Owner
Post by Franko10 ™ on Sept 11, 2004 12:22:07 GMT -5
Non-Brokered Private Placement
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Dale W. Hoffman, the President of JNR Resources Inc. (the "Company"), announces that closing of the Company's non-brokered private placement transaction for a total of 2,500,000 units (the "Private Placement Units"), each Unit comprised of one common share and one-half of one non-transferable share purchase warrant, in the capital stock of the Company at $0.20 per unit to net the treasury an aggregate of $500,000 took place effective February 18, 2000. One full share purchase warrant entitles the placee to purchase one additional common share of the Company for a period of two years from closing at $0.30 per share.
The common shares and any shares issued on the exercise of share purchase warrants forming a part of the Private Placement Units will be subject to a "hold period" of four months expiring on June 18, 2000.
As part of the private placement transaction, the Company entered into a joint venture agreement with Kennecott Canada Exploration Inc., dated as of February 15, 2000, with respect to properties located in the Athabasca Basin which were acquired subsequent to August 31, 1999.
The JNR Resources - Kennecott uranium exploration strategic alliance, focussing on the Athabasca Basin of Saskatchewan, will proceed into 2000.
The alliance is pleased with the results to date and, at a recent joint venture meeting, approved field programs for the year 2000 on three properties, Cigar North, Moore Lake , and Lazy Edward Bay, with the newly acquired Martin Lake and Cigar South being high priority areas.
Regional data compilations and assessment report reviews have led to the staking of four new blocks of ground, Lazy Edward Bay, Martin Lake, Cigar South and additional claims to the Moore Lake property. The alliance has also committed to develop new targets in the Basin on an on-going basis.
Encouraging drill results from the 1999 program on the Mitchell Lake property included fracturing, desilicification of the sandstone and intense bleaching of the sandstone and basement in two (JNML9902 & JNML9905) of the five holes drilled. These holes were drilled to test a GEOTEM conductance anomaly trending from the West Bear deposit (124,000 tonnes at 0.37 percent U) 8km west. The conductance anomaly is indicative of an alteration system in the sandstone. Poor sandstone recovery for both holes due to intense desilicification prevented geochemical analyses at the unconformity. However, down hole gamma logging of JNML9902 located a peak of 900 cps (in a background of 25 cps) at the unconformity. An E-W structure that truncates the southern end of the West Bear deposit is interpreted at a depth of 64 m and is responsible for the alteration seen in these holes. Infill and extension sandstone boulder sampling revealed a Boron-Uranium anomaly adjacent to the West Bear deposit. An expansion and infill Max-Min grid is being considered to better define the Mitchell Lake target.
Work has commenced on the Cigar Lake North property, which lies adjacent to the La Rocque Lake discovery, where Cameco reported a drill intercept of 7.0m @ 31.9% U3O8 at a depth of 276m. This discovery adds significant value to the Company's Cigar North claims. A GEOTEM survey was subsequently flown over the westernmost claims to map basement geology, structure and possible extensions of the basement graphitic pelites that host the La Rocque mineralization. This survey was successful in mapping a series of E-W and NE-SW structures which have been interpreted to largely control mineralization in the Athabasca Basin and a series of weak basement conductors splaying off of the main La Rocque corridor into the Company's claims. Illite enriched sandstone boulders collected by the Company in 1998 coincide with these conductors. This coincidence is a possible indication of a uraniferous hydrothermal system at depth. Line cutting, followed by a ground EM follow up program with subsequent drilling will commence during the winter of 2000.
The recent addition of two claims to the Company's Moore Lake property includes numerous basement graphitic conductors with historic holes reporting intense alteration and mineralization. Hole MT5 reported up to 3070 ppm uranium at the unconformity with highly anomalous base metal values. Adjacent hole MT16, intersected strongly illitic sandstone with pyrite and organic matter on fracture planes, up to 1770 ppm boron and elevated U in the sandstone, all typical of unconformity deposits. Mapped E-W structures focussed along basement graphitic zones trend through these anomalous intersections and will be followed up with drilling in 2000.
A review of the Midwest deposit (1.2M tonnes at 1.6 percent U) reveals a controlling structure which trends onto the alliance's Midwest claims, which lie less than 0.7km to the SW. An interpretation of historic drill hole results is underway to determine whether a 2000 program is required to further investigate this structure at the unconformity.
The Lazy Edward Bay property was staked in December, and is located along the southern margin of the Athabasca Basin, west of the Key Lake Mine. Assessment reports indicate that the property is underlain by a number of untested and/or poorly tested basement graphitic conductors, several of which report encouraging geology and anomalous geochemical results. Furthermore, uranium boulder anomalies, the source of which is interpreted from previous workers to exist on this property, remain unexplained. Data compilation is continuing and is planned to be followed up with ground EM and drilling in the summer/fall of 2000.
A number of existing claims will be allowed to lapse as higher priority targets are acquired.
JNR RESOURCES INC.
