Northern Uranium Earns 50% in North West Manitoba Project

About this update from Northern Uranium Corp.

[{"type":"text","content":"\n\nKELOWNA, BC, Dec. 12, 2014 /CNW/ - Northern Uranium Corp. (TSXV : UNO) (\"Northern Uranium\" or, the \"Company\") is pleased to announce that it has earned a 50% interest in the North West Manitoba property from Canalaska Uranium Ltd. (\"Canalaska\").\n\nUNO Earns 50% Interest\n\nAs per the option agreement signed with Canalaska, Northern Uranium was required to issue a total of 4,500,000 shares and 2,250,000 warrants to Canalaska as well as incur $3,200,000 in expenditures on the property.  Northern Uranium has now met these requirements and has earned a 50% interest in the project.\n\nThe next milestone in the agreement provides Northern Uranium with the right to earn a 70% interest in the project through the expenditure of $2,800,000 on the project, and the issuance of 2,500,000 shares and 1,250,000 warrants to Canalaska.  The expenditures must be incurred within two years.\n\nUpon earning the 70% interest Northern Uranium has the right to acquire an 80% interest in the project through additional expenditures on the project and the issuance of shares and warrants to Canalaska.\n\nRAB Drilling\n\nNorthern Uranium is pleased to report that the RAB drilling is continuing on the project.  A second hole (MG14RB-0011A) has reached bedrock.  It was drilled approximately 19 meters to the northwest of the previously announced hole on November 21, 2014.  Semi-pelite bedrock was intersected at approximately 14 meters and drilling continued to 19.5 meters.  Similar to the first hole elevated contents of biotite rich semi-pelite bedrock, which is a known host of uranium was intersected at a depth of approximately 14 meters and drilling continued to a depth of 19.5 meters.  Composite samples were collected from the drill cuttings every 1.5 meters. These samples were analyzed using an Iso Cart 85 gamma ray spectrometer which detects Uranium 232, 234, 235 and 238 as well as Lead 210, Bismuth 214 and Radium 226.  Analysis of the samples determined that there was an increase in Uranium 232, 234, 235, 238 as well as Lead 210, Bismuth 214 and Radium 226 isotopes at or just below the till-bedrock contact. Uranium 234 and 238 as well as Lead 210 and Radium 226 are mobile and therefore could have travelled up structural zones from an uranium source detected by the gravity low and elevated r...

More updates from Northern Uranium Corp.