Uranium North Stakes Additional Land at Mallery Gold / Silver Project and Prepares for Drilling
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/04/11 -- Uranium North Resource Corp. (TSX VENTURE: UNR) announces that additional claims have been staked at the Mallery Stockwork gold / silver project in Nunavut. The new claims cover part of a significant new gold in till anomaly 3 kilometres south of the Mallery Stockwork which is scheduled for drilling in June, 2011.
The new gold in till anomaly is highlighted by a sample that contains 51 gold grains with the majority of grains being angular indicating a nearby bedrock source. This is the fourth largest gold grain anomaly on the property with the largest and similar anomalies occurring at the Mallery Stockwork.
'Our 2011 program will focus on drilling the Mallery Stockwork prospect. This new gold grain data extends our area of interest on the property and suggests a second mineralized trend or a southern extension of the Mallery Stockwork. In either event, we believe Mallery has the potential to be a large gold / silver bearing system,' states Mark Kolebaba, President and CEO of Uranium North Resources.
High gold and silver assays from surface grab samples of veins and volcanic rocks at the Mallery Stockwork prospect warrant core drilling in 2011. Values of interest from samples of quartz veins range from 1 g/T to 54 g/T gold. In addition, silver values are as high as 272 g/T (see news release dated October 14, 2010). A limited number of samples of the volcanic host rock have been analyzed, and gold values of interest in the range of 300 ppm to 2.19 g/T over 8 metre composite grabs have been returned (see news release dated February 1, 2011).
The company has funded an independent detailed review of the project which has led to the recommendation of several drill holes. Planning for a core drilling program is underway with an estimated June start date. Drilling will focus on high grade gold / silver quartz veins attempting to prove continuity between zones, determine grade and identify a large area with open pit potential.
The 100% owned Mallery Stockwork project is located 130 kilometres southwest of Baker Lake. The recently staked claims are pending approval by the Mining Recorder. The company has filed land use and water license applications and is awaiting final approval.
Bruce Kienlen, P.Geol and/or Graham Gill, P.Geo, are the Qualified Persons as defined by National Instrument 43-101 reviewing data for this project.
Uranium North is exploring five gold properties of which two are candidates for drilling. In addition, the company is planning an aggressive resource expansion program on its 100% owned Amer Lake uranium property.
CAUTIONARY STATEMENT: This News Release includes certain 'forward-looking statements'. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, future plans and objectives of Uranium North Resource Corp., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Uranium North Resource Corp.'s expectations are the risks detailed herein and from time to time in the filings made by Uranium North Resource Corp. with securities regulators.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Uranium North Resource Corp.
Heather Kays
Manager of Corporate Communications
604-719-3430
604-484-7143 (FAX)
info@uraniumnorth.com
www.uraniumnorth.com