JNR Resources Inc.

Exploring the Athabasca Basin & Newfoundland for High Grade Uranium



posted on Jan 05, 2009 07:02AM

JNR Resources samples up to 535 ppm U at Topsails

2008-08-29 09:36 ET - News Release

Mr. Rick Kusmirski reports


JNR Resources Inc. has released the following update on its uranium exploration activities in central and western Newfoundland. The company is actively exploring two projects: Topsails and Rocky Brook.

The 278,000-hectare Topsails project is a 50/50 alliance between the company and Altius Resources Inc., which was established to explore for volcanic-hosted uranium deposits in a defined area of west-central Newfoundland near the mining community of Buchans.

Analytical results from a propertywide lake sediment geochemical survey completed this spring indicate anomalous uranium values with associated molybdenum and fluorine in a number of areas, the largest being 20 by 10 kilometres in size. With background values less than 10 parts per million, anomalous uranium values of greater than 30 parts per million to a maximum of 535 parts per million have been identified in more than 30 lakes. These samples, combined with historical surveys, highlight four distinct areas of extensive uranium-molybdenum enrichment. The geochemically anomalous lakes lie within or adjacent to granitic rocks related to the caldera complexes targeted for exploration, and confirm the prospectivity of these rocks for hosting volcanic-related uranium mineralization.

It should be noted that lakes in the vicinity of uranium deposits in the prolific Athabasca basin are commonly anomalous in uranium and pathfinder elements associated with the mineralization. Molybdenum and fluorine are common pathfinder elements diagnostic of volcanic-hosted uranium deposits. Furthermore, volcanic-hosted uranium deposits are a significant source of high-tonnage, moderate-grade uranium, one of the best examples of which is the Streltsovka caldera, Russia's largest uranium resource.

The companies have also received and interpreted the preliminary data from a detailed 17,500-line-kilometre airborne radiometric and magnetic survey, and have identified 14 areas for immediate follow-up. To that end, an extensive prospecting and geological mapping campaign was initiated in early July and will continue through to late October. The focus of the campaign is on the anomalous areas identified by the airborne and lake sediment surveys.

The companies have also completed a propertywide water sampling program on the Rocky Brook project located in western Newfoundland. Exploration at Rocky Brook is focused on the discovery of bedrock sources for two discrete high-grade boulder clusters in glacial till, with reported historical assays ranging from 1 per cent to more than 10 per cent U3O8, as well as very high-grade silver contents. JNR has an option to earn a 70-per-cent interest in this project from Altius.

The water sampling program was designed to assist in targeting future drill campaigns using innovative geochemical procedures and modern analytical techniques in the primarily bog-covered terrain of the prospective Deer Lake basin. Analytical results have been submitted to a known expert in the interpretation of geochemical data from this sample medium for review and recommendations.

Drilling to date, including the 82-hole program in 2007 (comprising 2,482 metres), has identified two areas of low-level anomalous radioactivity at or near the overburden-bedrock interface. Both areas lie proximal to the high-grade boulder clusters. Several geochemically enriched fault structures and/or redox alteration fronts thought to possibly control the high-grade uranium-silver mineralization have also been defined. Structural interpretation and the development of a 3-D model using all downhole data are in progress and expected to be completed prior to the next drilling campaign.

Anomalous uranium, copper and silver values were obtained in drill core from several of the 2007 drill holes at Rocky Brook, the most significant of which are narrow intervals in four holes drilled in the vicinity of the Birchy Hills and Wigwam Brook boulder fields. RB-07-144 and RB-07-152, drilled up ice of the Birchy Hill showings, intersected 0.5-metre intervals returning 45.2 parts per million U, 202 parts per million Cu, 4.9 parts per million Ag, and 15.3 parts per million U, 302 parts per million Cu and 6.9 parts per million Ag, respectively. RB-07-192 and RB-07-196, drilled in the vicinity of the Wigwam Brook mineralized boulder field, intersected 0.5-metre intervals of 49.9 parts per million U, 5.2 parts per million Ag, and 62.7 parts per million U and 310 parts per million Cu, respectively.

Further results will be released as they become available.

JNR is led by a highly experienced management team with proven discovery success in uranium exploration. In addition to its projects in Newfoundland, the company has an interest in 13 properties totalling some 357,500 hectares of highly prospective ground in the renowned Athabasca basin of Northern Saskatchewan.

JNR's vice-president of exploration, David L. Billard, PGeo, is the qualified person responsible for the technical data presented in this release. All technical information for the company's exploration projects is obtained and reported under a formal quality assurance and quality control program, details of which are presented on the company's website (which also contains a glossary of the technical terms included in this release).

We seek Safe Harbor.

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