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Uranium North's Mallery Lake Gold Exploration Program Underway
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Vancouver, July 15, 2010 - Uranium North Resources Corp (UNR - TSX-V)
announces the Phase 1 Mallery Lake exploration program is underway. The
Mallery Lake property is located in Nunavut and is 100% owned by the
Company. The property hosts two known gold bearing structures one of
which, the Mallery Stockwork, has yielded up to 24.62 g/t Au and 110
g/t Ag and has never been drill tested. Proprietary till sample data
suggests gold mineralization in the area is more widespread.
The Company's phase 1 exploration program is designed to identify high
priority drill targets for an anticipated 5 to 10 hole phase 2 drill
program planned to start in early August. Work to be carried out
includes prospecting, rock chip sampling and soil sampling over the
known Mallery Stockwork structure. The Stockwork consists of numerous
quartz veins up to 20 metres wide within rhyolite.
Mineralized bedrock exposure at the Mallery Stockwork has been mapped
intermittently over an area of more than 700 by 500 metres suggesting
possibility for at least three east-west trending mineralized zones.
This limited bedrock mapping along with coincident subtle geophysical
and geochemical soil anomalies demonstrates potential for continuity of
the structure for more than 800 metres. The structures are open to the
east and west and additional structures to the north and south may
exist. The 24.6 g/t Au, 110 g/t Ag sample is located on the most
easterly structure.
"Mallery Lake has the potential to be a very significant gold system.
Gold mineralization occurs over an extensive area, zones of high grade
gold and silver exist and we predict geological continuity based on
geophysical and geochemical data. As a drill ready project, I believe
this is an amazing opportunity for the Company" says Mark Kolebaba,
President and CEO.
An abundance of angular gold grains recovered from till samples up ice
of the Mallery Stockwork structure indicate potential for numerous
other undiscovered gold bearing structures on the property.
The Mallery Lake Gold prospect was discovered by Phelps Dodge in 1996
with an initial discovery sample of 1 g/t over 10 metres. Subsequently,
Phelps Dodge merged with Freeport McMoran and their original mineral
claims were allowed to lapse. Other significant historical gold assay
values include grab samples ranging from approximately 2 to 5 g/t and
several chip samples over 0.3 to 5 metre intervals ranging from
approximately 2.2 to 14 g/t and as high as 24.62g/t.
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 and has reviewed and approved the technical information
relating to the till samples in this release. Linda Erdman, P. Geo 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.
On behalf of Uranium North Resources
Mark Kolebaba
President and CEO
Uranium North Resource Corp
Corporate Communication- Heather Kays
Tel: 604-484 - 7120
Fax: 604- 484 - 7143
Website: www.uraniumnorth.com
Email: info@uraniumnorth.com
Forward-Looking Information
"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."
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.
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Copyright (c) 2010 URANIUM NORTH RESOURCES CORP,. (UNR) All rights
reserved. For more information visit our website at
http://www.uraniumnorth.com/ or send mailto:info@uraniumnorth.com
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Uranium North Resources
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EXPLORATION STAGE |
CODE : UNR.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Uranium North Res. is a uranium exploration company based in Canada. Uranium North Res. holds various exploration projects in Canada. Its main exploration properties are MALLERY LAKE, AMER LAKE, THELON PROJECT (SOUTH BAKER), HEPBURN and AURA GOLD PROPERTY in Canada. Uranium North Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.7 millions as of today (US$ 1.7 millions, € 1.2 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.78, and its lowest recent point on February 15, 2013 at CA$ 0.02. Uranium North Res. has 85 555 000 shares outstanding. |