability using an airborne magnetic survey greatly assists in further expanding this shallow resource making Amer Lake a low-cost exploration project.

Further drilling completed in 2009 will be represented in an additional resource estimate.


Mineral Resource Estimate Method

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.

The inferred mineral resource was calculated using Gemcom GEMS 6.2.1 software. Mineral resources were domained into 8 stratabound mineralized horizons that were based on stratigraphic controls from drill core, magnetic susceptibility and ICP geochemistry. These horizons were wireframed in Gemcom using a minimum width of 1.50 metres. Historical intersections that were below this thickness were increased to 1.50 metres by adding appropriate thicknesses at a background grade to arrive at a minimum of 1.50 metres. The wireframes were then intersected with a block model to arrive at mineralized zone volumes. These volumes were multiplied by an average SG of 2.71, as determined from 38 samples analyzed by the Saskatchewan Research Council (SRC), to arrive at tonnage within the wireframes of mineralized zones.

Grades were interpolated into the block models from 1.50 metre composites of all assays that intersected the wireframe models. In several cases historical drill holes had no assay data in areas of indicated mineralization, and these intersections were given a grade of 0.003% U3O8, which is the calculated background grade within the anomalous stratigraphic package containing the mineralized horizons, as determined from 2008 and 2009 drilling analyses (all drill intervals were sampled).

Historical assays were obtained from the Geological Survey of Canada from records sent to the Atomic Energy Control Board by Aquitaine Company of Canada Limited in 1971. Uranium North Resources Corp drilling programs in 2008 and 2009 were analyzed by SRC Geoanalytical Laboratories using SRC's Uranium Exploration ICP Package, which includes uranium by total digestion ICP-OES analyses, uranium by partial digestion ICP-OES analyses and uranium by fluorimetry analyses. All samples having more than 1000 ppm uranium were assayed using a uranium assay dissolution procedure. Numbers reported are for uranium by fluorimetry (< 1,000 ppm).

Block modelling interpolation was carried out using an inverse distance squared method as drill spacing and sample populations were not sufficient to carry out kriging methods. Search parametres were set up to mimic the stratigraphic strike and dip of wireframes which conform to the Amer Lake sub-basin.

In two cases (upper 3 surfaces in historical hole AML-30, and in 2008 drill hole UNR-5) the drill hole location was considered too far from adjacent drill holes to allow confident wireframing. In these cases simple polygonal estimates were made around the holes using the areal dimensions of the smallest surface wireframed for the block model. These polygonal inferred resources were added to the resources calculated in the block model to arrive at total inferred resource.

NI43-101 Compliant Report

The Company plans to file an NI 43-101 compliant technical report covering the inferred resource estimate completed on the Main Zone deposit. The report is being prepared by GeoVector Management Inc. and will be filed within 45 days to regulatory agencies.

QA/QC

Uranium North RC drilling and sample collection 2008 was supervised by MPH Consulting Limited, and 2009 drilling and sample collection was supervised by GeoVector Management Inc., and both programs were performed to industry standards. The 2009 drilling included insertion of blanks and reference standards for assay grade control, as well as duplicate samples. Results were within accepted ranges. In addition SRC performed in-house standards and assay duplicates on a batch basis for in-lab quality control.

Historical assay information was only available from documents prepared by Core Laboratories-Canada Ltd. These documents contained the signatures and seals of the Atomic Control Board of Canada and therefore were considered to be sufficiently accurate for inferred resource reporting.

Drill hole collars were obtained from handheld GPS in the field and cross checked against historical map locations for the drill collars. No down hole surveying was carried out.

All data was checked against original certificates and documentation to verify that information used in the resource estimate was correct.

Resource Classification

Mineral resources have been categorized using the classification of the Canadian Institute of Mining, Metallurgy and Petroleum (2000), with the relevant definitions provided below. This classification is the basis for Technical Reports by Qualified Persons in Canada, and the classification is virtually the same as that of the JORC code (Australia) SME guidelines (USA) SAMREC (South Africa) and that of the European Union.

An Inferred Mineral Resource can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Due to the uncertainty which may attach to Inferred Mineral Resources, it cannot be assumed that all or part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful appreciation of technical and economic parametres or to enable an evaluation of economic viability worthy of public disclosure.

Phase 1 Drill Program Results

The resource estimate contained in the Main Zone is defined by historic diamond drill holes and recent reverse circulation (RC) drill hole data, up to July 2009. A total of 21 diamond drill holes totaling 4,396 metres and 14 RC holes totaling 1,765 metres were used to create the model used in the resource calculation.

Phase 1 drill program carried out in 2009 on the Main Zone uranium deposit confirmed historic U3O8 grades, thicknesses and continuity of mineralization within the deposit.

