Uranium North's Mallery Lake Gold Exploration Program Underway
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/15/10 -- Uranium North Resources Corp. (TSX VENTURE: UNR) announces the Phase 1 Mallery Lake exploration program is underway. The Mallery Lake property is located in Nunavut and is 100% owned by the Company. The property hosts two known gold bearing structures one of which, the Mallery Stockwork, has yielded up to 24.62 g/t Au and 110 g/t Ag and has never been drill tested. Proprietary till sample data suggests gold mineralization in the area is more widespread.
The Company's phase 1 exploration program is designed to identify high priority drill targets for an anticipated 5 to 10 hole phase 2 drill program planned to start in early August. Work to be carried out includes prospecting, rock chip sampling and soil sampling over the known Mallery Stockwork structure. The Stockwork consists of numerous quartz veins up to 20 metres wide within rhyolite.
Mineralized bedrock exposure at the Mallery Stockwork has been mapped intermittently over an area of more than 700 by 500 metres suggesting possibility for at least three east-west trending mineralized zones. This limited bedrock mapping along with coincident subtle geophysical and geochemical soil anomalies demonstrates potential for continuity of the structure for more than 800 metres. The structures are open to the east and west and additional structures to the north and south may exist. The 24.6 g/t Au, 110 g/t Ag sample is located on the most easterly structure.
'Mallery Lake has the potential to be a very significant gold system. Gold mineralization occurs over an extensive area, zones of high grade gold and silver exist and we predict geological continuity based on geophysical and geochemical data. As a drill ready project, I believe this is an amazing opportunity for the Company,' says Mark Kolebaba, President and CEO.
An abundance of angular gold grains recovered from till samples up ice of the Mallery Stockwork structure indicate potential for numerous other undiscovered gold bearing structures on the property.
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.
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. Linda Erdman, 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
Forward-Looking Information
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.
'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.'
Contacts:
Uranium North Resource Corp.
Heather Kays
Corporate Communication
604-484-7120
604-484-7143 (FAX)
info@uraniumnorth.com
www.uraniumnorth.com