Uranium North Resources Corp.

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Feb 01, 2010: Uranium North Identifies Gold Potential on KAM Pro... (more...)

Jan 12, 2010: Uranium North Identifies 24.62 g/t Gold on its Tas... (more...)

Nov 25, 2009: Uranium North Announces Option Grants (more...)

Nov 18, 2009: Uranium North Featured on CEO Clips on the Biograp... (more...)

Sep 24, 2009: Uranium North Files NI 43-101 Report on Amer Lake... (more...)

Aug 06, 2009: Uranium North Outlines 19.3 Million Pound U3O8 Inf... (more...)

Jun 23, 2009: Uranium North Completes Flow-Through Financing (more...)

Jun 10, 2009: Uranium North Identifies High Priority Targets on ... (more...)

May 28, 2009: Uranium North Announces Financing (more...)

May 27, 2009: Uranium North Completes Phase 1 Drilling at Amer L... (more...)





 January 23, 2009
Uranium North Identifies the Potential for 11 to 17 Million Pounds U3O8 at the Amer Lake Main Zone Uranium Deposit; Remains open Down Dip and Along Strike

 Vancouver, January 23, 2009 - Uranium North Resources Corp (UNR -- TSX-V) announces an evaluation of historic and 2008 drill hole data on the Amer Lake Main Zone uranium deposit in Nunavut demonstrating a minimum target of 11.5 to 17.5 million pounds from 6,200,000 tonnes at 0.084% U3O8 to 13,400,000 tonnes at 0.06% U3O8 respectively. The deposit extends from surface to a depth of 140 metres. Infill drilling in 2009 has the potential to greatly increase the size of the deposit and will provide the basis for the preparation of a National Instrument 43-101 compliant resource.

"Our initial 2008 drill program clearly demonstrates Amer Lake has potential to host a sizable uranium deposit," says Mark Kolebaba President, Uranium North Resources. "I feel the target deposit size is conservative and since the uranium mineralization is stratigraphically controlled and open to the south and east our exploration target is significantly larger."

Drilling in 2009 will be focused in and around the deposit area. The program will include infill drilling to reduce the drill spacing and further test continuity of the mineralization within the historic deposit and towards drill hole UNR-15 which intersected uranium mineralization 550 metres to the south. Expansion drilling southwest, south and east of the deposit will be conducted. This work will be the basis for preparing a National Instrument 43-101 resource for the deposit possibly greater than the historic 6.7 million pounds.

The Data

As part of an evaluation to determine Amer Lake's potential to host a significant uranium resource, Uranium North completed several reverse circulation (RC) drill holes south and east of the deposit in 2008 (see News Release, January 13, 2009). Of particular interest, hole UNR-15, considered a significant step-out hole, was drilled 550 metres south of the deposit. UNR-15 intersected two mineralized horizons between 115 and 131 metres depth, including a 1.52 metre horizon grading 0.292% U3O8 and a lower 4.56 metre thick horizon grading 0.075% U3O8. Hole UNR-5, also considered a significant step-out hole, was drilled approximately 90 metres south and 270 metres east of the deposit. This hole intersected two mineralized horizons within 22 metres of surface including a 1.52 metre thick zone grading 0.10% U3O8.

Based on historic drilling, the deposit was estimated to contain 4.3 million metric tons @ 0.07% U3O8 for a total of 6.7 million lbs U3O8 (1978 Cominco Ltd. Property Evaluation and Work Proposal). This resource is historical and does not conform to the Standards of Disclosure for Mineral Projects as required by National Instrument 43-101 and should not be relied upon however, it does indicate the presence of potentially significant uranium mineralization. The parameters used in the historic resource calculation included cutting high assays to an arbitrary 0.3% U3O8, and using a minimum mining width of 1.8 metres, a cut-off grade of 0.05% U3O8, a 15% (zero grade) dilution and a specific gravity of 2.7 gm/cm3. Resource blocks ranged in length (along strike) from 100 to 250 metres and a slope distance (along dip) from 75 to 210 metres.

Technical Analysis

GeoVector Management Inc. of Nepean, Ontario was contracted to conduct an independent assessment of the deposit incorporating Aquitaine's 1970 drill core data and Uranium North's 2008 drill data. The database includes drill hole locations, orientations, lengths and survey data, down-hole lithology information and assay data for 31 relevant drill holes.

Three-dimensional computer modelling of the drill database allowed the drill holes and the mineralized zones to be viewed in spatial relationship to each other, in particular the 2008 drilling relative to the historic drill holes. On the basis of this model, assumptions were made on the dip and strike of the mineralized zones and on the spacing between mineralized intercepts.

GeoVector calculated a potential target mineral deposit at cut-off grades of 0.02%, 0.03%, 0.04% & 0.05% U3O8, using a minimum mineralized thickness of 2.0 metres and a specific gravity value of 2.7 gm/cm3. Mineralized blocks were determined by halving the distance east, west, north and south to the next mineralized drill hole, with a 100 metre maximum radius (maximum potential 200m x 200m blocks). In several instances the trend of mineralization was extrapolated up to an assumed surface exposure, and a rough estimate was made of the distance from the drill hole to this surface for the up-dip (north) extent of the block. Although hole UNR-15 was drilled 550 metres south of the original deposit, an area of interest was limited to 200 metres radius. Additional infill drilling is required to determine if the mineralization intersected is part of the original deposit or part of a separate deposit.

On the basis of these observations the block areas were calculated and this number was multiplied by the intersection thickness to arrive at block volume estimates. The quantity and grade of the target deposit, at the various cut-offs is tabulated below. At a cut off range of 0.02 -- 0.05% U3O8, the target deposit is estimated to range from 11.5 to 17.5 million pounds at grades of 0.06 to 0.084% U3O8.

Target Resource Estimate

CUT OFF GRADE
U3O8%

AVERAGE U3O8%

TONNES

POUNDS U3O8

0.02

0.060

13,487,281

17,664,119

0.03

0.066

11,158,914

16,428,086

0.04

0.079

8,335,125

14,387,988

0.05

0.084

6,174,909

11,471,763


The reader should be cautioned that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

In the deposit, uranium mineralization is stratigraphically controlled and occurs in a series of sandstone horizons that dip shallowly to the south at 20 to 40° from the surface. The company believes that this is an important aspect of Amer Lake as this type of target lends itself to open pit and or strip mining practices. So far, drilling demonstrated that mineralized horizons extend to the south 550 metres and along strike approximately 1700 metres. Mineralized horizons are multiple and range in thickness from less than 1.50 metres at 0.29% to 4.5 metres at 0.07% U3O8. The deposit is classified as a sandstone-hosted uranium deposit with possible localized higher grade, structurally controlled uranium mineralization.

The Amer Lake Property is located 145 kilometres north of Baker Lake, Nunavut and 70 kilometres northwest of a newly constructed all-season road, which was constructed to service the Agnico Eagle Meadowbank gold deposit from Baker Lake.

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.

On behalf of Uranium North Resources
Mark Kolebaba President and CEO

Uranium North Resource Corp
Corporate Communication- Heather Kays
Tel: 604-484 - 7120
Fax: 604- 484 - 7143
Website: www.uraniumnorth.com
Email: [email protected]

Forward-Looking Information
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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