SASKATOON, SK, Dec. 18 /CNW/ - JNR Resources Inc. (TSXV:JNN) and Altius Resources Inc. (the 'Companies') are pleased to report the discovery of significant amounts of rare earth metals (REE) and uranium-thorium (U-Th) mineralization on their Topsails project. The project is a 50/50 alliance between the Companies that was established to explore for volcanic-hosted uranium deposits in a defined area of west-central Newfoundland near the former mining community of Buchans.
Reconnaissance prospecting in 2008 identified several anomalous outcrop areas and large, locally-derived boulder fields with highly variable U-Th contents and up to 2.50% total rare earth oxides (TREO) plus anomalous yttrium (Y), zirconium (Zr), and niobium (Nb). A property-wide exploration program in 2009 further enhanced these showings and resulted in the discovery of other new prospects.
The Railway U showing, first identified in 2008, is located in the northern part of the Topsails project. Grab samples returned up to 0.62% U(3)O(8) and lesser variably anomalous amounts of lead (Pb), zinc (Zn), nickel (Ni), arsenic (As), and copper (Cu). An orientation survey of soil sampling and geochemistry in 2009 returned encouraging results and expanded the anomalous area of outcrops, subcrop, and boulders.
The Sheffield Lake South prospect, located north of the Railway U showing, was also discovered during the 2008 exploration campaign. Follow-up prospecting and sampling in 2009 returned anomalous lead and molybdenum (Mo) values (up to 13.9% Pb and 0.55% Mo) from outcrops and locally derived boulders. The mineralization is hosted mainly by quartz veins cutting granite, though the granite itself is also mineralized. This area is also radiometrically and geochemically anomalous, with outcrop samples returning up to 0.009% U(3)O(8), 0.21% TREO, 0.09% Y, 2.33% Zr, and 3.3 g/t Ag.
In 2009, regional- to district-scale prospecting, mapping and sampling were conducted in the southern half of the Topsails property over a 20-km x 35-km area of abundant airborne radiometric anomalies. This resulted in the discovery of REE-Y-Zr-Nb-Th-U mineralization at the new Long Range Mountain prospects ("A" and "B"). To date, most of the rare earth metal mineralization of the Long Range Mountain prospects has been observed in locally derived granitic pegmatite and rhyolite boulders, but significant outcrop showings also exist. Prospect A comprises shear-zone-hosted, fluorite-bearing U-Th-REE mineralization in outcrop and highly anomalous boulder fields. Grab samples returned up to 1.40% TREO, 0.35% Y, 1.24% Zr, 0.28% Nb, 0.023% U, 0.154% Th, and anomalous amounts of other rare metals. Prospect B, located ~10 kilometres northeast of prospect A, is comprised of several small outcrops and abundant locally-derived boulder fields. Grab samples returned up to 3.11% TREO, 0.50% Y, 2.38% Zr, 0.18% Nb, 0.019% U, 0.144% Th, and anomalous amounts of other rare metals. North of prospect A, a large discontinuous outcrop area of fluorite-bearing peralkaline granites and aplitic dykes also hosts U-Th-REE mineralization.
The reported TREO grades for the Long Range Mountain prospects are comparable to grades from Strange Lake (Labrador), Thor Lake (NWT), Kvanefjeld, (Greenland), and Hoidas Lake (Saskatchewan).
The Companies are very pleased with the overall success of the 2009 exploration program. Dr. Irvine R. Annesley, Director of Exploration with JNR, finds it significant that the highly anomalous zones of TREO + Y + Zr + Nb mineralization are commonly associated with U and/or Th mineralization, which makes them relatively easy to locate with airborne and ground radiometric surveys. Dr. Annesley also finds interesting the high ratio of heavy to light REE from sampling to date, ranging from 0.08 to 0.47. Heavy REE are rarer and typically more valuable as a commodity for industrial development.
The 2010 exploration program will consist of several geophysical and soil geochemistry surveys, additional regional prospecting, rock sampling, and detailed mapping in the area of the highly mineralized Long Range Mountain, Sheffield Lake South, and Railway U prospects, and a comprehensive, property-wide airborne hyper-spectral survey. Timing of follow-up diamond drilling programs will be dependant upon the results.
JNR is led by a highly experienced management team with proven discovery success in uranium exploration. In addition to its projects in Newfoundland, the Company has an interest in fourteen properties totalling some 345,430 hectares of highly prospective ground in the renowned Athabasca Basin of northern Saskatchewan.
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 Topsails project 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-TS.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 1-877-567-6463