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Re: News Release - Thursday, May 03, 2012
Uranium North Provides Updated Amer Lake Uranium Resource
Calculation
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Vancouver, BC, May 3, 2012 - Uranium North Resource Corp. ("Uranium
North" or the "Company") (TSX-V: UNR) announces that it has increased
the inferred uranium resource on the Company's 100% owned Amer Lake
property in Nunavut from 19.3 million pounds to 20.9 million pounds
U3O8.
At a base cut-off grade of 0.01% U3O8, an Inferred Mineral Resource is
estimated at 22,948,000 tonnes averaging 0.041 % U3O8, containing 20.9
million pounds U3O8.
Total Preliminary Inferred Mineral Resource - 2011
Cut-Off Grade Tonnage (t) Grade U3O8 (lbs)
% U3O8 (t x 1,000) % U3O8 (lbs x 1,000,000)
0.01% 22,948 0.041 20.9
0.02% 20,173 0.045 19.9
0.03% 13,590 0.054 16.2
0.04% 8,475 0.066 12.3
0.05% 5,935 0.075 9.9
0.06% 3,877 0.086 7.4
0.07% 2,280 0.102 5.1
"The Main Zone uranium deposit remains open to the south and to the
west. We are optimistic that as we continue to drill along the Main
Zone deposit and similar mineralized zones to the east and west of the
Main Zone, the Amer Resource will continue to grow," says President
Mark Kolebaba.
The Company believes the Amer Lake basin thickens to the west providing
additional uranium opportunities in the region. Eleven additional
claims totaling 20,756 acres have been staked in this area.
Mineral Resource Estimate Method
The updated inferred mineral resource estimate has been prepared in
compliance with the standards of NI 43-101 by A. Armitage, Ph.D.,
P.Geol., of GeoVector Management Inc. GeoVector is an Ottawa, Ontario
based consulting firm specializing in resource estimation, project
assessment and project management. A. Armitage acted as the qualified
person for the resource calculation, as defined in NI 43-101, and is
independent of the Company. A NI 43-101 report will be finalized and
filed on SEDAR within 45 days of the date of this news release.
The Amer mineral resource estimate is based on 62
Diamond and RC drill
holes (9,384 meters) including 16 RC holes totaling 2,285 metres
completed in 2011. A total of 2,230 assay values have been collected
through 2011. Assay values were verified against drill logs and assay
certificates. Drill-hole collar locations and down-hole surveys were
checked and verified. The mineral resource was estimated using
1.5-meter composites of the assay values, with "zero" grade inserted
into intervals that were not sampled.
The inferred mineral resource was calculated using Gemcom GEMS 6.3
software. Mineral resources were domained into 8 stratabound
mineralized horizons that were based on stratigraphic controls from
drill core, magnetic susceptibility and ICP geochemistry. These
horizons were wireframed in Gemcom using a minimum width of 1.50
metres. The wireframes were then intersected with a block model to
arrive at mineralized zone volumes. These volumes were multiplied by an
average specific gravity of 2.71, as determined from 38 samples
analyzed by the Saskatchewan Research Council (SRC), to arrive at
tonnage within the wireframes of mineralized zones.
Grades were interpolated into the block models from the 1.50 metre
composites that intersected the wireframe models. A block model was
constructed using 5-meter by 5-meter by 1.5-meter blocks in the x, y
and z directions respectively. Grades for uranium were interpolated
into the blocks by the inverse distance squared method using a minimum
of 1 and maximum of 6 composites to generate block grades. Search
parametres were set up to mimic the stratigraphic strike and dip of
wireframes which conform to the Amer Lake sub-basin.
Resource Classification
Mineral resources have been categorized using the classification of the
Canadian Institute of Mining, Metallurgy and Petroleum (2000), with the
relevant definitions provided below. This classification is the basis
for Technical Reports by Qualified Persons in Canada, and the
classification is virtually the same as that of the JORC code
(Australia) SME guidelines (USA) SAMREC (South Africa) and that of the
European Union.
An Inferred Mineral Resource can be estimated on the basis of
geological evidence and limited sampling and reasonably assumed, but
not verified geological and grade continuity. The estimate is based on
limited information and sampling gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings
and drill holes.
Due to the uncertainty which may attach to Inferred Mineral Resources,
it cannot be assumed that all or part of an Inferred Mineral Resource
will be upgraded to an Indicated or Measured Mineral Resource as a
result of continued exploration. Confidence in the estimate is
insufficient to allow the meaningful appreciation of technical and
economic parametres or to enable an evaluation of economic viability
worthy of public disclosure.
The 2011 RC drill program was managed by GeoVector Management Inc.
(www.geovector.ca) under the supervision of Alan. Sexton, M.Sc.,
P.Geol., and is hereby identified as the independent "Qualified
Person", as defined by NI 43-101, for the Amer Lake Project. A.
Armitage and A. Sexton have reviewed the technical information in this
release.
The Amer Lake property is located 145 kilometres north of Baker Lake,
Nunavut and 70 kilometres northwest of an all-season road, which
extends from Baker Lake to the Agnico Eagle Meadowbank gold deposit
slated to be in production by 2011. Also in the vicinity is Arevas' 147
million pound Kiggavik deposit which Areva is working towards a planned
production date of 2015.
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) 2012 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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