All drill holes intersected multiple stacked, shallow dipping mineralized zones within a dark grey arkosic sandstone unit. Drill hole intercepts of 0.91 up to 14.02 metres returned uranium grades ranging from 0.011 % U3O8 up to 0.304 % U3O8. AM09-23 intersected four mineralized zones between 33.5 and 106.7 metres of surface. Mineralized zones range from 1.52 -- 8.54 metres grading 0.02 to 0.304 U3O8 (see table below). AM09-23 was essentially a twin of historic drill AML12, completed by Aquitaine Company of Canada in 1970, which returned values of 0.05% to 0.134 U3O8 over 1 to 3 metres.

The results of the infill drilling indicate mineralized zones are significantly thicker than what was reported in historic drilling. The drill program provided the relevant geological and mineralogical information to allow Uranium North to confidently construct a solid geological model and proceed towards the calculation of the NI 43-101 inferred resource. The geological model constructed as a result of the new drill data indicates the Main Zone deposit has significant expansion potential.

The Data: Phase 1 - Main Zone Drilling

A total of 1,216 metres in 10 reverse circulation drill holes spaced approximately 50 metres apart were completed within the Main Zone deposit. Assay results are presented below.

Drill
hole

From (m)

To (m)

Interval
(m)

% U3O8

AM09-22

10.06

13.11

3.05

0.015

 

29.87

31.39

1.52

0.018

 

42.37

45.11

2.74

0.013

 

52.12

53.64

1.52

0.019

 

58.22

67.36

9.14

0.022

Incl.

61.26

64.31

3.05

0.038

 

74.98

75.90

0.91

0.044

 

80.47

82.30

1.83

0.143

 

89.61

103.63

14.02

0.016

Incl.

97.54

99.06

1.52

0.070

AM09-23

33.53

35.05

1.52

0.304

 

42.67

50.29

7.62

0.047

Incl.

44.20

47.24

3.04

0.095

 

58.52

67.06

8.54

0.048

Incl.

62.48

65.53

3.05

0.102

 

79.25

83.82

4.57

0.093

Incl.

80.77

82.3

1.53

0.180

 

105.16

106.68

1.52

0.020

AM09-24

43.28

45.11

1.83

0.027

 

51.82

53.34

1.52

0.012

 

74.68

76.20

1.52

0.026

 

70.10

71.63

1.53

0.071

 

74.68

76.2

1.52

0.026

 

79.25

80.77

1.52

0.025

AM09-25

15.24

19.81

4.57

0.029

Incl.

16.76

19.81

3.05

0.035

 

27.43

30.48

3.05

0.016

 

44.50

45.42

0.92

0.069

 

54.86

56.39

1.53

0.016

AM09-26

No Significant Assays

 

AM09-27

21.34

24.38

3.04

0.030

 

35.05

38.10

3.05

0.026

Incl.

35.05

36.58

1.52

0.037

AM09-28

4.57

9.14

4.57

0.012

 

30.48

32.31

1.83

0.034

 

40.54

44.20

3.66

0.015

 

46.94

47.85

0.91

0.030

 

52.43

53.34

0.91

0.020

 

67.97

70.10

2.13

0.021

 

76.20

79.25

3.05

0.021

 

85.34

86.87

1.52

0.012

AM09-29

7.62

8.53

0.91

0.011

 

12.19

15.24

3.05

0.014

AM09-30

9.14

12.19

3.05

0.014

 

21.34

24.38

3.04

0.019

 

36.58

38.10

1.52

0.118

 

51.82

53.34

1.52

0.013

 

60.96

67.06

6.10

0.025

Incl.

60.96

62.48

1.52

0.042

 

77.72

79.25

1.52

0.017

 

81.08

81.99

0.91

0.011

 

91.14

92.05

0.91

0.031

 

99.36

112.17

12.81

0.018

Incl.

100.3

103.02

2.72

0.034

Incl.

106.69

109.41

2.72

0.029

AM09-31

62.48

64.01

1.52

0.013

 

71.63

73.15

1.52

0.019

 

79.25

83.82

4.57

0.018

Incl.

79.25

80.77

1.52

0.042

 

88.39

89.92

1.52

0.044


QA/QC

A total of 586 samples of 0.91 - 1.52 metres in length were shipped in sealed containers to be processed at the Saskatchewan Research Council (SRC) Geoanalytical Laboratories, which is an ISO/IEC 17025 accredited laboratory for mineral analysis testing located in Saskatoon, Saskatchewan. Samples were analyzed using SRC's Uranium Exploration ICP Package, which includes uranium by total digestion ICP-OES analyses, uranium by partial digestion ICP-OES analyses and uranium by fluorimetry analyses. All samples having more than 1,000 ppm uranium were assayed using a uranium assay dissolution procedure. Numbers reported are for uranium by fluorimetry (< 1,000 ppm).
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This page was created on Tue Sep 7, 2010 at 5:57:30 PM Pacific Time.