SASKATOON, Feb. 20 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the 'Company')
is pleased to announce that a winter diamond drilling program is underway 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 totalling 71,795 hectares.
The planned drilling program comprises some 3,500 metres (20 to 25 holes)
and will focus on widespread outcrops of uranium mineralization referred to as
the Fraser Lakes uranium showings (Fraser Lakes A and B zones). These
mineralized zones are proximal to a 5-kilometre-long, folded EM conductor
comprised of Wollaston Group graphitic pelitic gneisses and uraniferous
granitic pegmatites. They were identified by ground prospecting of airborne
geophysical targets during the summer of 2008.
The B zone showings occur along the northern extent of this folded
conductor and are currently the more prospective of the two mineralized zones.
Nearly 70 individual mineralized outcrop sites were identified over a
500-metre-wide by 1.5-kilometre-long area. Over 70% of the grab samples taken
from these sites assayed from 0.03 to 0.457% U(3)O(8).
The B zone was tested by three drill holes (WYL-08-524 to 526) at the end
of the 2008 program. Although they could not test the optimum target, namely
the graphitic pelite/pegmatite contact that occurs beneath muskeg, all three
intersected uranium and thorium mineralization, accompanied by rare-earth
element enrichment and anomalous levels of pathfinder elements. The best
results were from hole 525 which intersected numerous uraniferous intervals.
Of particular note was a 12.0-metre intersection from 77.50 to 89.50 metres
down hole that returned 0.081% U(3)O(8); including a 3.0-metre intercept of
0.193% U(3)O(8) (true widths cannot be reliably estimated at this time).
The A zone showings occur in a second fold nose at the southern end of
the conductor. Seven holes (WYL-08-508 to 514) were drilled in this area,
three of which intersected broad zones of significantly altered and
structurally disrupted graphitic pelitic gneisses accompanied by anomalous
levels of pathfinder elements, particularly copper, nickel, vanadium, bismuth
and zinc. Outcrop samples in the area contained up to 0.042% U(3)O(8).
Dr. Irvine Annesley, Director of Exploration for JNR reiterates: "The
Fraser Lakes district has numerous similarities to nearby basement-hosted
uranium deposits, such as Eagle Point and Millennium, and the presence of
previously unrecognized uranium mineralization over such a large area speaks
to the high potential for a significant discovery".
Major zones of structural disruption accompanied by alteration and weak
to moderate levels of radioactivity were identified in all of the other areas
targeted by the 2008 drilling program, including the previously discovered
EWA, West Way, Nob Hill and Hook Lake showings, and the Walker Lake conductive
trend. The final analytical results from these holes are expected in the next
few days and will be reported on once they have been received and interpreted.
JNR's Vice-President of Exploration, David L. Billard, PGeo, is the
qualified person responsible for the technical data presented in this release.
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 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.
For further information:
For further information: contact JNR Resources at (306) 382-2211 or