Owner
Post by Franko10 ™ on Sept 11, 2004 12:29:22 GMT -5
Moore Lake Drilling Update
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Mr. Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), reports that all of the data derived from the follow-up diamond drilling program on the JNR Resources / Kennecott Canada Exploration Moore Lake project has now been received by the joint venture partners.
In accordance with the restated property rights agreement dated May 24, 2000, Kennecott now has 30 days from September 26, 2000, to provide notice with respect to Kennecott funding further work on the Moore Lake property. Kennecott can increase its interest in this property to 65 percent by funding the next $10 million in exploration expenditures, and can further increase its interest to 70 percent by expending $100 million on the property or by carrying it through to production, whichever comes first. If Kennecott does not elect to finance any further work on the Moore Lake property, then the property will revert 100 percent to the Company, which will then be free to develop it without further obligation to Kennecott.
The most recent round of drilling saw the completion of four holes comprising 1259 metres. Three of these (ML00-11, -13, -14) tested the Maverick zone, while the fourth (ML00-12) tested a geophysically interpreted structure located some 200 metres to the south. Holes #11 and #14 were drilled on a fence 100 metres to the west of the mineralized hole ML00-03 (grade equivalent of 0.442% U308 / 9.20 m). These holes intersected strongly altered and structurally disrupted sandstone columns and considerable alteration of the basement lithologies. The sandstone in both holes was also highly anomalous geochemically, with weak uranium mineralization intersected at the unconformity in hole #11. The downhole radiometrics from this hole indicate a grade equivalent of 0.066% U308 / 2.10 m.
Drill holes #12 and #13 were designed to intersect specific geological features. Hole #12 returned anomalous geochemical results from an altered and sheared upper sandstone column, which could be indicative of a mineralizing system in this area that parallels the Maverick zone.
Further information will be released as it becomes available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
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.
--------------------------------------------------------------------------------
Mr. Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), reports that all of the data derived from the follow-up diamond drilling program on the JNR Resources / Kennecott Canada Exploration Moore Lake project has now been received by the joint venture partners.
In accordance with the restated property rights agreement dated May 24, 2000, Kennecott now has 30 days from September 26, 2000, to provide notice with respect to Kennecott funding further work on the Moore Lake property. Kennecott can increase its interest in this property to 65 percent by funding the next $10 million in exploration expenditures, and can further increase its interest to 70 percent by expending $100 million on the property or by carrying it through to production, whichever comes first. If Kennecott does not elect to finance any further work on the Moore Lake property, then the property will revert 100 percent to the Company, which will then be free to develop it without further obligation to Kennecott.
The most recent round of drilling saw the completion of four holes comprising 1259 metres. Three of these (ML00-11, -13, -14) tested the Maverick zone, while the fourth (ML00-12) tested a geophysically interpreted structure located some 200 metres to the south. Holes #11 and #14 were drilled on a fence 100 metres to the west of the mineralized hole ML00-03 (grade equivalent of 0.442% U308 / 9.20 m). These holes intersected strongly altered and structurally disrupted sandstone columns and considerable alteration of the basement lithologies. The sandstone in both holes was also highly anomalous geochemically, with weak uranium mineralization intersected at the unconformity in hole #11. The downhole radiometrics from this hole indicate a grade equivalent of 0.066% U308 / 2.10 m.
Drill holes #12 and #13 were designed to intersect specific geological features. Hole #12 returned anomalous geochemical results from an altered and sheared upper sandstone column, which could be indicative of a mineralizing system in this area that parallels the Maverick zone.
Further information will be released as it becomes available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
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.
