SASKATOON, SK, Oct. 3 /CNW/ - JNR Resources Inc. (TSXV:JNN) and Altius
Resources Inc. report that they have established an alliance to explore for
volcanic-hosted uranium deposits in a defined area in central Newfoundland and
have staked 10,584 claims covering 2,646 square kilometres (264,600 hectares)
in one of the largest staking campaigns ever undertaken in eastern Canada.
The new claims cover felsic volcanic and related intrusive rocks of
Silurian to Devonian age including much of the Topsails Igneous Suite and the
Springdale Group, both of which feature very large areas of coincident
anomalous uranium, molybdenum and fluorine values in lake sediment samples.
Field investigations have confirmed the prospective geological setting
for volcanic-hosted uranium deposits and a review of limited reconnaissance
work reported in 1981 reveal radiometric anomalies over volcanic rocks that
represent exploration targets.
JNR and Altius plan to conduct prospecting and geological mapping
following a large-scale combined airborne radiometric and magnetic survey to
evaluate the claims and to identify new exploration targets.
JNR and Altius will each hold a 50% interest in the venture. In return
for generating the project, Altius has retained a 2% Gross Sales Royalty on
uranium products and a 2% Net Smelter Return on all other commodities. JNR has
agreed to make an initial 50,000 share payment to Altius and an optional
50,000 share payment on the first anniversary.
Altius' principal business activities include the generation and
acquisition of projects related to natural resources opportunities mainly
located in Newfoundland & Labrador, Canada. For more information please visit
JNR is led by a highly experienced management team with proven discovery
success in uranium exploration. JNR has an interest in more than
362,000 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.
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
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
For further information:
For further information: contact JNR Resources at (306) 382-2211 or