Uranium North Expands Mallery Lake Gold Target
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/12/10 -- Uranium North Resources Corp. (TSX VENTURE: UNR) announces expansion of the Mallery gold structure and identifies new gold targets further north on the property. The Mallery gold structure has historically yielded gold values up to 24.62 g/t Au and 110 g/t Ag.
The Mallery Stockwork consists of a network of quartz veins up to 20 metres wide hosted within rhyolite. Three areas with gold mineralized bedrock exposure have been mapped intermittently over more than 700 by 500 metres suggesting the possibility for at least three east-west trending zones. Coincident subtle geophysical and geochemical soil anomalies demonstrate the potential for continuity within vegetated areas lacking outcrop. These structures are open along strike and additional structures may exist to the north and south. The 24.6 g/t Au, 110 g/t Ag sample is located on the eastern structure.
Additional vein stockwork has been discovered over an area of 60 metres extending the stockwork zone to the northwest. At the western stockwork zone, veining has been observed nearly 50 metres along strike where bedrock exposure is limited by swamp cover. Depending on gold assays, this may represent another significant exploration target on the property.
A total of 53 rock samples were collected from Mallery by Uranium North earlier this summer. In addition, 233 till samples were collected; 210 of which are geochemical samples from areas lacking outcrop exposure and 23 are heavy mineral samples from areas with previously identified angular gold grains in till. This data will be used to identify targets for an anticipated drill program this fall.
The Mallery Lake property is located in Nunavut and is 100% owned by the Company.
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 prior to 2010 and has reviewed and approved the technical information relating to these till samples in this release. Linda Erdman, P. Geo is responsible for design and execution of the 2010 program and 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.
About Uranium North
Uranium North Resources Corp. is a Canadian company with a Nunavut focus. Uranium North holds title to the second largest uranium resource in Nunavut, the Amer Lake Deposit. While maintaining its focus on uranium, the company has initiated exploration for gold on 3 projects.
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