Owner
Post by Franko10 ™ on Sept 11, 2004 12:08:37 GMT -5
Significant Enrichment In Clay Study
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Mr. Dale Hoffman, President of JNR Resources Inc. (the "Company") is pleased to announce the acquisition of a further 41,000 acres in the Athabasca Basin of Saskatchewan. This acreage adjoins the Company’s Black Lake and Cyprian Lake properties where results from a recently completed clay alteration study identified additional prospective areas.
Research work by the Saskatchewan Research Council has determined that the uranium deposits in the Athabasca Basin of Saskatchewan are characterized by alteration halos which are composed of combinations of illite, kaolinite, chlorite, boron, lead and uranium. As previously reported, significant results have been obtained from three of the Company’s projects, Cyprian Lake, Black Lake and West Bear, where sampling density was sufficient to draw meaningful conclusions.
The other five projects have significant results which require followup work. This work was performed by the Saskatchewan Research Council under the direction of Dr. Steven Earle Analyses from the Cyprian Lake project showed extremely high kaolin levels of up to 98% in the clays. Locally, some samples contained more than 8% chlorite. There is also a very significant enrichment of lead and uranium in several samples. The Cyprian Lake property has soil samples grading up to1.4% uranium in a drainage basin covering EM conductors and faulting. An all weather road providing access to the property is under construction. Samples from the Black Lake area showed pronounced illitization (64-72% illite).
On the West Bear project, the samples show moderate enrichment in illite (up to 62%). There was also significant enrichments in uranium, lead and arsenic. The company presently holds a 100% interest in approximately 500,000 highly prospective acres in the Athabasca Basin of Saskatchewan. JNR is the only junior exploration company holding such a significant land position in the area. The Athabasca Basin contains the largest and richest uranium deposits in the world.
The Company is very encouraged with recent developments in the spot price of uranium. After bottoming at US$10.30, the price has risen for seven consecutive weeks to the present price of $12.75. This translates into a 23% rise over that period. Analysts are predicting that uranium prices will continue to rise.
Drill targets have been outlined on the Cyprian, Black Lake and West Bear projects, and drilling will commence as weather conditions permit, utilizing flow-through funds from the $1,900,000 brokered private placement which is presently being completed.
JNR RESOURCES INC.
Dale W. Hoffman, President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
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Mr. Dale Hoffman, President of JNR Resources Inc. (the "Company") is pleased to announce the acquisition of a further 41,000 acres in the Athabasca Basin of Saskatchewan. This acreage adjoins the Company’s Black Lake and Cyprian Lake properties where results from a recently completed clay alteration study identified additional prospective areas.
Research work by the Saskatchewan Research Council has determined that the uranium deposits in the Athabasca Basin of Saskatchewan are characterized by alteration halos which are composed of combinations of illite, kaolinite, chlorite, boron, lead and uranium. As previously reported, significant results have been obtained from three of the Company’s projects, Cyprian Lake, Black Lake and West Bear, where sampling density was sufficient to draw meaningful conclusions.
The other five projects have significant results which require followup work. This work was performed by the Saskatchewan Research Council under the direction of Dr. Steven Earle Analyses from the Cyprian Lake project showed extremely high kaolin levels of up to 98% in the clays. Locally, some samples contained more than 8% chlorite. There is also a very significant enrichment of lead and uranium in several samples. The Cyprian Lake property has soil samples grading up to1.4% uranium in a drainage basin covering EM conductors and faulting. An all weather road providing access to the property is under construction. Samples from the Black Lake area showed pronounced illitization (64-72% illite).
On the West Bear project, the samples show moderate enrichment in illite (up to 62%). There was also significant enrichments in uranium, lead and arsenic. The company presently holds a 100% interest in approximately 500,000 highly prospective acres in the Athabasca Basin of Saskatchewan. JNR is the only junior exploration company holding such a significant land position in the area. The Athabasca Basin contains the largest and richest uranium deposits in the world.
The Company is very encouraged with recent developments in the spot price of uranium. After bottoming at US$10.30, the price has risen for seven consecutive weeks to the present price of $12.75. This translates into a 23% rise over that period. Analysts are predicting that uranium prices will continue to rise.
Drill targets have been outlined on the Cyprian, Black Lake and West Bear projects, and drilling will commence as weather conditions permit, utilizing flow-through funds from the $1,900,000 brokered private placement which is presently being completed.
JNR RESOURCES INC.
Dale W. Hoffman, President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
