KELOWNA,
BC, Aug. 16, 2022 /CNW/ - Northern Uranium
Corp. (the "Company") (TSXV: UNO) announces Vern Frolick and David
Cowan have resigned as directors of the Company. The Company
thanks them for their service. Aaron
Triplett, Georgia Knight and
Vincent Teo have been appointed as
directors. Aaron and Vincent are both CPAs , Aaron with more than
15 years experience with public companies. Georgia is a corporate
administrator with more than 10 years experience as an independent
director. Chad Ulansky, President and CEO, Jennifer Irons, CFO and Secretary, and
Jason Granger continue as
directors.
Northern Uranium Corp. is a junior exploration company owning a
70% interest in the North West Manitoba Project, a uranium
development project favourably located along the extension of the
Mudjatik Wollaston tectonic zone which hosts most of the major
uranium deposits within the Athabasca Basin, which are the highest grade
uranium deposits in the world.
These deposits are of the unconformity type, situated near the
boundary of the overlying basin sediments and underlying basement
rocks. Though Northern Uranium's North
West Manitoba project is not currently underlain by basin
sediments, it is thought that the extensive glaciation has stripped
these sediments away, leaving the basement rocks exposed. This
would have the advantage of allowing mineralization to be found at
or near surface. This theory has been borne out as grab samples of
in situ mineralization at the project have run up to 9.5% U3O8
while boulders have contained in excess of 65% U3O8.
Prior to Northern Uranium's involvement it was reported
approximately $8 million of
exploration was conducted on the project. In the course of reaching
the 70% earn-in milestone, Northern Uranium paid a total of
$85,000 in cash and issued 12,000,000
common shares and 6,000,000 warrants to purchase additional
Northern Uranium common shares. These warrants subsequently
expired.
The Company formalized a joint venture agreement at the 70/30%
level in September 2018. In addition to the $8 million spent on the project prior to its
involvement, expenditures by Northern Uranium on the North West
Manitoba Project are in excess of $7,600,000.
The Company also announces it has been advised Charles Fipke, a control person of the Company,
has agreed to sell 50 million of the 67,999,998 shares beneficially
owned by him to pursue other interests to purchasers representing
they are not acting in concert.
The technical information in this news release has been approved
by Chad Ulansky, PGeo, a qualified
person under National Instrument 43-101, who is responsible for the
technical content of this release.
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 press release.
SOURCE Northern Uranium Corp.