Per: Dale W. Hoffman, President
The Athabasca basin in northern Saskatchewan is recognized as the most prospective uranium mining district in the world. JNR believes that its uranium prospect properties in this basin, 44 claims totaling in excess of 560,000 acres, potentially host world class deposits. JNR's strategic partner, Kennecott Canada Exploration Inc. is a wholly-owned subsidiary of Rio Tinto PLC, the largest mining company in the world and a major producer of uranium.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release
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Dale W. Hoffman, the President of JNR Resources Inc. (the "Company"), announces that closing of the Company's non-brokered private placement transaction for a total of 2,500,000 units (the "Private Placement Units"), each Unit comprised of one common share and one-half of one non-transferable share purchase warrant, in the capital stock of the Company at $0.20 per unit to net the treasury an aggregate of $500,000 took place effective February 18, 2000. One full share purchase warrant entitles the placee to purchase one additional common share of the Company for a period of two years from closing at $0.30 per share.
The common shares and any shares issued on the exercise of share purchase warrants forming a part of the Private Placement Units will be subject to a "hold period" of four months expiring on June 18, 2000.
As part of the private placement transaction, the Company entered into a joint venture agreement with Kennecott Canada Exploration Inc., dated as of February 15, 2000, with respect to properties located in the Athabasca Basin which were acquired subsequent to August 31, 1999.
The JNR Resources - Kennecott uranium exploration strategic alliance, focussing on the Athabasca Basin of Saskatchewan, will proceed into 2000.
The alliance is pleased with the results to date and, at a recent joint venture meeting, approved field programs for the year 2000 on three properties, Cigar North, Moore Lake , and Lazy Edward Bay, with the newly acquired Martin Lake and Cigar South being high priority areas.
Regional data compilations and assessment report reviews have led to the staking of four new blocks of ground, Lazy Edward Bay, Martin Lake, Cigar South and additional claims to the Moore Lake property. The alliance has also committed to develop new targets in the Basin on an on-going basis.
Encouraging drill results from the 1999 program on the Mitchell Lake property included fracturing, desilicification of the sandstone and intense bleaching of the sandstone and basement in two (JNML9902 & JNML9905) of the five holes drilled. These holes were drilled to test a GEOTEM conductance anomaly trending from the West Bear deposit (124,000 tonnes at 0.37 percent U) 8km west. The conductance anomaly is indicative of an alteration system in the sandstone. Poor sandstone recovery for both holes due to intense desilicification prevented geochemical analyses at the unconformity. However, down hole gamma logging of JNML9902 located a peak of 900 cps (in a background of 25 cps) at the unconformity. An E-W structure that truncates the southern end of the West Bear deposit is interpreted at a depth of 64 m and is responsible for the alteration seen in these holes. Infill and extension sandstone boulder sampling revealed a Boron-Uranium anomaly adjacent to the West Bear deposit. An expansion and infill Max-Min grid is being considered to better define the Mitchell Lake target.
Work has commenced on the Cigar Lake North property, which lies adjacent to the La Rocque Lake discovery, where Cameco reported a drill intercept of 7.0m @ 31.9% U3O8 at a depth of 276m. This discovery adds significant value to the Company's Cigar North claims. A GEOTEM survey was subsequently flown over the westernmost claims to map basement geology, structure and possible extensions of the basement graphitic pelites that host the La Rocque mineralization. This survey was successful in mapping a series of E-W and NE-SW structures which have been interpreted to largely control mineralization in the Athabasca Basin and a series of weak basement conductors splaying off of the main La Rocque corridor into the Company's claims. Illite enriched sandstone boulders collected by the Company in 1998 coincide with these conductors. This coincidence is a possible indication of a uraniferous hydrothermal system at depth. Line cutting, followed by a ground EM follow up program with subsequent drilling will commence during the winter of 2000.
The recent addition of two claims to the Company's Moore Lake property includes numerous basement graphitic conductors with historic holes reporting intense alteration and mineralization. Hole MT5 reported up to 3070 ppm uranium at the unconformity with highly anomalous base metal values. Adjacent hole MT16, intersected strongly illitic sandstone with pyrite and organic matter on fracture planes, up to 1770 ppm boron and elevated U in the sandstone, all typical of unconformity deposits. Mapped E-W structures focussed along basement graphitic zones trend through these anomalous intersections and will be followed up with drilling in 2000.
A review of the Midwest deposit (1.2M tonnes at 1.6 percent U) reveals a controlling structure which trends onto the alliance's Midwest claims, which lie less than 0.7km to the SW. An interpretation of historic drill hole results is underway to determine whether a 2000 program is required to further investigate this structure at the unconformity.
The Lazy Edward Bay property was staked in December, and is located along the southern margin of the Athabasca Basin, west of the Key Lake Mine. Assessment reports indicate that the property is underlain by a number of untested and/or poorly tested basement graphitic conductors, several of which report encouraging geology and anomalous geochemical results. Furthermore, uranium boulder anomalies, the source of which is interpreted from previous workers to exist on this property, remain unexplained. Data compilation is continuing and is planned to be followed up with ground EM and drilling in the summer/fall of 2000.
A number of existing claims will be allowed to lapse as higher priority targets are acquired.
JNR RESOURCES INC.
Per: Dale W. Hoffman, President
The Athabasca basin in northern Saskatchewan is recognized as the most prospective uranium mining district in the world. JNR believes that its uranium prospect properties in this basin, 44 claims totaling in excess of 560,000 acres, potentially host world class deposits. JNR's strategic partner, Kennecott Canada Exploration Inc. is a wholly-owned subsidiary of Rio Tinto PLC, the largest mining company in the world and a major producer of uranium.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release
