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Northern Uranium Corp.
Summary
| Project: | North West Manitoba | |
|---|---|---|
| Deposit: | North West Manitoba | |
| Location: | Canada | |
| Commodities: | Uranium | |
| Date: | 3/3/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 3-3-2017: Northern Uranium Corp. announces an Exploration/Drilling Update report for its North West Manitoba deposit at the North West Manitoba project. JV - Drilling intersects high Gamma radiation incl. 2462cps at 223.1m. Northern Uranium Corp. (TSXV:UN | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Charles Fipke, Chad Ulansky (Internal) | |
| ABSTRACT: | 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. 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. | |
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