JNR Resources Inc fka JNN

[HowardHughs]

JNR Resources Inc.

SYMBOL: V.JNN, JNRRF
Website: www.jnrresources.com

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Company News (Dec 29, 2008) Jnr Announces Closing Of Private Placement ...Read More

Overview
JNR Resources Inc. (TSXV: JNN) is a junior resource company with one of the strongest technical teams in the uranium exploration industry. The company has an interest in more than 362,000 hectares of highly prospective ground in the renowned Athabasca Basin of northern Saskatchewan, including the high-grade Moore Lake joint venture property with Denison Mines Corp.

JNR also holds an interest in more than 275,000 hectares in central Newfoundland, including the 11,000-hectare Rocky Brook joint venture with Altius Mineral Corporation, which features three distinct areas of un-sourced, mineralized sandstone boulders with reported grades of over 10% U3O8 and very high silver contents. In addition, JNR recently established an alliance with Altius to explore for volcanic-hosted uranium deposits on the 264,600-hectare Topsails property.



People
JNR has one of the strongest technical teams in the uranium exploration industry.


Rick Kusmirski, MSc, PGeo
President, CEO & Director

Rick Kusmirski has 30 years of exploration experience in North America and overseas, and has actively participated in the discovery of a number of gold, uranium and base metal deposits. He joined JNR Resources in 1999 and directed the exploration program that led to the discovery of the Maverick Zone on the Moore Lake joint venture property. Prior to joining JNR, he was the Exploration Manager for Cameco Corporation's uranium projects in the Athabasca Basin.


Dave Billard, BSc, PGeo
Vice-President, Exploration & Director

Dave Billard has been actively involved in the field of mineral exploration for 30 years. Since 1999, he has been a consulting geologist specializing in uranium exploration in the Athabasca Basin of Saskatchewan, and was directly involved in the discovery of the Maverick Zone on the company's Moore Lake property. Prior to this, Dave spent 12 years with Cameco Corporation working in western Canada and the western United States.


Dr. Irvine R. Annesley, PhD, PGeo
Director, Exploration

Irvine Annesley has 30 years of industry experience, the past 19 as a senior research geologist with the Saskatchewan Research Council (SRC). His research focused on uranium deposits in the Athabasca Basin using conventional geological methods and innovative techniques including advanced structural lineament analysis, applied synchrotron research, GOCAD structural and geochemical modelling, numerical modelling, lead isotopes and 3-D visualization. Dr. Annesley's research activities have also included studying uranium deposits in Australia, eastern Canada and Nunavut.


Dr. Les Beck, PhD, PEng, PGeo
Technical Advisor & Director

Dr. Beck is a world-renowned uranium expert and former Executive Director of the Geology & Mines Division for Saskatchewan Energy & Mines. He is an Adjunct Professor in Geology at the University of Regina and the author of approximately 30 technical and scientific publications, many dealing with uranium deposits in Saskatchewan. Dr. Beck has headed the Company's Technical Advisory Committee since early 1997, and has been instrumental in the selection of its uranium properties.


Ken Wasyliuk, MSc, PGeo
Chief Geochemist

Ken Wasyliuk has been actively involved in exploration for uranium, base and precious metals, industrial minerals and diamonds for over 20 years. Prior to joining JNR, Ken spent 16 years with Cameco Corporation where he became an expert on geochemical and clay alteration patterns associated with uranium deposits, specifically those in the Athabasca Basin.


Ron Hochstein, BSc, MBA, PEng
Director

Mr. Hochstein is the President and COO of Denison Mines Corp. He was President and CEO of International Uranium Corporation from April 2000 until December 2006.


Tracy Hurley, MSc, MBA, PGeo
Director

Tracy Hurley has 25 years of experience in the mining and exploration industry, including six years as a mining analyst for a Vancouver-based brokerage house. She is currently Vice-President Exploration for Troymet Exploration Corp.




