SASKATOON, Aug. 21 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the 'Company')
is pleased to provide the following update on the 2008 summer drilling
programs that have been completed or are still underway in the Athabasca
Two drills are currently operating 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 totaling 71,795 hectares. The program is budgeted at $2.5
million and will consist of a planned 10,000 metres of diamond drilling, as
well as additional geological mapping and prospecting.
The initial focus of attention is some 60 kilometres of arcuate and
structurally displaced EM conductors located in the southwest portion of the
property (Walker Lake area), specifically those segments that have the
geological requirements essential to host substantial concentrations of
uranium mineralization. A major prospecting campaign completed during the
summer of 2007 identified uranium mineralization in several outcrop showings
coincident with this conductive trend. The most significant are the Walker
Lake showings which occur over a 3.0-kilometre long by 1.0-kilometre wide
area. Grab samples returned from 0.017 to 0.079% U(3)O(8) (Reference: March
19, 2008 news release).
The drilling program is also testing three additional showings (West Way
(up to 0.475% U(3)O(8)), EWA (up to 0.492% U(3)O(8)) & Nob Hill (0.130% to
0.141% U(3)O(8)) discovered by the 2007 prospecting campaign and will continue
drill testing the Hook Lake area where two grab samples collected from a
massive pitchblende vein in 2006 returned 40.1% and 48% U(3)O(8) respectively
(Reference: October 12, 2006 news release).
The Company's recently purchased third diamond drill is operating on the
100% owned Yurchison Lake property. This project consists of four mineral
claims totaling 12,660 hectares and is located along Highway No.105, 100
kilometres south of the Rabbit lake uranium mine and mill.
Drill targets include a multitude of well-defined electromagnetic (EM)
conductors, some of which correlate with geophysically interpreted structural
features. Prospecting programs on the property over the past two summers
identified significant uranium and molybdenum mineralization in both outcrop
and float samples, including uranium values of up to 0.30% U(3)O(8).
At Moore Lake, project operator Denison Mines Corp. reports that the
summer diamond drilling program is nearing completion. In total, thirteen
holes comprising some 5,500 metres will have been completed on the project
this year. The primary focus was following up on a number of geological and
geophysical targets proximal to the Maverick Zone mineralization.
JNR has an interest in thirteen projects totaling more than 362,000
hectares of highly prospective ground in the renowned Athabasca Basin of
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 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)