UNOR Inc.
TSX VENTURE : UNI

UNOR Inc.

January 05, 2007 10:50 ET

UNOR Plans $7 million 2007 Exploration Program

TORONTO, ONTARIO--(CCNMatthews - Jan. 5, 2007) - UNOR Inc. (TSX VENTURE:UNI) reports that all permits, contracts and funding are in place for its $7 million March/September 2007 uranium exploration field season in the Hornby Bay Basin of Western Nunavut, Canada. Under the Strategic Alliance Agreement between Cameco Corporation and UNOR, the companies established a Joint Technical Committee in September 2006 to oversee UNOR's exploration activities and 2007 will be the initial program under this committee.

For 2007, approximately 6,000 metres of diamond drilling are planned to follow up encouraging intersections from the 2006 drill campaign and to test new targets on the following projects:

Coppermine Project - a budget of $3.5 million to follow up geophysical surveys of the 80 kilometres of conductive zones on the property and to drill 17 holes totalling 4,000 meters to test the following targets:

- Bog Zone - to drill a minimum of 9 holes totalling 1,200 metres to follow up the 9.1 metre intersection grading 0.12% U3O8 in hole HB-06-33B from the 2006 drill campaign. Uranium mineralization at Bog occurs in shear zones and quartz-carbonate veins in the footwall of a major thrust fault. The Eagle Point uranium deposit in the Athabasca Basin is being used as the model for designing the drill program.

- Hot Creek - two initial holes totalling 600 meters will be drilled to test the uranium mineralization discovered in 2006 within sandstone near the west bounding fault of a major graben. The target deposit is modelled on the Mountain Lake uranium deposit located 40 kilometers to the west.

- Contact East - two holes totalling 700 metres are planned to test the unconformity to the north of the 2005/2006 holes that contained anomalous uranium values associated with a strong graphitic zone in the basement rocks. Both the high grade unconformity MacArthur River model and the basement Millennium model in the Athabasca Basin are being used to guide the drilling.

- Alteration Zone - a hole of 800 meters is planned to test this zone of strong silica/ clay/ dravite alteration in the Hornby Bay sandstone. The drill site has been targeted on vectors provided by the two holes completed in 2005 and 2006. The model is high grade unconformity style mineralization beneath the alteration cap rock.

- BN1 and BN2 - to drill two holes totalling 400 metres to test these two bulls-eye magnetic anomalies which are prime kimberlite pipe targets and occur three kilometres apart.

An additional 600 meters of drilling has been reserved for testing one or two of the other significant targets on the property such as DM 70, Wolf Creek and DM 34 or potentially one of the new geophysical targets developed during the season.

Asiak Project - a budget of $1.3 million for 10 drill holes totalling 1,200 metres to drill test the basement hosted high grade uranium showings at Little Grey Owl Lake and Tara West as well as 6 of the top priority kimberlite targets.

Cameco Optioned Lands - a budget of $1.9 million has been allocated for the exploration of this very exciting new addition to the company's holdings in the Hornby Bay Basin. The extensive data bank of work in the 1977- 1983 period is being compiled and specific targets will be available for evaluation early in the 2007 season. A follow-up VTEM program will target specific anomalies and conductive trends outlined by the 2006 GEOTEM survey completed by Cameco. An airborne radiometrics survey is planned to cover the complete block as soon as weather conditions are favorable. An intensive boot-and-hammer prospecting program will complement the geophysical programs. Ground geophysical surveys and prospecting may be sufficiently encouraging to warrant extending the season and drill testing several top priority targets while the drill is in the area.

UNAD Joint Venture - an allocation of $0.3 million has been provided to fund the company's 50% share of expenditures on the UNAD JV claims. The program will include follow up of the 2006 GEOTEM survey, an airborne radiometrics survey and at least 2 drill holes totalling 500 meters to test the high grade Tabb Lake showings or other significant targets emerging from the ground geophysical surveys.

UNOR Inc. was incorporated in 1996 as a uranium exploration and development company. In June 2006, Cameco Corporation acquired 19.5% of UNOR for its uranium exploration focus and expertise in western Nunavut. To view the company's 2006 mineral showings and its 1.1 million acre strategic land position go to the headings Latest Results and 2007 Exploration Program on the home page of the UNOR web site at www.unorinc.com.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.

Contact Information

  • UNOR Inc.
    George Bell
    President & CEO
    (416) 368-0198
    or
    UNOR Inc.
    David Bent
    VP Exploration
    (416) 368-0198
    Website: www.unorinc.com