Property
ATHABASCA BASIN


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The Athabasca Basin in northern Saskatchewan is the world's largest producer of uranium, accounting for about one third of the world's uranium mine output. It hosts the world's largest high-grade uranium mine, McArthur River, with proven and probable reserves of 0.8 million tonnes at an average ore grade of 25% U3O8. The extremely high-grade nature of the deposits and the low discovery costs make it the most prospective uranium exploration region in the world.

JNR's holdings in the Basin include a 100% interest in 5 properties totalling 164,626 hectares, a 30,767-hectare joint venture with Denison Mines Corp. (Denison) where JNR holds a 40% interest, and an additional 7 properties totalling 166,750 hectares in which Denison has the option to earn varying interests.


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In the Athabasca Basin, uranium mineralization is preferentially located at or near geological features known as unconformities. Importantly, all of JNR’s properties have relatively shallow depths to the unconformity, ranging from 0 to 500 metres. At the Maverick zone on the Moore Lake property, depth to the unconformity is 270 metres.

MOORE LAKE PROPERTY, ATHABASCA BASIN

JNR’s Moore Lake uranium joint venture property is located 40 km south of Cameco's McArthur River mine and 45 km northeast of the Key Lake mine and mill complex. Denison has a 75% interest in the property.


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High-grade uranium mineralization was discovered in 2003, when drill testing of several geophysical targets on the property resulted in the discovery of the Maverick Zone, a pronounced structural corridor that has now been traced over a minimum strike length of 6.5 kilometres. Discovery hole, ML-25, returned 0.62% U3O8 over 9.1 metres (including 12% U3O8 over 0.4 metres). Among the best drill results to date on the Maverick Zone include 5.14% U3O8 over 6.2 metres in hole ML-55 and 4.03 e% U3O8 over 10.0 metres (including 20 e% U3O8 over 1.4 metres) in hole ML-61.


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In 2005, in-fill drilling on the Maverick zone successfully extended the main high-grade mineralized lens over a minimum strike length of 350 metres, while step-out drilling along the Maverick structural corridor resulted in the discovery of two new zones (‘525’ & ‘527’). The ‘527’ zone, located 450 metres to the northeast of the main lens discovery hole ML-25, has returned a best assay to date of 1.53% U3O8 over 6.6 metres, including 2.22% U3O8 over 4.0 metres.

Uranium mineralization has now been traced over a 1.7-kilometre length of the minimum 6.5-kilometre long Maverick structural corridor. Over 50% of this corridor has yet to be drill tested.

In 2006, infill drilling on the Maverick Main zone continued to intersect high-grade uranium mineralization. ML-140 returned 3.20% U3O8 over 6.5 metres including a 3.5-metre intercept of 5.25% U3O8, 2.1% nickel and 0.65% cobalt. ML-139 returned 1.23% U3O8 over 8.5 metres, including a 1.5-metre intercept of 4.20% U3O8. ML-133 intersected two zones of mineralization. A high-grade zone at the unconformity returned 2.72% U3O8, 2.30% nickel and 0.905% cobalt over 5.0 metres, including a 2.0-metre intercept of 4.25% U3O8. ML-133 also intersected mineralization in the basement associated with clay-altered graphitic pelites, returning 0.611% U3O8 over 3.5 metres.

Uranium mineralization was intersected in all three holes that tested the ‘527’ area in 2006, with the best result obtained from ML-136 returning 0.50% eU3O8 over 7.0 metres.

The 2007 winter exploration program included ground geophysics and a property-wide airborne resistivity and magnetic survey. Diamond drilling focused on muskeg and lake covered targets in the West Venice, Venice, Volhoffer, Esker and West Maverick areas.

Project operator, Denison, reports that the summer diamond drilling program is nearing completion. In total, 13 holes comprising some 5,500 metres will have been completed on the project this year. The primary focus was following up on a number of geological and geophysical targets proximal to the Maverick Zone mineralization. A geophysical program, consisting of 60 kilometres of linecutting and a ground resistivity survey, is also planned.

