KELOWNA, BC, March 3, 2017 /CNW/ - Northern Uranium
Corp. (TSXV:UNO) ("Northern Uranium" or, the "Company") is
pleased to provide a progress report on its 70% owned North West Manitoba project. The Company
can earn up to an 80% interest in the project from CanAlaska
Uranium Ltd (TSXV:CVV).
At the end of 2015 the Company completed four drill holes at its
North West Manitoba
project.
South Anomaly Zone
Hole MG15DD-0022 was drilled to determine if the radioactivity
within a massive clay alteration zone which peaked at 2,529 cps in
hole MG15DD-0021 continues to strengthen to depth. Hole
MG15DD-0021 was drilled at a -45 degree inclination and intersected
the massive clay alteration zone between 379.7 and 405.1
metres. Hole MG15DD-0022 was drilled from the same location
at a -60 degree inclination.
After 27.1 metres of overburden hole MG15DD-0022 intersected
65.7 metres of semi pelitic gneiss. Thereafter calcareous
metasediments dominated until 453.7 metres where semi pelitic
gneiss and pegmatite were intersected until the end of hole at
532.4m. The massive clay alteration zone was not intersected,
but various slickensides, hydrothermal brecciation with
carbonate-gouge matrix and unconsolidated brecciation was observed
from 495.8m to 514.0m. A fracture with strong hematite
staining at 223.1m returned a gamma spike in core of 2,462cps.
Hole MG15DD-0024 targeted the same massive clay alteration zone
intersected in holes MG15DD-0020 and MG15DD-0021. Drilled at
an inclination of -45 degrees the hole penetrated overburden to a
depth of 30.2 metres before intersecting alternating intervals, on
the scale of tens of metres, dominated by semi-pelite, pelite and
calc-silicate to a depth of 296.9 metres. Marble was then
intersected to a depth of 354.7m followed by 7.4m of
pegmatite. Brecciated and altered marble was then intersected
to a depth of 400m followed by intercalated intervals of altered
pegmatite, marble and calcite/chlorite veins to a depth of
416.3m. Unaltered semi-pelitic gneiss was then intersected to
the end of hole at 443.2m. The massive clay altered zone
appears to lie from 385.5m to 406.7m and is characterized by clay
alteration, decalcification and locally intense
silicification. Minor radioactivity was associated with the
clay altered zone with gamma readings of core up to 530 cps.
East Anomaly Zone
Hole MG15DD-0023 targeted a combined resistivity and gravity low
beneath Maguire Lake. After 161.2 metres of overburden clay
altered calc-silicate intercalated with lesser amounts of
semi-pelite and minor amounts of pegmatite and pyroxene-rich
calcsilicate were intersected to the end of hole at 426.12
metres. Two significant alteration zones were intersected
within calc-silicate rocks; the first measured 11 metres starting
at 207.1m and the second measured 57 metres starting at
316.3m. Both are characterized by strong lime green coloured
clay which is interpreted to be either sudoite or fuchsite which
can be genetically associated with the processes that can form
unconformity style uranium deposits typical of the Athabasca basin. No significant
radioactivity was associated with the alteration zones.
Hole MG15DD-0025 was drilled at an inclination of -45 degrees
towards the NW, scissoring hole MG15DD-0023. After 43.9
metres of overburden semi-pelite and pelite intercalated with
pegmatite was intersected to 221.6m. Massive clay alteration
overprinting calc-silicate rocks and pegmatite is then intersected
for 55.3m and fracture controlled clay alteration continues a
further 25.3m to 302.2m. The clays were characterized as
sudoite or fuchsite which could be genetically related to
Athabasca style uranium
mineralization. Unaltered marble, calc-silicates and
pegmatite were then intersected to the end of hole at 339.6m.
No significant radiometric anomalies were associated with the
massive clay zone.
Conclusion
Holes MG15DD-022 to MG15DD-0025 continue to demonstrate that
significant alteration zones are present on the Maguire Lake
property. These alteration zones are similar to those
associated with unconformity style uranium mineralization, which
typically occurs in relatively small discrete high grade
pods. To date, drilling at Maguire Lake has yet to intercept
high grade uranium mineralization. However, the high grade
boulders (up to 66% U3O8) and highly
anomalous radon results support the presence of uranium
mineralization on the property.
The Company has four high priority drill targets in the Maguire
Lake area that are ready for drill testing. The first two are
conductors which are contained within the same 800m by 500m gravity
low. This gravity low is 1,600m along strike from the South
Anomaly Zone. The second two targets are contained within a
large 2,000m by 1,000m gravity low. One target is the center
of the gravity low while the other is where there is a gap in a
30km long VTEM conductor coincident with the gravity low.
The Company has had expressions of interest to fund the testing
of these four targets. However, the potential funders have
requested that the underlying option agreement with CanAlaska
Uranium be modified to reduce the $5.6
million dollar earn in to $1
million required to increase Northern Uranium's interest
from the current 70% to 80%. Otherwise it will not be
possible to raise the required funds to advance the project. These
discussions are ongoing.
The technical information and results reported here have been
compiled by consulting geologist Dr. Charles Fipke and 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.