SASKATOON, Dec. 14 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the 'Company') is pleased to announce the following update from the Sheffield Lake South copper (Cu) prospect on its Topsails Uranium/Rare Earth Elements/Copper (U-REE-Cu) project in west-central Newfoundland.
The Topsails project is a 50/50 alliance between the Company and Altius Resources Inc. (jointly the 'Companies') that was established to explore for volcanic-hosted uranium deposits in a defined area of west-central Newfoundland near the mining community of Buchans.
The 2010 exploration program, budgeted at approximately $500,000, is nearing completion. This summer's program focused on the Koorae copper-molybdenum-gold-silver (Cu-Mo-Au-Ag) prospect and five other significant areas (Railway U showing, Sheffield Lake South Cu prospect, Long Range Mountain uranium-rare earth elements-yttrium-zirconium (U-REE-Y-Zr) prospects A and B, and Catcher's Pond Cu prospect).
In 2009, reconnaissance prospecting on the Topsails Project resulted in the discovery of disseminated and vein-hosted Cu, Mo, Pb, and Ag mineralization (+/- Zn, U, and REE enrichment) at Sheffield Lake South, with anomalous Pb and Mo values up to 13.9% and 0.55%, respectively. The Cu (+/- Mo, Pb) mineralization (up to 328 ppm) is hosted by granite, and the Mo and Pb mineralization is hosted predominantly by quartz veining within the altered granite. Outcrop and boulder samples from this area are also radiometrically and geochemically anomalous with respect to other metals; returning up to 0.009% U3O8, 0.21% total rare earth elements (TREE), 0.09% Y, 2.33% Zr, and 3.3 g/t Ag.
In 2010, extensive prospecting of the Sheffield Lake South area was carried out with 47 rock samples collected. The best mineralization in these samples comprises up to 3.9% Mo, 1.9% Pb, 0.36% Cu, and 95.3 g/t Ag; comparable to and confirming the results returned in 2009. A soil sampling survey was also completed over the main prospect area with 104 soil samples collected. Eighteen of these returned anomalous Au values from 20 to 414 ppb (+/- anomalous Mo, Pb), and adds significantly to the polymetallic prospectivity of this area.
As part of the 2011 Topsails exploration program, the Companies are planning more detailed prospecting and geological mapping, additional soil geochemistry surveys and possibly trenching, to further extend the area of the Sheffield Lake South prospect.
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 340,197 hectares of highly prospective ground in the renowned Athabasca Basin of northern Saskatchewan.
JNR's Director of Exploration, Dr. Irvine R. Annesley, P.Geo., is the qualified person responsible for the technical data presented in this release. All samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon, an ISO/IEC 17025:2005 accredited facility. 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: For further information:
JNR Resources at 306.382.2211 or 877.567.6463