ATHABASCA BASIN PROPERTIES

JNR’s 100 % Way Lake property is located 55 kilometres east of the Key Lake Mine and 35 kilometres southeast of the Moore Lake joint venture property. It consists of 17 contiguous claims totalling 71,795 hectares. JNR Resources holds an unencumbered 100% interest in the property.

JNR completed a prospecting and mapping program on the Way Lake claims and surrounding ground during the 2006 summer field season. High-grade uranium mineralization was obtained from outcrop sampling of a previously identified massive pitchblende vein, now referred to as the Hook Lake showing. Two grab samples collected from the vein returned 40.1 % and 48% U3O8. The uranium mineralization is also associated with significant lead (up to 8.8%), rare earth element and thorium enrichment, and anomalous boron, cobalt and vanadium values.

The 2008 program is budgeted at $2.5 million and will consist of a planned 10,000 metres of diamond drilling as well as additional geological mapping and prospecting.

The initial focus of attention is some 60 kilometres of arcuate and structurally displaced EM conductors located in the southwest portion of the property (Walker Lake area), specifically those segments that have the geological requirements essential to host substantial concentrations of uranium mineralization. A major prospecting campaign completed during the summer of 2007 identified uranium mineralization in several outcrop showings coincident with this conductive trend. The most significant are the Walker Lake showings which occur over a 3.0-kilometre long by 1.0-kilometre wide area. Grab samples returned from 0.017 to 0.079% U3O8 (Reference: March 19, 2008 news release).

The drilling program will also continue testing of the Hook Lake area and three additional showings discovered during the 2007 prospecting campaign: West Way (up to 0.475% U3O8), EWA (up to 0.492% U3O8) and Nob Hill (0.130% to 0.141% U3O8).


Multiple exploration programs that include airborne geophysics, ground geophysics, prospecting and sampling, are ongoing at all of JNR’s 100% owned and JNR/Denison joint-venture properties in the basin. Follow-up diamond drilling programs are under consideration for several of the more advanced projects.


NEWFOUNDLAND PROPERTIES

Rockybrook Uranium Project

JNR has an option agreement with Altius Minerals Corporation to earn a 70% interest in their Rocky Brook uranium property in western Newfoundland. The property features three distinct areas of unsourced, altered and mineralized sandstone boulders with historically reported values ranging from 1% to more than 10% U3O8 as well as very high-grade silver contents.

A successful reconnaissance-scale drill program in 2005 identified areas of alteration and geochemical enrichment analogous to the mineralized boulders. Significant radiometric anomalies were also identified in the glacial till overburden. Based on the positive results, JNR and Altius completed high-resolution radiometric, magnetic and electromagnetic airborne surveys in summer 2006 and a 2,281-metre (65 hole) drill program was concluded in December 2006. Highlights include the best mineralization intersected to date on the property, in two holes located approximately 50 metres east of the Wigwam Brook boulder field and within a broad 700-metre long drill-defined radioactive bedrock anomaly.

An 82-hole (2,486 metre) drill program was completed in 2007, and identified two areas of low level anomalous radioactivity at or near the overburden-bedrock interface. Both areas lie proximal to the high-grade boulder clusters. Several geochemically-enriched fault structures and/or redox alteration fronts thought to possibly control the high-grade uranium-silver mineralization have also been defined.

Anomalous uranium, copper and silver values were obtained in drill core from several of the 2007 drill holes at Rocky Brook, the most significant of which are narrow intervals in four holes drilled in the vicinity of the Birchy Hills and Wigwam Brook boulder fields. RB-07-144 and RB-07-152, drilled up ice of the Birchy Hill showings, intersected 0.5-metre intervals returning 45.2 ppm U, 202 ppm Cu, 4.9 ppm Ag and 15.3 ppm U, 302 ppm Cu and 6.9 ppm Ag, respectively.

