2006 DDN (Pre-listing)
2005 DDN (Pre-listing)
Feb 01, 2010
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| ||January 12, 2010|
Uranium North Identifies 24.62 g/t Gold on its Tasiq Property
| ||Vancouver, January 12, 2010 - Uranium North Resources Corp (UNR - TSX-V) announces the acquisition of the Mallery Lake gold prospect on the eastern side of its 100% owned Tasiq property in Nunavut. The property hosts two known gold bearing structures one of which, the Mallery Stockwork, yields gold values as high as 24.62 g/t and has never been drilled. In addition, proprietary till data suggests the gold mineralization in the area is more widespread than historical data exhibits. |
The Mallery Stockwork structure is reported to be 125 metres to more than 250 metres wide and is exposed for approximately 450 metres along strike. The Stockwork consists of numerous quartz veins as large as 20 metres wide within Proterozoic aged volcanic rocks of rhyolite composition. Historically, the only other known gold bearing structure is the T-Rex zone which is located 4.5 kilometres north of the Mallery Stockwork. The T-Rex zone is reported to contain numerous quartz veins up to 50 metres wide extending for 1 kilometre. The highest gold assay reported to date at T-Rex is 0.44 g/t.
An abundance of angular gold grains recovered from till samples collected by the Company up ice of the Mallery and T-Rex zones indicate potential for numerous other undiscovered gold bearing structures on the property.
"What is exciting about this property is the known gold occurrences have never been drilled and we believe with limited expenditure, the Mallery Stockwork prospect will be drill ready in 2010. Further, our gold grain in till data expands the potential extent of the gold mineralization and indicates several other possible undiscovered gold sources in the area. We will also continue to advance our uranium prospects as we pursue these new high potential gold opportunities," says Mark Kolebaba, President and CEO.
The Mallery Lake Gold prospect was discovered by Phelps Dodge in 1996 with an initial discovery sample of 1 g/t over 10 metres. Subsequently, Phelps Dodge merged with Freeport McMoran and their original mineral claims were allowed to lapse. Other significant historical gold assay values include grab samples ranging from approximately 2 to 5 g/t and several chip samples over 0.3 to 5 metre intervals ranging from approximately 2.2 to 14 g/t and as high as 24.62 g/t.
The tracking of gold grains recovered from till samples is a proven successful regional exploration tool for discovering areas with the potential to host gold deposits. Angular gold grain surface morphology further assists in the potential discovery of nearby sources. The discoveries of gold deposits at Waddy Lake, Rainy River and around Casa Berardi are credited to this method.
The identification of gold at Tasiq is the first of several new gold opportunities the company is reviewing. This is part of a larger corporate strategy to create value by extracting gold and base metal opportunities from the Company's large proprietary geochemical and geophysical databases. The Company plans to further expand its interests in gold and other metal commodities through these databases. The Mallery claims were staked, recorded and are currently pending final approval by the Nunavut Mining Recorder. Additional metal opportunities are also anticipated from this and other areas held and/or explored by Uranium North.
Bruce Kienlen, P.Geol, is the Qualified Person as defined by National Instrument 43-101, responsible for collection of the till samples on the project and has reviewed and approved the technical information relating to the till samples in this release. Graham Gill, P. Geo has reviewed historical reports for the property. The historical work has not been verified by the Company, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality.
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
Email: info[email protected]
"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."
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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