Unity Stakes Milliken Lake Project, Athabasca Basin
September 27 2011 - 7:30AM
Marketwired
Unity Energy Corp. (TSX VENTURE: UTY) ("Unity" or the "Company") is
pleased to announce that it has acquired through staking a
prospective uranium exploration property known as the Milliken Lake
Property. The 1,941 hectare claim lies on the eastern edge of the
Athabasca Basin, adjoining to the southeast, UEX's Hidden Bay and
to the west Hathor's Milliken Creek Project. The project area has
seen significant exploration activity, including an Aeroquest
AeroTEM III time domain helicopter electromagnetic survey in 2005
(UEX) and boulder prospecting survey (Denison) in 2006. With this
acquisition, Unity now controls eight quality uranium exploration
projects (27,500 hectares) in the most productive region in the
world.
Aeroquest's Mag/EM survey was successful at detecting a
northeast trending moderately conductive anomaly, spanning approx.
4.5km of the Milliken Lake Project. The Milliken Conductor, which
appears to be a subtle anomaly that may represent an alteration
zone corresponding with a magnetic low, is the Company's primary
exploration target at Milliken Lake. In 1997, Cameco tested a
gravity anomaly in the northern portion of the Project, which was
then part of the Park Creek Project. The unconformity was
intersected at 97.4m (hole GL-1) and 87.95m (hole GL-2). Neither
hole intersected alteration or mineralization; the holes were
approximately one kilometer north of the Milliken Conductor.
The Company also covered the Milliken Lake Project in its 2011
VTEM survey; an interpretation on the results should be available
in the near term.
Under the terms of the staking agreement, Unity must within four
years, complete a minimum of $2,500,000 of exploration expenditures
on the Project. A 1.5% NSR has also been granted to the arm's
length staker, which can be purchased at any time for
$1,500,000.
"The Company is very pleased to have been able to pick up such a
prospective project with shallow targets in the heart of the
Saskatchewan's uranium belt. We hope to be able to mirror UEX's
success with their Hidden Bay Project and bring increased value to
our shareholder faithful."
Dr. Peter Born P.Geo., the Company's Qualified Person and
Director, is responsible for the geological content in this news
release.
To view a map of the Milliken Creek Project, please visit the
following link: http://media3.marketwire.com/docs/uty927i.pdf.
For more information visit www.unityenergycorp.com.
On Behalf of the Board of Directors of Unity Energy Corp.
Anita Algie, B.Sc. Hon, President
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 release.
Contacts: Unity Energy Corp. Anita Algie President 604-681-0004
www.unityenergycorp.com
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