SASKATOON, Feb. 2, 2012 /CNW/ - JNR Resources Inc. (TSXV:JNN) ('JNR' or the 'Company') is pleased to provide the following update on exploration activities on a number of uranium projects that are 100% owned by the Company and/or are jointly held with Denison Mines Corp. The properties are located in the Athabasca Basin of northern Saskatchewan.
Key amongst these are the Company's 100 % owned Black Lake and Newnham Lake projects on the northern rim of the Athabasca Basin. The planned 2012 program at Black Lake will comprise 2,300 metres of diamond drilling, focussing primarily on shallow EM and structural targets in the northern portion of the property. At Newnham Lake, a 1,300 metre diamond drilling program is planned for portions of the Deborah Lake conductive trend, which were inadequately drill tested in the 1980's. This program will investigate weakly mineralized intercepts, anomalous geochemistry and prospective alteration zones that were intersected but not followed-up in the 1980's. Both programs are expected to be initiated in March 2012.
On the JNR operated Lazy Edward Bay project, a 1,100 metre diamond drilling program is planned for the summer/fall of 2012. The drilling will target untested conductors in the Cable Bay area as well as the northern portions of major conductive/structural systems tested by earlier programs. Upon completion of this program, JNR's ownership in the project is anticipated to be just over 65%.
A 1,500 metre diamond drilling program has been approved for the JNR operated South Dufferin project. This project lies along the Virgin River shear zone which hosts Cameco's 'Centennial Zone', located some 20 to 25 kilometres along strike to the northeast. Several 'zones of interest' outlined along extensive corridors of well-defined, structurally disrupted basement conductors will be drill tested by this program, which is planned to be carried out in the fall of 2012. The Company currently holds a 43% interest in this project.
At the Moore Lake project where JNR has a 25 % interest, uranium mineralization has been intersected in several distinct areas throughout the property, including high-grade mineralization within the Maverick Zone. Denison, the project operator, is planning a 3,200 metre diamond drilling program to follow-up previously intersected uranium mineralization.
On the Denison operated Bell Lake project, a 2,000 metre diamond drilling program as well as linecutting and a Moving Loop EM survey has been approved. This program is currently underway and will focus on high-priority targets on the 'Bell Lake North' conductor. The Company has a 40% interest in this project.
JNR is led by a highly experienced management team with proven discovery success in uranium exploration. The Company has an interest in thirteen properties totalling some 323,768 hectares of highly prospective ground in the renowned Athabasca Basin of northern Saskatchewan, as well as projects in southwestern Saskatchewan and Newfoundland.
JNR's Director of Exploration, Dr. Irvine R. Annesley, 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: 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.
For further information:
contact JNR Resources at 306.382.2211 or 877.567.6463