JNR Resources Inc.
Exploring the Athabasca Basin & Newfoundland for High Grade Uranium
JNR Resources Inc. (TSX Venture - JNN) is a junior resource company currently engaged in the exploration and development of mineral properties in the provinces of Saskatchewan and Newfoundland. The company has a varied interest in several prospective uranium properties in the Athabasca Basin of northern Saskatchewan that have been and will continue to be the focal point of JNR's exploration efforts.
In February 1997, with uranium prices on the rise and expected to increase substantially within the decade, JNR Resources began to acquire a significant land position in the Athabasca Basin of northern Saskatchewan. The Athabasca Basin is recognized as the most prospective uranium-mining district in the world. JNR's highly experienced technical team engaged in a systematic program by of prioritizing and staking targets based on geology, metallogenic models and extensive review of historical assessment records. JNR's early foresight of a strong uranium market enabled the Company to acquire its prospective ground long before the Athabasca staking rush and current exploration "area play".
JNR's holdings in the Basin include a 100% interest in 5 properties totalling 164,626 hectares, a 30,767-hectare joint venture with Denison Mines Corp. (Dension; formerly International Uranium Corporation) where JNR holds a 40% interest, and an additional 7 properties totalling 166,750 hectares in which Denison has the option to earn varying interests.
In Dec 2004, JNR entered into a joint venture agreement with Altius Mineral Corporation to earn a 70% interest in their Rocky Brook uranium property located in western Newfoundland. The property is approximately 11,000 hectares in size and features three distinct areas of un-sourced, altered and mineralized sandstone boulders with reported values of up to 11.5% U3O8 and 859 oz/t (2.9%) silver.
The Moore Lake property comprises 12 claims totalling 35,705 ha in the south-eastern portion of the Athabasca basin, 40 km south of Cameco's McArthur River mine and 45 km northeast of the Key Lake mine and mill complex.
Current Program - 2008
Project operator, Denison, reports that the summer diamond drilling program is nearing completion. In total, 13 holes comprising some 5,500 metres will have been completed on the project this year. The primary focus was following up on a number of geological and geophysical targets proximal to the Maverick Zone mineralization. A geophysical program, consisting of 60 kilometres of linecutting and a ground resistivity survey, is also planned.