JNR Announces Drilling Results at South Fork Uranium Project
Mon Aug 25, 10:03 AM
TSXV:JNN
Email: info@jnrresources.com
Website: www.jnrresources.com
SASKATOON, Aug. 25 /CNW/ - JNR Resources Inc. (TSXV: JNN.V) has been advised by project operator, Uranium Power Corp. (TSX.V:UPC) (jointly the "Companies") that drilling has been completed on its South Fork uranium project in southwest Saskatchewan. Two drill rigs were contracted from Layne Christensen Drilling of Aurora, CO to complete this program, which consisted of 45 rotary drill holes totaling 5,402 metres.
The drilling program focused on the largest paleochannel in the Frenchman and Ravenscrag Formations, as interpreted from a Fugro Tempest airborne EM survey. These formations are believed to have the potential to host roll-front style uranium mineralization, similar to that found in the prolific Powder River Basin of Wyoming.
Four of the drill holes intersected significant uranium mineralization in sandstones of the Ravenscrag formation. The best intersection was obtained in SF-1042 at 66.8 metres vertical depth, returning an average grade of 0.028% eU(3)O(8) over 1.4 metres, including 0.038% eU(3)O(8) over 0.7 metres (Table 1). Additional mineralized intersections ranged from 1.4 metres grading 0.014% eU(3)O(8) to 0.7 metres grading 0.025% eU(3)O(8).
Of the remaining 41 drill holes, nine intersected anomalous radioactivity (greater than 2x background), 14 are considered to be weakly anomalous (2x background) and the remaining 18 were barren.
Chris M. Healey, P.Geo, President of UPC, commented, "Given the early stage of the exploration of this large property, it is very encouraging to see grades approaching those found in economic deposits in other parts of the world in several of our drill holes."
Table 1. 2008 Rotary Drilling Results
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Hole No. From (m) To (m) Length (m) % eU(3)O(8)
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SF-1039 40.8 41.1 0.3 0.023
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SF-1040 31.2 31.9 0.7 0.025
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72.1 73.5 1.4 0.014
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SF-1041 38.0 38.8 0.8 0.024
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43.9 44.6 0.7 0.022
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SF-1042 66.8 68.0 1.2 0.028
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including 0.7 0.038
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The Companies have increased their land holding in the area to fully cover all of the targets identified by the airborne survey. The South Fork project now consists of some 76 claims, totaling approximately 64,000 hectares.
UPC can earn up to 65% interest in the South Fork property by reimbursing JNR for prior expenditures (completed) and by spending $2,500,000 on exploration activities by January 25, 2011. Under a subsequent agreement, Mega Uranium Ltd. (MGA-TSX) has the right to acquire 50% of UPC's interest.
All holes were drilled at -90 degree dip. Lengths presented in Table 1 represent down hole measurements and are estimated to approximate true width. Grades are reported as equivalent uranium (eU(3)O(8)) as determined by downhole radiometric logging equipment. Contract logging services were provided by Century Wireline Services of Penhold, AB.
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 at: www.jnrresources.com/i/pdf/JNR-QAQC.pdf. A glossary of the technical terms included in this release can be found on the Company's website at: www.jnrresources.com/s/Glossary.asp.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements contained in this news release that are forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the accessibility to the property; operational risks; weather; availability of equipment and personnel; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals; delays or failure in obtaining financing on acceptable terms. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
ContactsJNR Resources at (306) 382-2211 or (877) 567-6463
