Chuck Fipke and Chad Ulansky’s Northern Uranium Corp (UNO.V), which we featured on CEO.ca yesterday, provided an exploration update for the company’s North West Manitoba property, where exploration is focused on the Maguire Lake area.
The news release, authored by Northern President and CEO Chad Ulansky, describes “spectacularly encouraging” alteration observed while drilling an intense gravity low target which will be followed up by more drilling.
The news pushed Northern’s stock 30% higher Wednesday morning, last at $0.065 at press time.
Here is the substance of that release:
Northern Uranium Returns Spectacularly Encouraging Drill Hole
KELOWNA, BC, Feb. 25, 2015 /CNW/ – Northern Uranium Corp. (TSXV : UNO) (“Northern Uranium” or, the “Company”) is pleased to provide a progress report on the drilling at its 50% owned North West Manitoba property.
Since optioning the North West Manitoba project from CanAlaska Uranium Ltd in late 2013 the Company has completed ground gravity surveys, an AlphaTrack radon cup survey on land, a RadonEx radon in water survey as well as twenty rotary air blast drill holes and ten diamond drill holes. Northern Uranium currently has a 50% interest in the project, is earning a 70% interest now and has the ability to earn a 80% interest.
Core from the four most recent diamond drill holes (MG14DD-0007, MG15DD-0008, MG15DD-0009 and MG15DD-0010) at Maguire Lake have been inspected by Dr. Karl Schimann V.P. Exploration for CanAlaska Uranium Ltd. Dr. Schimann reports that the alteration occurring in these holes show alteration patterns similar to those associated with unconformity style uranium deposits, but, in particular, vertical drill hole MG15DD-009 has intersected “an intense hydrothermal (alteration) system” suggesting that uranium mineralization may occur in close vicinity. Dr. Schimann continues “the alteration is very impressive by its length (in the hole) and its intensity” and is “typical of the alteration associated with an unconformity uranium deposit.”
Beneath 20.5 meters of water vertical hole MG15DD-0009 penetrated 14.7 meters of overburden before intersecting bedrock. Dr. Schimann states that “the alteration starts near surface and increases in intensity and quality down hole.” Unfortunately as the rock became ever more altered the core recovery diminished. From a depth of 135 meters to the end of hole at 174 meters virtually no core was recovered.
Geologists associated with Northern Uranium are most excited by this hole as it was designed to test a large (500m x 800m) intense low (1.5mgal) gravity anomaly, coincident with a conductivity anomaly and associated with anomalous results from the RadonEx radon in water survey. Furthermore, prospecting has located boulders down ice from this anomaly which have assayed up to 66% uranium.
Gravity anomalies are associated with uranium mines and deposits within the Athabasca Basin such as NexGen’s Arrow discovery and beyond the basin such as AREVA’s Kiggavik deposit in Nunavut. Conductivity anomalies are also associated with Athabasca uranium deposits such as Fission’s recent Patterson Lake South discovery. An anomalous radon in water anomaly was also used to target drilling of uranium mineralization at the Patterson Lake South deposit.
The fractures related to the intense hydrothermal alteration in MG15DD-0009 are sub-vertical (5 to 10 degrees from core axis). Consequently the next hole will need to be drilled at an incline to better crosscut the sub-vertical hydrothermal alteration system.
To accomplish this a more capable drill is required. Drilling with a rig capable of not only drilling inclined holes through water, but also drilling larger core (up to 8.3 cm in diameter) is anticipated to commence within 2 weeks. The larger core diameter should improve core recovery. A down hole gamma probe is on site to detect uranium mineralization in the absence of good core recovery.
The Company looks forward to the upcoming drilling which is targeted to intersect the very large gravity low anomaly and very intense conductive anomaly occurring in the immediate vicinity of hole MG15DD-0009.
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