RB-07-192 and RB-07-196, drilled in the vicinity of the Wigwam Brook mineralized boulder field, intersected 0.5-metre intervals of 49.9 ppm U, 5.2 ppm Ag and 62.7 ppm U, 310 ppm Cu, respectively.


A property-wide water sampling program was completed on the project in summer 2008. The water sampling program was designed to assist in directing future drill campaigns using innovative geochemical procedures and modern analytical techniques in the primarily bog-covered terrain of the prospective Deer Lake Basin. Analytical results have been submitted to a known expert in the interpretation of geochemical data from this sample medium for review and recommendations



Topsails Uranium Project

The Topsails uranium property is located in west central Newfoundland and consists of 10,854 mineral claims covering 264,600 hectares. An alliance between JNR and Altius Resources Inc. was formed to jointly explore the land package with JNR and Altius each holding a 50% interest in the property. In return for generating the project, Altius retains a 2% gross sales royalty on uranium products and a 2% net smelter return on all other commodities. All future exploration expenditures will be shared on a pro rata (50:50) basis.

The exploration target is a volcanic-hosted uranium deposit. The claims cover prospective felsic volcanics and related intrusive rocks of the Topsails Igneous Suite and red bed sediments of the Springdale Group; representing a distinctive geological terrane of the Canadian Appalachians.

Volcanic-hosted uranium deposits are a significant source of high-tonnage, low-grade uranium, examples of which include Russia's largest uranium resource, the Streltsovka caldera (~280,000 tonnes U).

Historical regional lake sediment surveys outline several large areas of coincident anomalous uranium, fluorine and molybdenum; known pathfinders for volcanic-hosted uranium deposits. Limited reconnaissance work has identified radiometric anomalies associated with the volcanic rocks, representing significant exploration targets.

Analytical results from a property-wide lake sediment geochemical survey completed in the spring of 2008 and indicate anomalous uranium values with associated molybdenum and fluorine in a number of areas, the largest being 20 by 10 kilometres in size. With background values less than 10 ppm, anomalous uranium values of greater than 30 ppm to a maximum of 535 ppm have been identified in more than 30 lakes. These samples combined with historical surveys highlight four distinct areas of extensive uranium-molybdenum enrichment. The geochemically anomalous lakes lie within or adjacent to granitic rocks related to the caldera complexes targeted for exploration, and confirm the prospectivity of these rocks for hosting volcanic-related uranium mineralization.

JNR and Altius Resources have received and interpreted the preliminary data from a detailed 17,500 line-kilometre airborne radiometric and magnetic survey, and have identified fourteen areas for immediate follow-up. To that end, an extensive prospecting and geological mapping campaign was initiated in early July and will continue through to late October. The focus of the campaign is on the anomalous areas identified by the airborne and lake sediment surveys.





Politics
All of JNR’s properties are located within Canada, having a stable political climate and well defined mining exploration regulations and permitting processes.




Paper
JNR Resources Inc. trades on the TSX Venture Exchange under the symbol JNN. In the United States, JNR trades under the symbol JNRRF via the 'Pink Sheets', a centralized quotation service that collects and publishes market maker quotes for OTC securities. The OTC Bulletin Board is an electronic quotation medium for unlisted, non-Nasdaq, over-the-counter securities.


Outstanding as of 10/22/2007:



Share Outstanding: 81,895,505
Warrants Outstanding: 116,559

Options Outstanding: 4,175,000

Fully Diluted: 86,187,064


Number of Shares
Under Option Exercise Price Expiry Date
300,000 0.55 22-Jul-09
150,000 1.09 11-Jan-10
975,000 0.82 19-Jun-10
50,000 0.79 8-Mar-11
125,000 1.07 2-Oct-11
775,000 2.62 12-Jan-12
200,000 2.55 2-Jul-12
1,600,000 1.25 15-Feb-13



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