URANIUM RESOURCE Aiming for 38.0 million lb at Amer Lake

NUNAVUT — Vancouver's Uranium North Resources has released a 43-101-compliant report containing an infer...

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NUNAVUT — Vancouver's Uranium North Resources has released a 43-101-compliant report containing an inferred resource for the Main zone at its Amer Lake property 145 km north of Baker Lake. Using the industry-standard 0.01% U3O8 cutoff, the inferred material totals 21.4 million tonnes at 0.04% U3O8 or 19.3 million lb of contained U3O8. A more conservative estimate, using a cutoff of 0.05% U3O8 puts the contained uranium at 9.7 million lb in 5.1 million tonnes grading 0.09% U3O8.

 

Historically, the Amer Lake Main zone was estimated to contain between 6.7 million lb grading 0.07% U3O8 at a cutoff of 0.05% and 12.9 million lb grading 0.07% U3O8 using a 0.04% cutoff.

 

The NI 43-101 report concludes that the deposit remains open to the south and east and that it can potentially be greatly increased with continued drilling in this direction, said Uranium North. It also suggests that the current Main zone resource may be understated and that more infill drilling may increase the mineral resources as it appears to be under sampled by the historical drilling. The report provides a target of 38 million pounds U3O8 at a 0.01% U308 cut-off to 20 million pounds U308 at a 0.05% U3O8 cutoff. Expanding the deposit size is the goal of the upcoming drill program.

 

Maps and additional information about the Amer Lake project is available at www.UraniumNorth.com.

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