SASKATOON, Nov. 1 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the 'Company')
is pleased to announce the completion of the 2007 exploration program 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 17 contiguous claims totalling 71,795 hectares.
The 2007 program represents the first significant exploration carried out
on the project lands in over 25 years. It consisted of the completion of
fourteen diamond drill holes totalling 2,467-metres, accompanied by 120
kilometres of linecutting, Horizontal Loop EM and ground magnetics, as well as
a detailed 700 line-kilometre airborne VTEM survey over the Hook Lake showing
and previously unsurveyed claims in the southeastern portion of the property.
In addition, a major prospecting campaign carried out over the entire Way Lake
project area, resulted in the discovery of three new zones of anomalous
radioactivity in outcrop (West Way, Nob Hill, and EWA). An orientation bulk
till sampling survey was also completed.
In total, eight holes (WYL-07-01 to -04 and -06 to -09) tested the
vicinity of the Hook Lake showing where surface sampling in 2006 returned up
to 48% U(3)O(8) in grab samples; while four holes (WYL-07-05 and -10 to -12)
tested a minimum 1.0-kilometre long, geophysically interpreted lineament
located to the northwest of the showing. All twelve holes intersected
significant structural features composed of brittle fracturing and/or
ductile-brittle shearing. Of particular interest is a broad, roughly 20-metre
wide northeast trending ductile-brittle fault, which correlates with the
lineament and occurs some 80 to 90 metres from the showing. It is thought to
represent the structure that controls the uranium mineralization at Hook Lake.
Of the twelve holes, significant levels of radioactivity were intersected in
three (WYL-07-01, -02 and -05).
Initially, some thirty holes were planned for the Hook Lake area.
Contractor delays and a commitment to drill on an adjoining property precluded
a thorough evaluation of the showing and surrounding area. This work will be
carried out during the coming winter campaign.
The newly discovered West Way occurrence is located approximately 6.5
kilometres due north of the Hook Lake area. Anomalous radioactivity (10 to 400
times background) was identified at the north end of a 1.0-kilometre long
ridge of discontinuous outcrops. The uranium mineralization is vein type and
associated with a northeast-trending shear zone, accompanied by
molybdenite-bearing calc-silicate alteration. Two drill holes (WYL-07-13 and
-14) tested the down dip extent of the mineralized shear zone at shallow
depths and confirmed the presence of a well defined structure.
At Nob Hill, 14 kilometres to the southwest of the Hook Lake area,
prospecting this summer discovered a north-northeast trending granitic
pegmatite cut by cross cutting fractures with zones of elevated radioactivity
ranging from 10 to 500 times background. The mineralization is vein-type and
occurs within dilational zones similar to those that host the uranium
mineralization at Cameco's Eagle Point uranium mine and at the Beaverlodge and
Karpinka Lake deposits.
The newly discovered EWA zone is located approximately 19 kilometres
southwest of Nob Hill proximal to a northeast trending conductive zone
identified by the airborne VTEM survey. The uranium mineralization occurs
within a 10- to 20-metre wide, northeast trending sheared pelitic unit
accompanied by granitic inliers and has been traced over a minimum strike
length of 85 metres. Outcrop samples from this occurrence returned anomalous
radioactivity, ranging from 10 to 300 times background.
Also of interest is that core from four historic holes drilled by AGIP in
the 1970's was located on the property. These holes tested two small segments
of the greater than 60 kilometres of EM conductor identified by the VTEM
survey in the southern portion of the property. The drill core in all four
holes intersected abundant sulphide-rich graphic pelitic gneisses that
exhibited complex structural disruption and strong clay alteration. These
features are common to uranium deposits in the Athabasca Basin, which bodes
well for the potential of these conductors to host uranium mineralization.
JNR's Director of Exploration, Dr. Irvine R. Annesley, comments: "The Way
Lake project is a phenomenal exploration play. It is seldom in one's career
where one project contains such a variety of geological model types with the
potential for a major discovery. I am especially excited over the prospects
for mineralization within the newly discovered occurrences, as well as those
that have been historically documented, but never systematically explored".
All of the samples collected during the course of the 2007 exploration
program have been submitted to the Saskatchewan Research Council Laboratory in
Saskatoon for analysis. The results will be released upon their receipt and
final evaluation. Planning for an extensive program in 2008 is underway.
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:
ON BEHALF OF THE BOARD
President & CEO
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
For further information:
For further information: JNR Resources at (306) 382-2211 or (877)