Uranium North Identifies Expansion Possibilities on the Mallery Lake Gold/Silver Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/01/11 -- Uranium North Resource Corp. ('Uranium North' or the 'Company') (TSX VENTURE: UNR) demonstrates through a rock and soil sampling program that gold is present in the volcanic rock that hosts the gold bearing veins at Mallery. The combined mineralization within the veins and the adjacent volcanic rock considerably increases the mineralized width potential for the project. In addition, the 2010 rock and soil samples collected from the property suggest mineralization at Mallery is significantly more widespread than previously known. The Mallery Lake project is located in Nunavut and is 100% owned by the Company.
Mineralized veins have yielded gold assays greater than 1 g/T Au up to 54 g/T Au. Silver / gold values occur on a 1:1 to 1:5 ratio with silver ranging from less than 1 g/T to 272 g/T (See October 14, 2010 news release). Recent rock samples collected over sizeable intervals of the volcanic rock hosting the veins have also yielded gold mineralization. Of particular interest is a composite grab sample yielding 2.19 g/T Au over 8 metres, and chip samples of volcanic rocks with minor quartz vein material returning 1.45 g/T Au over 3 metres and 0.92 g/T Au over 2 metres. Recognizing that gold mineralization occurs in the host rock as well as the quartz veins increases the potential for wider zones of mineralization.
Interpretation of soil sample results collected over the project area indicates that the gold and silver mineralization may be more extensive than outcrop exposure demonstrates. Mineralization may be continuous between outcrop exposures along strike for at least 800 metres by 700 metres.
'Based on these data, we feel Mallery has the signature of a large mineralized gold and silver system. We are designing a drill program to test the mineralization with the goal of increasing the size of the known system significantly,' says Mark Kolebaba President and CEO of the Company.
Planning for a 2011 exploration program at the Mallery Lake Property is underway. Plans include drilling up to 2000 metres and a detailed sampling program.
About Uranium North
Uranium North owns 100% interest in four drill ready gold/silver/copper projects and one gold/silver project. The company also owns four uranium projects including the Amer Lake project which contains a 19.3 million pound uranium resource.
Graham Gill, P.Geo., is the Qualified Person as defined by National Instrument 43-101, reviewing the 2010 lab results for the Mallery Lake project. The 2010 sample results described in this news release were collected to determine the presence or absence of gold and silver mineralization and should not be interpreted as being representative of average grades. Samples were prepared and analyzed at ALS Canada Ltd. using the ultra low detection limit multi-element package ME-MS41L on a sample size of 0.5 grams. The sample is digested by aqua regia and finished with ICP-AES or ICP-MS. Coarse materials such as native gold may not be detected in such a small sample size so gold content was reanalyzed using analytical method AU-TL43 on a 12.5 gram sample size. This method uses an aqua regia digestion with an ICP-MS 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 Resource Corp.
Heather Kays
Corporate Communication
604-484-7120
604-484-7143 (FAX)
info@uraniumnorth.com
www.uraniumnorth.com