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JNR Resources Inc (C-JNN) - News Release
JNR finds 1.81% U3O8 over 11.1 m at Moore Lake
2005-08-18 09:19 ET - News Release
Shares issued 67,968,827
JNN Close 2005-08-17 C$ 1.26
Mr. Rick Kusmirski reports
JNR ANNOUNCES ADDITIONAL HIGH-GRADE RESULTS FROM MOORE LAKE URANIUM PROJECT
JNR Resources Inc. and International Uranium Corp. have provided an update on the 2005 summer diamond drilling program that is under way on the Moore Lake uranium project, located in the Athabasca basin of Northern Saskatchewan.
The companies are very encouraged with the results from the initial stages of the program, which has successfully extended the strike length and width of the main high-grade mineralized lens at the Maverick zone, and shown that the mineralizing system continues to the north and northeast within the Nutana and Maverick Northeast grids.
Complete geochemical results for 16 diamond drill holes comprising 5,851 metres have been received. Six of these (ML-80 to -85) tested targets on the Maverick main zone, five (ML-513 to 517) tested targets on the Maverick Northeast grid and five (ML-814 to 818) tested targets on the Nutana grid.
The best results were obtained from the Maverick main zone, where three of the six holes intersected significant uranium mineralization, including high grades in two of them. ML-83 assayed 1.81 per cent U3O8 over 11.1 metres, including 5.64 per cent U3O8 over three metres; ML-85 assayed 1.33 per cent U3O8 over 6.4 metres, including 8.5 per cent U3O8 over 0.9 metre; and ML-84 assayed 0.436 per cent U3O8 over five metres.
The drilling program on the Maverick Northeast and Nutana grids consisted of first-pass, broad step-outs on ground geophysical targets that were identified over the past two years. Although no uranium mineralization was intersected, highly anomalous geological and geochemical results were returned in a number of the holes.
The drilling program will continue through September with three drills operating. Follow-up drilling on the main lens is under way, as are additional step-out holes on targets within the Maverick structural corridor, which has now been interpreted to extend over a minimum strike length of 6.5 kilometres and along the southern half of the 10-kilometre-long, 500-metre-wide conductive corridor, to the west and northwest of the Maverick granite.
Details of the results to date from the Maverick main zone as well as the Maverick Northeast and Nutana grids are presented below.
Maverick main zone
Geochemical results have been received for six holes (ML-80 to -85) comprising 2,136.5 metres. The best results were obtained from drill holes ML-83 to 85, which targeted a flexure/offset in the conductive system in the main zone near the initial mineralized hole, ML-03.
ML-83 intersected an 11.1-metre interval (265 to 276.1 metres) of unconformity-style, polymetallic uranium mineralization that assayed 1.81 per cent U3O8, including a higher-grade three-metre section (268.2 to 271.2 metres) of 5.64 per cent U3O8, 7.1 per cent nickel and 2.55 per cent cobalt. The mineralization consists of massive to semi-massive pitchblende accompanied by nickel and cobalt arsenides. This hole was collared on section with mineralized holes ML-71 and -77, and five metres south of the latter.
ML-84 intersected 0.436 per cent U3O8 over five metres (265.8 to 270.8 metres). This hole was collared on section with ML-03 and -29, and five metres south of the latter.
ML-85 intersected 1.33 per cent U3O8 over 6.4 metres (265.1 to 271.5 metres), including 8.5 per cent U3O8 over 0.9 metre (265.6 to 266.5 metres). This hole represents a 10-metre step-out to the west of ML-29.
Drill holes ML-80 and -81 tested an east-west graphitic horizon and for a westward strike extension to the mineralization intersected in holes ML-37 and -64. Both holes intersected a structurally disrupted and altered sandstone column that returned anomalous uranium and boron values throughout, and anomalous lead, nickel and zinc values in the basal portions. ML-80 also returned highly anomalous levels of polymetallic minerals, vanadium, boron and up to 0.25 per cent U3O8 over 0.5 metre from sheared and altered graphitic pelites in the basement.
ML-82 was an attempt to redrill the sandstone-hosted uranium mineralization intersected in ML-61. Unfortunately the hole veered too far to the south and finished on the hangingwall side of ML-61. As a result, ML-82 returned a broad zone of low-grade mineralization associated with the basement pelites and graphitic pelites.
Maverick Northeast
Geochemical results have been received for five holes (ML-513 to -517) comprising 1,879.7 metres. Four of these holes (ML-513 to -516) represent the first-pass drilling in an area where three parallel conductors have been interpreted, while the fifth (ML-517) was drilled on a seismic target on section with ML-69.
ML-513 to -515 were progressive 300-metre step-outs to the northeast along the central conductor, with ML-515 being an angled hole. All three holes intersected on the hangingwall side of the target and were strongly illitic over the basal 60 to 70 metres of the sandstone column. ML-513 and -514 also returned anomalous uranium values over this interval, while ML-514 returned anomalous boron values as well. The basement pelites and graphitic pelites for all three holes are locally sheared and altered, and returned anomalous copper, lead, nickel, zinc, boron and vanadium values (pathfinder elements), and up to 125 parts per million uranium.
ML-516 tested the north-flanking conductor and also intersected on the hangingwall side of the target. Although there are no significant results from the sandstone column, the basement graphitic pelites returned anomalous levels of pathfinder elements and locally uranium.
ML-517 was collared about 95 metres north of ML-69. The upper sandstone column in this hole returned anomalous boron values, while the lower sandstone column returned anomalous zinc values.
Nutana
The Nutana grid covers the western and northwestern contact between the Maverick granite and the Lower Wollaston group metasediments. Geochemical results have been received for five holes (ML-814 to -817) comprising 1,835 metres. All five of these holes represent first-pass drilling in an area where two parallel conductors were interpreted from geophysical surveys this past winter. ML-814 and -815 were collared 400 metres apart at the north end of the central conductor, while ML-816, -817 and angled hole -818 represent progressive 400-metre step-outs at the north end of the eastern conductor.
ML-814 and -815 intersected on the hangingwall side of the target. ML-814 returned highly anomalous uranium and locally vanadium values in the basal 100 metres of the sandstone column. ML-815 returned anomalous levels of pathfinder elements from locally sheared and altered pelites and graphitic pelites that were intersected up to 65 metres into the basement.
ML-816 to -818 also intersected on the hangingwall side of the target. All three holes intersected locally sheared and altered graphitic pelites that returned anomalous levels of pathfinder elements. The best results were from ML-818, which intersected a 26-metre-wide graphitic zone in the basement and a strongly altered and fractured basal sandstone column that returned anomalous levels of uranium, lead and boron.
All technical information for the company's exploration projects is obtained and reported under a formal quality assurance and quality control program. JNR's president, Richard T. Kusmirski, PGeo, and exploration manager David L. Billard, PGeo, are the qualified persons responsible for the technical data presented in this release. Details of the company's quality assurance and quality control program are presented within a material change report filed in Stockwatch SEDAR files on Dec. 2, 2004.
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