Uranium North Identifies New High Grade Gold and Silver Zones on the Nowyak Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/06/11 -- Uranium North Resource Corp. ('Uranium North' or the 'Company') (TSX VENTURE: UNR) has identified several new high grade gold and silver zones on the Company's 100% owned Nowyak property in Nunavut from data purchased in April 2011(i). Grab samples with up to 50.3 g/T gold and 44.8 g/T silver highlight these new zones which are unrelated to the known mineralized shear zone in the central part of the property scheduled for summer drilling.
In 2004, a total of 43 grab samples were collected from six areas within a 3 x 1.5 kilometre area 4 to 7 kilometres east of the main Nowyak shear zone (See Map). Ten samples yielded more than 1 g/T gold with the highest being 50.3 g/T gold from a quartz vein. Of the 43 samples assayed, 29 reported anomalous gold values greater than 100 ppb. These assay results have never been followed up.
'This new data identifies several new areas with high grade gold and silver mineralization on a property with limited amounts of geophysics and drilling. We will follow up these new results during our 2011 drill program at Nowyak,' says Mark Kolebaba, President and CEO of Uranium North Resources.
The highest grade gold and silver assays from quartz veins (50.3 g/T gold and 44.8 g/T silver) along the margin of a small lake form a high interest zone called the 3900 area. The reporting document for this data speculated that this lake, which is oriented parallel to the mineralized Nowyak shear zone, may be a large recessive mineralized structure worthy of testing. (To view map, please visit the following link: http://www.uraniumnorth.com/s/Nowyak.asp)
The Professional Geologist that documented this eastern discovery on Nowyak stated, 'These results are exceptional as it indicates that a large area has been affected by extensive fracturing and shearing and these features ... are gold bearing.' On the property there are at least two styles of gold mineralization; shear hosted and granite hosted. Both mineralization styles will be explored and represent excellent opportunities for the Company.
Uranium North purchased data for the Nowyak property in April 2011(i). The Company is currently reviewing geophysical and geological data in preparation for a 2011 exploration program that includes drilling. Claims have been staked over this area and are subject to approval.
(i)See news release dated April 21, 2011
Bruce Kienlen, P.Geol, and Graham Gill, P.Geo, are the Qualified Persons as defined by National Instrument 43-101, reviewing data for this property.
About Uranium North
Uranium North Resources is focused on gold, silver and uranium in Nunavut. All properties are 100% owned including the Amer Lake uranium deposit, one of the largest uranium resources in Nunavut. The Company will be drilling the Mallery gold/silver project, the Nowyak gold deposit and carrying out a low cost expansion program on the Amer Lake uranium deposit in 2011.
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