Post by Franko10 ™ on Sept 11, 2004 12:24:31 GMT -5
JNR Intersects Uranium Mineralization
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Mr. Dale Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that unconformity type uranium mineralization has been intersected on the JNR/Kennecott Canada joint venture Moore Lake project. Diamond drill hole ML00-03 returned highly anomalous radiometric values over a 10.4 metre wide interval that straddled the unconformity, which occurred at a depth of 269.0 metres. The mineralized basal sandstone is strongly clay altered and carbonaceous, while the upper basement rocks are bleached graphitic pelites. This mineralization also occurs near the footwall of a 125 metre wide (downhole) fault zone, which has resulted in extensive structural disruption and alteration of the overlying sandstone.
Drill hole ML00-03 was the third hole drilled on the Moore Lake project. It targeted a previously untested 1000 metre long, open-ended east-west trending EM conductor, that occurs near the nose of an interpreted fold closure. The two earlier holes tested conductors on the eastern and western limbs of this structure. Although neither intersected economic uranium mineralization, both did intersect encouraging geology (strong alteration and/or structural disruption and/or graphitic sediments) and elevated radiometrics, and will require follow up.
The downhole radiometrics for drill hole ML00-03 are currently being processed to estimate the equivalent grades in %U3O8. Geochemical analysis and equivalent radiometric grade estimates will be released when they are completed. Drill core samples from the first three holes are being sent to the Saskatchewan Research Council where they will be analyzed for not only uranium, but specific trace elements. The drilling program is ongoing, and a linecutting and geophysical program has been initiated. The purpose of the latter is to better define the conductive horizons in the mineralized area, as well as the sandstone and basement geology. The JNR/Kennecott strategic alliance has further solidified its position in the area with the recent staking of 17,000 ha.
The widespread faulting and alteration encountered in drill hole ML00-03, in conjunction with the basement geology and the drill indicated uranium mineralization, are most analogous to the silification and alteration styles observed at the McArthur River and Key Lake uranium deposits.
The Company also wishes to announce that it has negotiated a private placement of 5,000,000 units at a price of $0.15 per unit, for total proceeds of $750,000. Each unit consists of one common share and one warrant to purchase an additional common share for two years at an exercise price of $0.30 per share. 75% of the units will be flow-through units, the proceeds from which will be used to fund the ongoing Athabasca Basin uranium exploration program. This private placement meets the Company's obligation to use its best efforts to raise further exploration capital, which arises from the private placement agreement with Kennecott disclosed by news release issued January 26, 2000. The private placement transaction is subject to acceptance by the Canadian Venture Exchange and any other regulatory authority having jurisdiction.
The common shares and any shares issued upon exercise of the warrants forming part of the units will be subject to a "hold period" of four months from the date of closing.
JNR RESOURCES INC.
Per:
Dale W. Hoffman, President
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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Mr. Dale Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that unconformity type uranium mineralization has been intersected on the JNR/Kennecott Canada joint venture Moore Lake project. Diamond drill hole ML00-03 returned highly anomalous radiometric values over a 10.4 metre wide interval that straddled the unconformity, which occurred at a depth of 269.0 metres. The mineralized basal sandstone is strongly clay altered and carbonaceous, while the upper basement rocks are bleached graphitic pelites. This mineralization also occurs near the footwall of a 125 metre wide (downhole) fault zone, which has resulted in extensive structural disruption and alteration of the overlying sandstone.
Drill hole ML00-03 was the third hole drilled on the Moore Lake project. It targeted a previously untested 1000 metre long, open-ended east-west trending EM conductor, that occurs near the nose of an interpreted fold closure. The two earlier holes tested conductors on the eastern and western limbs of this structure. Although neither intersected economic uranium mineralization, both did intersect encouraging geology (strong alteration and/or structural disruption and/or graphitic sediments) and elevated radiometrics, and will require follow up.
The downhole radiometrics for drill hole ML00-03 are currently being processed to estimate the equivalent grades in %U3O8. Geochemical analysis and equivalent radiometric grade estimates will be released when they are completed. Drill core samples from the first three holes are being sent to the Saskatchewan Research Council where they will be analyzed for not only uranium, but specific trace elements. The drilling program is ongoing, and a linecutting and geophysical program has been initiated. The purpose of the latter is to better define the conductive horizons in the mineralized area, as well as the sandstone and basement geology. The JNR/Kennecott strategic alliance has further solidified its position in the area with the recent staking of 17,000 ha.
The widespread faulting and alteration encountered in drill hole ML00-03, in conjunction with the basement geology and the drill indicated uranium mineralization, are most analogous to the silification and alteration styles observed at the McArthur River and Key Lake uranium deposits.
The Company also wishes to announce that it has negotiated a private placement of 5,000,000 units at a price of $0.15 per unit, for total proceeds of $750,000. Each unit consists of one common share and one warrant to purchase an additional common share for two years at an exercise price of $0.30 per share. 75% of the units will be flow-through units, the proceeds from which will be used to fund the ongoing Athabasca Basin uranium exploration program. This private placement meets the Company's obligation to use its best efforts to raise further exploration capital, which arises from the private placement agreement with Kennecott disclosed by news release issued January 26, 2000. The private placement transaction is subject to acceptance by the Canadian Venture Exchange and any other regulatory authority having jurisdiction.
The common shares and any shares issued upon exercise of the warrants forming part of the units will be subject to a "hold period" of four months from the date of closing.
JNR RESOURCES INC.
Per:
Dale W. Hoffman, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.