Uranium North Intersects Gold at the Mallery Lake Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/19/12 -- Uranium North Resources Corp. ('Uranium North' or the 'Company') (TSX VENTURE: UNR) announces gold mineralization was intersected in all five drill holes at the Mallery Lake gold property in Nunavut.
Drill hole ML-11-01, drilled near the western margin of the Stockwork zone, intersected a 3 metre zone of 4.62 g/T gold including 0.55 metres at 15 g/T. Drill hole ML-11-02, was the deepest drill hole into the Stockwork zone and intersected numerous mineralized zones including 21 metres of 1.01 g/T gold at a depth between 170 and 191 metres. Drill holes ML-11-03, 04, and 05 intersected mineralized zones showing lateral extent to the northeast, east, and west of the Stockwork zone. (See map on our website: http://www.uraniumnorth.com/i/pdf/Mallery-Map-Jan18.pdf.)
These drill results are very encouraging as they highlight typical grades, widths, textures and mineralogy encountered in the upper parts of epithermal gold deposits. Based on the epithermal gold deposit model, higher grade zones of gold and silver mineralogy occur at depth. The Mallery gold system is intermittently exposed over an area 800 x 700 metres.
Based on vein composition, textures, and estimated pressure and temperature calculations, it is assumed that Mallery is an epithermal gold system. (See diagram A on our website to view Mallery conceptually as an epithermal gold system: http://www.uraniumnorth.com/i/pdf/Epithermal-Conceptual-model-for-Mallery.pdf)
'This drilling tests the upper parts of a possible epithermal gold system and intersected significant widths of mineralization. More drilling will evaluate Mallery at depth, where higher grade zones of mineralization commonly occur in these types of systems,' says Mark Kolebaba, President and CEO of Uranium North Resources.
Mallery 2012 Drill Results
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Hole From To Interval Gold g/T
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ML-11-01 12 19 7 2.1
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ML-11-01 including 3 4.6
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ML-11-01 108 109 1 1.4
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ML-11-02 80 82 2 1.8
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ML-11-02 including 1.2 3.0
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ML-11-02 89 92 3 1.9
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ML-11-02 including 1 5.5
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ML-11-02 106.7 113.78 7.1 2.0
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ML-11-02 including 1.9 6.2
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ML-11-02 160.26 163 2.7 1.1
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ML-11-02 170 191 21 1.0
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ML-11-02 including 4 3.4
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ML-11-02 222 224 2 1.5
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ML-11-04 27 40 13 1.2
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ML-11-04 including 4 2.9
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ML-11-05 60 69 9 1.6
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ML-11-05 including 5.65 2.3
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ML-11-05 including 5.65 2.3
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- Ml-11-03 intersected zones with up to 2.18 g/T gold Sampling is
incomplete for Ml-11-03.
- ML-11-05 includes 11.7 g/T silver
This initial five hole drill program totalling 750 metres tested mineralization near surface and laterally along strike. The program successfully outlined mineralization below surface. The next program will be designed to focus on identifying higher grade zones of mineralization at depth.
Bruce Kienlen, P.Geol is the Qualified Persons as defined by National Instrument 43-101, assisting in reviewing data for this property.
Please join us at the Vancouver Resource Investment Conference in booth 1034 on January 22-23 and also at the AMEBC Mineral Exploration Round Up in booth B20, January 25-26 at the Westin Bayshore Hotel.
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 Resources Corp.
Heather Kays
Corporate Communication
604-484-7120
604-484-7143 (FAX)
info@uraniumnorth.com
www.uraniumnorth.com
