SASKATOON, Feb. 28 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the "Company")
is pleased to provide the following update on a number of uranium projects
that are jointly held with and operated by Denison Mines Corp. (TSX:DML). The
properties are located in the Athabasca Basin of northern Saskatchewan.
Key amongst these is the Moore Lake project, where uranium mineralization
has been intersected in several distinct areas throughout the property,
including high-grade mineralization within the 'Maverick Zone'.
The 2008 exploration program which is focusing on the Maverick trend is
underway. One drill is currently operating on the project and an estimated
9,000 metres of diamond drilling are planned. A geophysical program,
consisting of 60 kilometres of linecutting and a ground resistivity survey,
will also be carried out.
During 2007, two separate drilling campaigns were completed on the Moore
Lake project. The winter program consisted of 21 holes totalling 7,569 metres
and focused on four regional grids, while the summer/fall program consisted of
6 holes totalling 2,315 metres and focused on select geological and
geophysical targets within the Maverick Zone.
The winter program tested targets on the West Venice, Venice, Volhoffer
and West Maverick grids. The most significant results were obtained from the
fourteen reconnaissance holes drilled on the West Venice and Venice grids.
These holes typically intersected a strongly altered (illite and dravite) and
at times structurally disrupted sandstone column, enriched in several
pathfinder elements including uranium and boron. The basement rocks included
sheared and altered graphitic pelites that were strongly enriched in metals
such as copper, nickel, lead, cobalt, zinc, with anomalous uranium levels (up
to 130 ppm). The West Venice and Venice grids occur along a 10-kilometre long
and 500-metre wide structural corridor interpreted to be an extension of the
conductive system associated with mineralization in the Maverick Zone.
The winter program on the Moore Lake project also included 127 kilometres
of linecutting and a ground EM survey over two new prospective target areas;
the 'Otter' grid & the 'Esker' grid. A limited amount of historic drilling in
these areas intersected a structurally disrupted and geochemically anomalous
sandstone column with elevated pathfinder values in the basement lithologies.
The EM surveys identified well defined open-ended conductors that will require
additional drill testing.
Results are pending from the 2007 summer/fall program, which also
included a 2,460-kilometre airborne EM and magnetometer survey, a nominal
amount of linecutting and a resistivity survey.
Diamond drilling is also currently underway on the Bell Lake project. The
2008 program will consist of 4 holes totalling 1,800 metres and will test
east-west trending EM conductors, some of which are coincident with areas
containing anomalous uranium in boulders. The 2008 winter program also
includes 47 kilometres of linecutting and ground geophysical surveys.
During the fall of 2007, 3 holes totalling 1,346 metres were completed at
Bell Lake. These holes tested EM conductors identified by a 160 kilometre
linecutting and ground geophysical program. Geologically, the results were
encouraging in that they intersected strong alteration, structural disruption
and graphitic basement units. The analytical results are pending.
On the North Wedge project a two-hole, 600-metre program is planned to be
carried out later this winter, while one hole totalling 400 metres is planned
for the South Cigar project.
The Company holds a 25% interest in the Moore Lake and South Cigar
projects, a 40% interest in the Bell Lake project and a 49% interest in the
North Wedge project, all of which are joint ventures with Denison.
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 at (306) 382-2211 or (877) 567-6463,