SASKATOON, Feb. 27 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the 'Company')
is pleased to announce that it has now received the final results from its
2008 exploration program, on its 100% owned Way Lake uranium project. The
project lands are located 55 kilometres east of the Key Lake uranium mine in
the Athabasca Basin of northern Saskatchewan and comprise 17 contiguous claims
totalling 71,795 hectares.
The 2008 helicopter-supported program consisted of diamond drilling and
prospecting. A total of 48 holes comprising 11,985 metres were drilled on a
variety of targets including the previously discovered EWA, West Way, Nob
Hill, and Hook Lake showings, the Walker Lake conductive trend and a broad
zone of newly discovered surface mineralization in the Fraser Lakes area. The
results from prospecting and the drilling of 10 holes on the Fraser Lakes
uranium showings were reported on November 14, 2008 and February 20, 2009. A
planned 3,500-metre diamond drilling program on these showings is currently
underway. Results from the 38 remaining 2008 holes are discussed herein.
Eight holes (WYL-08-501 to 507 plus one abandoned hole) tested the EWA
showings located west of Walker Lake in the southern half of the project area.
These showings returned up to 0.492% U(3)O(8) in surface grab samples and are
associated with a graphitic shear zone that correlates with a
northeast-trending conductive zone. All of the holes intersected variably
radioactive granitic pegmatite dykes. The best results were obtained from hole
WYL-08-501, which returned 0.082% U(3)O(8) over 6.5 metres from 4.50 to 11.00
metres, including a 3.5 metre intercept of 0.113% U(3)O(8). Associated with
the mineralization are anomalous boron, lead, nickel and molybdenum values.
At the Walker River grid, 14 holes (WYL-08-15 to 28) tested structurally
disrupted weak EM conductors. All but two of the holes intersected strongly
clay- and/or chlorite-altered, sheared and faulted graphitic pelites
containing anomalous boron, copper, nickel, zinc, cobalt, vanadium and
molybdenum values and locally anomalous uranium values.
Seven holes (WYL-08-29 to 35) tested structurally offset strong EM
conductors on the Walker South grid. These holes intersected structurally
disrupted graphitic pelites with weak to intense clay and chlorite alteration.
The best analytical results were from hole WYL-08-31, which returned highly
anomalous copper, nickel, zinc, cobalt and vanadium values and locally
anomalous uranium values within highly altered and sheared graphitic pelites.
The remaining nine holes were drilled in the northern half of the
Five holes (WYL-08-515 to 519) were drilled at the Nob Hill showings,
where up to 0.141% U(3)O(8) was obtained from surface grab samples. All of the
holes intersected multiple zones of discontinuous radioactivity associated
with granitic pegmatites. Hole WYL-08-516 returned the best intercept of
0.018% U(3)O(8) over 5.0 metres from 145.0 to 150.0 metres. The highest
individual uranium value of 0.062% U(3)O(8) was obtained from 153.0 to 153.5
metres in hole WYL-08-518.
Two holes (WYL-08-520 & 521) tested the West Way showings where up to
0.492% U(3)O(8) has been obtained in grab samples. The surface mineralization
is associated with steeply dipping east-west fractures. Both drill holes
returned anomalous copper, nickel and locally anomalous cobalt and arsenic
values from sheared and weakly altered diorite. Hole WYL-08-521 returned the
best uranium value of 76 ppm over 0.5 metres.
In the Hook Lake area, two holes (WYL-08-522 & 523) tested geophysical
targets and intersected multiple zones of fracturing and shearing accompanied
by weak to moderate alteration and locally anomalous radioactivity. Hole
WYL-08-523 returned the best uranium value of 35 ppm over 0.5 metres.
Dave Billard, Vice-President of Exploration for JNR comments: "The Way
Lake Project is a significant landholding that is still in a very early stage
of exploration. To date, several highly prospective targets have been
developed on the claims and have returned very encouraging results. The winter
diamond drilling program is ongoing in the Fraser Lakes area. Plans are
underway for additional prospecting and diamond drilling in summer 2009."
David L. Billard, PGeo, is the qualified person responsible for the
technical data presented in this release. All intersections presented are down
hole measurements; true widths cannot be reliably estimated at this time.
Samples were analysed at the Saskatchewan Research Council Laboratory in
Saskatoon. 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
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 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.
For further information:
For further information: JNR Resources at (306) 382-2211 or (877)