Uranium North Reports High Gold and Silver at Mallery, Drill Targets Identified
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/14/10 -- Uranium North Resources Corp. (TSX VENTURE: UNR) announces results from its first phase 2010 exploration program on the Mallery Stockwork. Samples collected from the Mallery Stockwork have identified and confirmed several zones with high grade gold and silver. At least three high priority drill target areas have been identified. The Mallery Stockwork is located on the Mallery Lake Property in Nunavut.
Of the 31 grab sample assays received to date from the Mallery Stockwork, 16 samples assayed between 0.854 g/T Au and 54.2 g/T Au, only three samples contain less than 0.100 g/T Au. The sample containing 54.2 g/T Au also contains 272 g/T Ag.
'These initial results have identified 3 priority target areas with high gold and silver assays that are candidates for follow up drilling. The sampling has confirmed the presence of mineralized zones exposed intermittently over 700 metres laterally. This supports the potential for Mallery to host an extensive high grade gold and silver system,' says Mark Kolebaba, President and CEO of the company.
Results for an additional 77 rock and over 200 soil samples are pending for the Mallery property.
Detailed Descriptions of Drill Target Areas
The Mallery Stockwork comprises gold and silver bearing quartz veins. The stockwork is exposed in three areas, a North Central, an Eastern, and a Western zone. All surrounding areas are thinly covered by overburden therefore mineralization remains open in all directions. Initial results from the 2010 sampling program have outlined drill target areas in all three zones.
At the North Central Zone, gold and silver bearing quartz veins occur over an exposed area of 150 by 200 metres before going under overburden. Historical values range from under 1 g/T Au to 5.55 g/T Au. Sampling in 2010 has identified new quartz veins on the west side of the zone one of which, a 0.15 metre vein, assayed 33.7 g/T Au and 27.3 g/T Ag. This is of particular interest as it may indicate increased gold and silver content westward from this showing.
Rock samples from the Eastern Zone highlight an area with high gold and silver assays up to 54.2 g/T Au and 272 g/T Ag. In addition, several discrete areas with angular gold bearing quartz boulders occur intermittently over 30 metres. The Eastern Zone is 250 metres east of the North Central Zone.
Rock samples from the Western Zone yield high gold and silver values up to 8.6 g/T Au and 6.7 g/T Ag from a 2.9 metre wide quartz vein. A second vein assayed 2.91 g/T Au and 10.7 g/T Ag. The second vein is of note as it appears to contain gold and silver at a ratio of 1:4 as observed at the Eastern Zone which is currently the highest priority drill target on the property. The Western zone is located 300 metres southwest of the North Central Zone and 700 metres west of the Eastern Zone.
The table below highlights assays of interest from each zone. Please refer to our website for a map and table of full results.
North Central Zone Eastern Zone Western Zone
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Sample Au g/T Ag g/T Sample Au g/T Ag g/T Sample Au g/T Ag g/T
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UNR1 54.2 272 UNR6 33.7 27.3 UNR7 8.60 6.7
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PD7 24.2 110 PD1 5.55 NA UNR8 2.91 10.7
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UNR2 6.52 24.5 PD2 3.10 NA PD9 4.45 NA
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UNR3 6.72 25.5 PD3 2.28 NA PD10 2.21 NA
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UNR4 3.64 14.9 PD4 2.14 NA PD11 1.45 NA
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UNR5 1.395 2.30 PD5 2.50 NA
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PD8 4.84 NA PD6 1.62 NA
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UNR - Uranium North 2010 grab samples
PD - Phelps Dodge 1990's grab samples
About Uranium North
Uranium North Resources Corp. has generated and advanced 6 gold properties in central Nunavut. The Company also owns 100% of the Amer Lake uranium deposit, one of the largest uranium resources in Nunavut.
Linda Erdman, P. Geo and Geoffrey Goodall, P. Geo are responsible for design and execution of the 2010 program and have 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 in comparison with the 2010 data. Graham Gill, P.Geo, is the Qualified Person as defined by National Instrument 43-101, reviewing the 2010 lab results. 2010 sample results described in this news release were grab samples collected to determine the presence or absence of gold mineralization. The results should not be interpreted as being representative of average grades. Samples were prepared and analyzed at ALS Canada Ltd. 30 grams of each pulverized sample were analyzed by multi-element four acid ICP-AES. Samples with greater than 10 g/T gold were re-analyzed with AA finish.
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 Resources Corp.
Heather Kays
Corporate Communications
604-484-7120
604-484-7143 (FAX)
info@uraniumnorth.com
www.uraniumnorth.com