SASKATOON, SK, Jan. 14 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the 'Company') is pleased to announce that a winter diamond drilling program will commence shortly on the Company's 100% owned Way Lake uranium project, located 55 kilometres east of the Key Lake uranium mine in the Athabasca Basin of northern Saskatchewan. The Way Lake project comprises seventeen contiguous claims totalling 71,795 hectares.
The planned drilling program comprises some 2,500 metres (fifteen to twenty holes) and will focus on widespread outcrops of uranium mineralization (+/- thorium and rare earth metals), referred to as the Fraser Lakes uranium showings (Fraser Lakes A and B zones). These mineralized zones are contained within a 5-kilometre-long interval of a 65-kilometre-long folded electromagnetic (EM) conductor system comprised of Wollaston Group graphitic pelitic gneisses (+/-sulphides) and uraniferous granitic pegmatites. The mineralized zones were discovered by ground prospecting of airborne geophysical targets during the summer of 2008, when close to 100 individual mineralized outcrop sites were identified.
The B zone showings occur within an antiformal fold nose of the EM conductor and are currently the more prospective of the two mineralized zones. Over 70% of the grab samples taken from some 70 individual mineralized outcrop sites assayed from 0.03 to 0.457% U(3)O(8). The B zone was tested by three drill holes at the end of the 2008 program. The best results were from hole No.525, which intersected numerous uraniferous intervals. Of particular note was a 12.0-metre intersection from 77.50 to 89.50 metres down hole that returned 0.081% U(3)O(8); including a 3.0-metre intercept of 0.193% U(3)O(8) (true widths cannot be reliably estimated at this time).
The 2009 drilling program tested a 1,500-metre strike length of the B zone conductor and associated alteration system with fifteen completed drill holes. Multiple intervals of uranium and/or thorium mineralization were intersected in several drill holes. This mineralization is accompanied by rare earth element enrichment and highly anomalous levels of pathfinder elements. Some of the better intersections occur in drill holes WYL-09-39, -41 and -50. At a grade cutoff of 0.029% U(3)O(8), hole No.39 returned seven mineralized intervals over a 30-metre downhole length, including a 0.15-metre intercept of 0.166% U(3)O(8) and 0.112% thorium. The best result from hole No.41 was 0.134% U(3)O(8) and 0.77% thorium over 1.0 metre, while the best result from hole No.50 was 0.183% U(3)O(8) and 0.062% thorium over 1.0 metre.
The A zone showings occur within a synformal fold nose at the southern end of the EM conductor, from which outcrop grab samples contained up to 0.042% U(3)O(8). Seven holes were drilled in this area, three of which intersected broad zones of significantly altered and structurally disrupted graphitic pelitic gneisses accompanied by anomalous levels of pathfinder elements, particularly copper, nickel, vanadium, bismuth and zinc.
Dr. Irvine Annesley, Director of Exploration for JNR comments: "The Fraser Lakes district has numerous similarities to nearby basement-hosted uranium deposits, such as Eagle Point, Millennium and the Roughrider Zone. Furthermore, all of the drill targets identified in the Way Lake project area have the potential for this kind of basement-hosted uranium mineralization at or near surface."
The drilling program is expected to continue until late March/early April. Results will be reported on once they have been received and interpreted.
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
President & CEO
Neither the 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 news 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.
SOURCE JNR Resources Inc.
For further information: For further information: contact JNR Resources at (306) 382-2211 or (877) 567-6463