Uranium North Discovers New High Grade Gold and Silver Zones at Nowyak
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/12/12 -- Uranium North Resource Corp. ('Uranium North' or the 'Company') (TSX VENTURE: UNR) announces that the 2011 exploration program on the Nowyak property in Nunavut has focused the company into a zone of high grade gold and silver mineralization with grab samples assaying up to 72.1 g/t Au, 1040 g/t Ag and 5.8% copper.
An induced polarization (IP) geophysical survey has outlined numerous contiguous anomalies within a 1.8 kilometre by 1.0 kilometre area along a shear zone. Follow-up prospecting of this area resulted in the discovery of numerous new mineralized zones between the historic Gareth and Century showings (see map - http://www.uraniumnorth.com/s/Nowyak.asp). Gold, silver and copper mineralization in this area is related to a nearby granodiorite intrusion. The zone remains open to the north, south and west.
Another high priority IP anomaly 750 metres to the south along the shear zone was also recognized. This IP anomaly extends at least 550 metres to the south in an overburden covered valley and is open to the north and south. Data from a ground magnetic survey suggests the presence of a similar granodiorite intrusion as observed at the Garath - Century showing.
'This new zone, defined by strong IP anomalies and associated gold and silver mineralization, is drill ready. Based on the high grade assays and extent of the zone, we have the potential to discover a significant gold deposit,' says Mark Kolebaba, President and CEO of Uranium North Resources.
A total of 88 grab samples collected from the area are directly associated with the IP anomalies. Twenty four of the samples have returned high metal content with greater than 1 g/t Au. The table below highlights the most significant 2011 samples.
Nowyak Sample Highlights
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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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1 72.1 89.0 9 14.0 256 17 4.0 15.0
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2 48.3 30.0 10 8.6 20.3 18 3.7 69.9
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3(i) 27.3 1040 11 6.9 5.9 19 2.7 23.2
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4(i) 22.3 27.5 12 6.4 0.9 20 2.5 5.4
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5 21.2 16.2 13 6.0 7.9 21 2.1 0.6
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6 20.9 47.9 14 5.1 2.2 22 1.2 74.1
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7 20.6 33.0 15 4.3 3.2 23 1.2 52.9
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8 17.45 50.3 16 4.1 8.2 24 1.1 1.3
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(i)Sample 3 contains 1.06% Cu
(i)Sample 4 contains 5.8% Cu
Nowyak is considered a greenstone hosted lode-gold prospect. Several drill targets have been delineated within this zone. Plans for the 2012 season are underway. Drilling could begin in spring/summer 2012.
Bruce Kienlen, P.Geol is the Qualified Persons as defined by National Instrument 43-101, assisting in reviewing data for this property.
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
