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.
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