JNR Resources Inc fka JNN

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JNR Announces Results of 2007 Way Lake Exploration Program

Wednesday March 19, 1:25 pm ET

http://biz.yahoo.com/cnw/080319/jnr_07_way_lake_explr.html?.v=1

SASKATOON, March 19 /CNW/ - JNR Resources Inc. (TSXV:JNN) (the 'Company') is pleased to announce the results of the 2007 helicopter-supported exploration program 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 2007 program cost roughly $2.5 million and represents the first significant exploration carried out on the project lands in over 25 years. It consisted of a major prospecting campaign carried out over the entire Way Lake project area; 125 kilometres of linecutting, Horizontal Loop EM and ground magnetics, as well as a detailed 700 line-kilometre airborne VTEM survey over the Hook Lake showing and previously un-surveyed claims in the southeastern portion of the property; an orientation bulk till sampling survey and the completion of fourteen diamond drill holes totalling 2,467 metres.

The prospecting program resulted in the discovery of three new uranium showings (West Way, EWA and Nob Hill) as well as a broad area in the southwest corner of the property (Walker Lake showings) that contains several outcrops returning anomalous radioactivity. The best results were obtained in grab samples from the West Way (up to 0.475 % U(3)O8) and EWA (up to 0.492 % U(3)O8) showings.

The newly discovered West Way occurrence is located approximately 6.5 kilometres due north of the Hook Lake area. Anomalous radioactivity was identified at the north end of a 1.0-kilometre long ridge of discontinuous outcrops. The corresponding uranium mineralization is vein type and associated with a northeast-trending shear zone accompanied by molybdenite-bearing calc-silicate alteration. Grab samples from the shear zone returned values of 0.072 to 0.475% U(3)O8 along with anomalous levels of pathfinder elements such as lead (up to 1,480 ppm) and boron (up to 212 ppm).

At Nob Hill, 14 kilometres to the southwest of the Hook Lake area, summer prospecting discovered a north-northeast trending granitic pegmatite cut by cross cutting fractures with zones of anomalous radioactivity. The mineralization is vein-type and occurs within dilational zones similar to those that host the uranium mineralization at Cameco's Eagle Point uranium mine and at the Beaverlodge and Karpinka Lake deposits. Grab samples returned values of 0.130% and 0.141% U(3)O8 and up to 634 ppm lead.

The newly discovered EWA zone is located in the southwest corner of the property, approximately 19 kilometres southwest of Nob Hill and proximal to a northeast-trending conductive zone identified by the airborne VTEM survey. The uranium mineralization occurs within a 10- to 20-metre wide, northeast-trending sheared pelitic unit accompanied by granitic inliers, and has been traced over a minimum strike length of 85 metres. Several grab samples were obtained from the shear zone and returned values of 0.064 to 0.492% U(3)O8 and up to 1,300 ppm lead.

The Walker Lake showings occur over a 3.0-kilometre long by 1.0-kilometre wide area along the east central side of Walker Lake, 2.0 kilometres east of the EWA zone. These showings consist largely of granite and pegmatite outcrops, grab samples from which returned values of 0.017 to 0.079% U(3)O8. This area is also proximal to a northeast-trending conductive zone.

The airborne VTEM and ground EM surveys identified and better defined some 60 kilometres of virtually untested, complexly folded EM conductors in the southern portion of the property. The few historic holes drilled in this area intersected abundant sulphide-rich, graphitic pelitic gneisses with radiogenic granitic pegmatites that are structurally disrupted and strongly clay altered. These features are common to uranium deposits in the Athabasca Basin, which bodes well for the potential of these conductors to host uranium mineralization.

The diamond drilling program met with mixed results. Initially, some thirty holes were planned for the Hook Lake area, but contractor delays resulted in lower than budgeted production levels and prevented a thorough evaluation of the area. Although no high-grade uranium mineralization was intersected, all fourteen holes intersected significant structural features composed of brittle fracturing and/or ductile-brittle shearing with anomalous pathfinder geochemistry in several.

In total, eight holes (WYL-07-01 to -04 and -06 to -09) tested the vicinity of the Hook Lake showing. WYL-07-01, which collared in high-grade rubble, intersected a 3.0-metre wide zone of anomalous radioactivity beginning at 14.5 metres downhole. The best result obtained in the hole was 0.117% eU(3)O8 over 0.8 metres. WYL-07-02 intersected a 3.5-metre wide zone of anomalous radioactivity beginning at 20.2 metres downhole, with the best result being 0.119% eU(3)O8 over 2.6 metres. Nickel and lead enrichment accompanied the mineralized intervals.

Four holes (WYL-07-05 and -10 to -12) tested a minimum 1.0-kilometre long, geophysically interpreted lineament located to the northwest of the showing. All four holes intersected a broad, ~20-metre wide northeast trending ductile-brittle fault, which correlates with the lineament and is locally enriched in uranium and pathfinder elements. The fault occurs some 80 to 90 metres from the showing and is interpreted to represent the structure that controls the uranium mineralization at Hook Lake.

Two drill holes (WYL-07-13 and -14) tested the down dip extent of the West Way mineralized shear zone at shallow depths and confirmed the presence of a well defined and altered structure. In WYL-07-13, the structure contained significant sulphide mineralization and returned anomalous copper (up to 1,900 ppm/0.5 metres), nickel, cobalt, arsenic and vanadium values, and locally elevated uranium and lead.

JNR's Director of Exploration, Dr. Irvine R. Annesley, comments: "The Way Lake project is an excellent exploration play with significant uranium values obtained over an extensive area. I am excited about the prospects of discovering a near-surface uranium deposit within this fertile geological environment. The next step is to drill all of these targets."

A planned 10,000-metre drilling program at Way Lake will resume following spring break-up. This program will continue the evaluation of the Hook Lake area with testing of the newly discovered uranium showings, as well as testing of the extensive conductor system and coincident uranium occurrences in the southern part of the property. To ensure that its drilling objectives are met in a timely fashion, the Company will utilize its two new Duralite diamond drills that are currently operating on the Company's 100% owned Black Lake uranium project.

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: http://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

Rick Kusmirski
President & CEO

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.


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contact JNR Resources at [phone] or [phone]

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Source: JNR Resources Inc.