SASKATOON, SK, Nov. 30 /CNW/ - JNR Resources Inc. (TSXV:JNN) and Altius Resources Inc. (the 'Companies') are pleased to report the discovery of a potentially significant copper-molybdenum-gold-silver prospect (Koorae) on their Topsails project. The project is a 50/50 alliance between the Companies that was established to explore for volcanic-hosted uranium deposits in a defined area of west-central Newfoundland near the former mining community of Buchans.
Reconnaissance prospecting on the Topsails project in 2008 resulted in the discovery of several locally derived sulphide-bearing boulders approximately 15 kilometres northwest of Buchans. Grab samples from two of the boulders returned assays of 3.5% Cu, 0.12% Mo, 35.1 g/t Ag, 0.18 g/t Au and 2.0% Cu, 0.16% Mo, 19.8 g/t Ag, 0.29 g/t Au.
Additional exploration including trenching, rock and soil sampling was completed on the Koorae prospect as part of the larger 2009 program. An area of approximately 100 metres by 15 metres was excavated, mapped and sampled. Disseminated copper sulphides and magnetite occur in chlorite-hematite-altered quartz-feldspar porphyry, which is in fault contact with felsic volcanic rocks containing veinlet and breccia-matrix chalcopyrite with lesser bornite and chalcocite.
Of twenty-three grab samples randomly collected from the quartz-feldspar porphyry, twenty-one returned anomalous values of up to 0.87% copper, with an average of 0.15% copper. Sampling of adjacent, strongly altered felsic volcanic rocks returned a best in-situ result of 0.39% Cu, 0.04% Mo and 0.9 g/t Ag, while a grab sample from locally derived float returned 3.7% Cu, 0.1% Mo, 53.3 g/t Ag and 0.24 g/t Au. Furthermore, a rhyolite flow which was also exposed in the trench returned 0.67% Cu, 0.03% Mo and 7.4 g/t Ag.
The Koorae prospect bears numerous similarities to the alkalic, caldera-related group of porphyry copper-gold deposits observed world wide. Geophysically, the discovery occurs near the southern margin of a roughly 1,200 by 300 metre, east-northeast trending magnetic low and on the southeast margin of an isolated K, U, and Th radiometric high of 350-metre diameter size. The Companies are planning to initiate an induced polarization/resistivity (IP) survey covering the prospect area before year end.
In addition to the trenching program, extensive prospecting, mapping and sampling was completed throughout the Topsails project in 2009. Of particular interest were six separate areas identified during the 2008 program that returned highly anomalous metal geochemistry, including several new occurrences of uranium with grab samples of up to 0.62% U(3)O(8). Also of significance were large boulder fields containing coarse-grained to pegmatoidal granites returning up to 3.06% TREO (total rare earth oxides) plus yttrium.
Analytical results from the 2009 regional program are just becoming available and are currently being reviewed and interpreted prior to release.
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 345,430 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. 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.
SOURCE JNR Resources Inc.
For further information: For further information: JNR Resources at (306) 382-2211 or (877) 567-6463