KELOWNA, BC, July 2, 2015 /CNW/ - Northern Uranium Corp. (TSXV : UNO) ("Northern Uranium" or, the "Company") is pleased to provide a progress report on its 50% owned North West Manitoba project. The Company can earn up to an 80% interest in the project from CanAlaska Uranium Ltd (TSXV:CVV).
Bedrock, consisting predominantly of semi-pelite gneiss, calc-silicate gneiss and calcareous arkose, was intersected by hole MG15DD-0016 at a down hole depth of 26 metres. Drilling intersected hydrothermal alteration zones from 327.9 to 334.5m and from 334.5 to 338.4m.
Both of these hydrothermal zones contained strong hematitic limonite alteration and were associated with anomalous radioactivity. A one metre interval from 330.1 metres downhole averaged 730 counts per second (cps) with a down hole gamma probe. Within this interval was a 0.3m section that averaged 1023 cps. A 0.75 metre interval from 334.8 metres averaged 579 counts per second. Natural gamma radiation was measured using a down hole GV500-501 scintillometer manufactured by GeoVista.
This compares to Cameco's recent AXA-007 Thelon discovery in which up to 400 (equivalent) cps with limonite alteration was intersected. Northern Uranium has intersected anomalous radioactivity in excess of 400 cps in holes MG15DD-0012, MG15DD-0014 and MG15DD-0016.
Scintillometer readings should only be used as a preliminary indication of the presence of radioactive materials. The degree of radioactivity may not be directly or uniformly correlated with uranium grade. Consequently core samples from anomalous intervals are being sent for assay to determine uranium grades.
Hole MG15DD-0016 tested the depth extension of the hydrothermal alteration zone previously intersected by holes MG15DD-0009, MG15DD-0011, MG15DD-0012, MG15DD-0013 and MG15DD-0014. It was drilled along strike and mid way (60m from each hole) between MG15DD-012 and MG15DD-0014. MG15DD-0016 returned the highest down hole gamma results to date.
As the increasing radioactivity encountered in hole MG15DD-0016 indicates the drilling is progressing towards a more mineralized source the next hole is being drilled 60 metres along strike to test the mineralization beneath hole MG15DD-0014. The second drill is drilling another anomaly and is presently at 303 metres depth.
The technical information and results reported here have been reviewed by Chad Ulansky, PGeo, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. The Company undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither 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.
SOURCE Northern Uranium Corp.
For further information: Chad Ulansky, President & CEO, +1-250-448-4110