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Mining Explorers 2009: Uranium North Resources Corp.

 

Last updated 11/1/2009 at Noon



UNR - TSX-V

President and CEO: Mark Kolebaba

Director: Stuart (Tookie) Angus

Vice President, Exploration: Allan Armitage

Between 2002 and 2005, Diamonds North aggressively acquired 27 million acres of land prospective for diamonds in northern Canada.

After reviewing exploration and historical data, Diamonds North identified about 4 million acres of this land that had a strong potential for uranium and ultimately transferred those assets into a new company, Uranium North Resources Corp., in mid-2006.

Today, Uranium North focuses on exploring a diverse property portfolio of more than 4 million acres.

These properties contain a historical but non-NI 43-101-compliant resource of 6.7 million pounds of uranium oxide, plus numerous historical U308 prospects with high values.

The portfolio also distinguishes Uranium North as the only junior uranium explorer with significant and prospective land holdings in what the company believes are Canada's three most prospective basins for high-grade, unconformity-vein-type uranium deposits: the Athabasca, Thelon and Hornby Bay basins.

Uranium North began a phase-1 drill program on the Amer Lake property in Nunavut in May and has completed 1,216 meters in 10 reverse-circulation drill holes.

The company planned to continue exploration at Amer Lake with a phase 2 drill program this summer.

In August, Uranium North said it completed an NI 43-101-compliant inferred mineral resource calculation for the Main zone deposit at Amer Lake.

Based on cutoff grades ranging from 0.01-0.06 percent uranium oxide, the interim resource calculation outlines 19.3 million to 7.3 million pounds of uranium grading 0.04 percent to 0.11 percent U3O8, respectively.

This new resource calculation is significantly higher than the historic estimate and represents what the company believes is a portion of a much larger deposit on the property.

In June, Uranium North also reported identification of two high-priority uranium targets on its Yathkyed property in Nunavut.

An airborne radiometric and magnetic geophysical survey over the property has detected 56 uranium anomalies.

Field surveys were carried out on more than 50 prospects on the company's Amer Lake, South Baker, Thelon UNR, Hepburn, and Carswell East properties.

To date 1,750 rock samples, 2,150 soil samples and about 50,000 line kilometers of airborne geophysical data have been collected.

Cash and short-term deposits:

C$1.4 million (at May 31, 2009)

Working capital:

C$1.24 million (at May 31, 2009)

Market capitalization: C$3.6 million

Suite 510, 510 Burrard St.

Vancouver, BC Canada V6C 3A8

Tel: 604-484 - 7120 • Fax: 604- 484 - 7143

Website: http://www.uraniumnorth.com

 

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