SASKATOON, SK, Feb. 12 /CNW/ - JNR Resources Inc. (TSXV:JNN) is pleased
to announce that project operator Uranium Power Corp (UPC-TSX.V) has signed a
contract with Layne Christensen Drilling, of Aurora CO, to complete an
extensive drilling program on the South Fork uranium project located east of
the Cypress Hills in southwestern Saskatchewan. The contract calls for the use
of two drill rigs; one top head rotary and one percussion hammer.
The South Fork project consists of just over 50,000 hectares with
excellent potential to host roll-front uranium deposits, in a geological
environment very similar to the prolific Powder River Basin in Wyoming. Such
deposits are commonly amenable to in situ leach recovery. Interpretation of a
recently completed Fugro TEMPEST airborne EM survey indicates what appear to
be well-developed paleochannels in sandstones and shales of the Frenchman and
JNR's Director of Exploration, Dr. Irvine R. Annesley comments: "I am
very excited by the high quality results from the TEMPEST survey, which
clearly indicate several excellent uranium targets over a very large area".
Drilling is planned to commence in mid-late April, 2008. The projected
cost of the planned program is $1.3 million.
The area was explored in the late 1970's and early 1980's by Saskatchewan
Mining Development Corporation (SMDC), a predecessor company of Cameco
Corporation. SMDC carried out regional geochemical and geophysical surveys,
followed by reconnaissance drilling programs. These field activities resulted
in the identification of several extensive regional redox systems that were
never followed up to any great extent. SMDC dropped the project after the 1982
field season due to depressed uranium prices. Reconnaissance-scale drilling by
SMDC intersected anomalous uranium concentrations over widespread areas.
UPC can earn up to a 65% interest in the South Fork property by
reimbursing JNR for prior expenditures (completed) and by spending $2,500,000
on exploration activities by January 25, 2011.
Dave Billard, P.Geo, Vice President of Exploration for JNR Resources is
the Qualified Person responsible for the technical content contained in this
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 Resources at (306) 382-2211 or (877)