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Re: News Release - Tuesday, February 05, 2008
Uranium North Confirms Several Priority Uranium Targets on the
Amer Lake Property
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News Release NR08-04
Vancouver, February 5, 2008 - Uranium North Resources Corp. (UNR - TSX
Venture) has identified several new exploration target zones on its
100% owned Amer Lake property, in Nunavut. The targets are east of the
centrally located Main Zone where the 6.7 million lb historical uranium
resource* is situated.
Widespread uranium mineralization has been discovered on the Horned
Lake and Split Lake prospects. The prospects are defined by
frost-heaved uraniferous boulders, which are coincident with airborne
geophysical uranium and magnetic anomalies. The data have identified
approximately 30 kilometres of uranium prospective stratigraphy. View
Map: http://www.uraniumnorthresources.com/s/EasternRegion.asp
Horned Lake
The Horned lake prospect was defined by approximately 500 uranium
bearing boulders mapped over a distance of 3 kilometres, in a NW-SE
direction by Uranerz in the late 1970's. Fifty-two boulder samples from
the area yielded assays ranging from <0.1% to 5.1% U3O8. Thirty-one
grab samples collected from the area by Uranium North in 2007 confirm
this uranium mineralization. The uranium values from 30 samples range
from 0.03% to 1.1%.
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Sample % U3O8 Sample % U3O8 Sample %U3O8
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1 1.10 11 0.33 21 0.10
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2 0.67 12 0.29 22 0.07
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3 0.65 13 0.24 23 0.07
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4 0.64 14 0.20 24 0.05
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5 0.60 15 0.19 25 0.05
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6 0.58 16 0.17 26 0.04
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7 0.48 17 0.17 27 0.04
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8 0.46 18 0.13 28 0.03
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9 0.38 19 0.12 29 0.03
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10 0.35 20 0.11 30 0.03
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Radiometric and magnetic data at Horned Lake identify a 300 metre wide
linear target zone that extends for approximately four kilometres.
Split Lake
A separate and parallel boulder field associated with bedrock uranium
showings was identified one kilometre north of the Horned Lake boulder
field. Historical U3O8 values from the Split Lake area range from 0.1%
to 1.5% and include 0.17, 0.25, 0.49 and 0.59% U3O8. Seventeen grab
samples collected from the area by Uranium North in 2007 confirm this
uranium mineralization. The 12 highest grade samples yielded U3O8
values ranging from 0.04% to 0.65%.
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Sample % U3O8 Sample % U3O8 Sample %U3O8
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1 0.65 5 0.22 9 0.06
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2 0.53 6 0.13 10 0.05
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3 0.34 7 0.07 11 0.04
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4 0.28 8 0.07 12 0.04
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The 2007 geophysical survey data identifies a prominent NW-SE trending
six-kilometre-long uranium and uranium/thorium ratio geophysical
anomaly. The uranium bearing frost heave boulders at Split Lake are
exposed along a linear trend extending for about one kilometre
coincident with the radiometric anomaly. Further, a coincident magnetic
anomaly suggests a possible bedrock uranium target that extends for
approximately 10 kilometres. In addition, the airborne geophysics
identifies similar signatures that may represent another 20 kilometres
of the same prospective stratigraphic unit.
"These data isolate 30 kilometres of stratigraphy that is highly
prospective for uranium," says Mark Kolebaba, President and CEO. "Both
prospects are showing the potential to significantly expand the uranium
mineralization on the property."
The historic Amer Lake Main Zone uranium prospect, which is reported
to contain 6.7 million lb U3O8*, is located within the property 10
kilometres to the west and is characterized by similarly NW-SE trending
equivalent uranium anomalies and uranium/thorium ratio anomalies,
coincident with linear magnetic anomalies.
Land Use permits for Amer Lake were received on September 6, 2007.
Planning for a 2008 drill program is underway. The Amer Lake property
is located north of Areva's Kiggavik deposit in Nunavut.
W.E. Brereton (P.Eng.) and J.S. Brett (P.Geo.) of MPH Consulting
Limited are Uranium North's qualified persons responsible for the
design and interpretation of the geochemical and geophysical programs,
respectively.
A fixed-wing radiometric and magnetic survey was completed over the
property by Terraquest Geophysical in August 2007, at a nominal
flight-line spacing of 200 metres. Samples were selected for analysis
in the field using a spectrometer. All samples were processed at
Activation Laboratories Limited of Ancaster, Ontario, Canada.
Activation Laboratories Limited is accredited by the Standards Council
of Canada to ISO/IEC Standard 17025 Accredited Laboratory #266 and by
the Florida Department of Health to NELAC Accredited Laboratory #
E87979.
Uranium North holds 100% interest in three million acres of property
located within the most prospective uranium basins in Canada, namely
the Athabasca and Thelon Basins. Uranium North is focusing on
developing a resource on the Amer Lake Property.
*Not compliant with NI 43-101.This is not a resource estimate and
should not be relied upon as insufficient exploration has been carried
out to delineate a mineral resource and it is uncertain if further
exploration will result in the target being delineated as a mineral
resource.
The sample data reported is from assessment files and other third party
reporting. The accuracy and validity of this historic data has not been
verified by Uranium North or its consultants.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba,
President , Uranium North Resources Corp.
For further information please contact:
Corporate Communications: Heather Kays
Tel: 604-484-7120
Fax: 604- 484-7143
Website: www.uraniumnorth.com
Email: info@uraniumnorth.com
Forward-Looking Information
The TSX Venture Exchange does not accept 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,
exploitation 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, exploitation and 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) 2008 URANIUM NORTH RESOURCES CORP,. (UNR) All rights
reserved. For more information visit our website at
http://www.uraniumnorthresources.com/ or send
mailto:info@uraniumnorthresources.com
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