UTY Unity Metals Corporation

Unity Energy Corp. (TSX VENTURE:UTY) is pleased to announce that it has
completed evaluation of ground/airborne geophysics and historical drilling in
and around the Lampin Lake Project and has identified a high value target,
dubbed the Shamus Zone. The Lampin Lake Project consists of a single 500ha
disposition located on the eastern margin of the Athabasca basin. The Project
lies in the Waterbury Lake district, approx. 16km southeast of Hathor's
Roughrider discovery. It is bordered by claims held by UEX to the east (Hidden
Bay Project) and Cameco on all other sides.


To view the map associated with this press release, please click on the
following link: http://media3.marketwire.com/docs/u1129.jpg


The Shamus Zone is characterized by a 500-750m wide northwest trending Bouguer
Gravity low feature, beginning at Cameco's Q12A zone and ending several
kilometers on the southwest corner of the Lampin Lake claim boundary. The
gravity anomaly is roughly perpendicular to the Telephone Fault, may indicate a
region of alteration, some of which has been subject to desilicification. The
Telephone fault is interpreted as the primary control of this zone. Within
gravity anomaly, the primary target is a series of subtle conductors coincident
with magnetic lows, which appear to be related to extensions of Cameco's Q12A
conductor series. The subtle conductors were identified through detailed
interpretation of VTEM data, acquired by Unity in a survey completed in 2011.


Cameco's Q12A zone (some 500m to the south) shows areas of intermittent uranium
mineralization at the unconformity and has been interpreted as the outlying edge
of an alteration zone. Cameco and Asamara Oil have tested the Q12A zone with
several ground geophysical surveys and extensive diamond drilling. Asmara Oil's
diamond drilling of the Q12A grid intersected notable uranium mineralization as
follows: Q12A-009 (4.0m of 0.13% U3O8 @ 197m), Q12A-003 (0.4m 3159ppm U3O8 @
219.9m) and Q12A-005 (0.3m 0.073% U3O8 @ 180.1m), The most significant hole
reported by Cameco was Q12A-011: 1.7m of 2.46% U3O8 at approx. 192m.


It is the Company's exploration hypothesis that the absence of strong conductors
near or at the Telephone Fault may be a result of graphitic consumption or
remobilization by alteration events. Several major uranium discoveries in the
Athabasca Basin such as McArthur River, Key Lake and Millennium were primarily
the result of drill-testing of strong alteration zones related to conductor
features, not the drill testing of specific graphitic conductors. The Key Lake
and Millennium deposits, which were initially missed in first-pass drilling,
were discovered by step-out fenced holes drilled across alteration zones.
Millennium was discovered by drilling "off conductor" and deeper into a basement
alteration system. McArthur River was found by drilling along the strike-trend
of a pronounced alteration system where conductors were largely absent. The
Company is in the process of evaluating "next step" exploration phases. A ground
survey (such as gravity, resistivity or 2D seismic) would likely precede diamond
drilling.


Anita Algie BSc. Hon., President, commented, "Unity now has high value targets
on both of its Waterbury Lake assets: Lampin Lake and Waterbury Lake. It is the
Company's intention to explore and develop these highly prospective properties,
with or without venture partners. In addition, the recent bidding war for Hathor
by Cameco and Rio Tinto has reaffirmed in the minds of investors worldwide the
viability of uranium as an exploration commodity. This may well be the black
swan event that renews the uranium renaissance."


Dr. Peter Born, P.Geo., the Company's Qualified Person and Director, has not
reviewed the original drill logs, assays or core of historic drilling.
Geological and exploration information contained in this release is derived from
sources believed to be credible.


On Behalf of the Board of Directors of Unity Energy Corp.

Anita Algie B.Sc. Hon, President

Unity Metals (TSXV:UTY)
Historical Stock Chart
From Jun 2024 to Jul 2024

Unity Metals (TSXV:UTY)
Historical Stock Chart
From Jul 2023 to Jul 2024