Owner
Post by Franko10 ™ on Sept 11, 2004 12:39:23 GMT -5
JNR Drilling Programs Completed
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Mr. Rick Kusmirski, President of JNR Resources Inc. ("JNR") is pleased to announce the successful completion of the diamond drilling programs on the JNR/Kennecott Canada Joint Venture's, Moore Lake and Lazy Edward Bay projects.
On the Moore Lake property two additional holes were completed, bringing the total to six holes for this winters drilling program. These final two holes were drilled on the Venice and Raratonga grids, which are located eight and twelve kilometres northeast of the Maverick Zone. Drilling of a seventh hole was precluded by rapidly deteriorating ice conditions.
Hole ML-19, which was drilled on the Venice grid, intersected uranium mineralization identified by anomalous radioactivity from an interval consisting of structurally disrupted pegmatites and graphitic sediments some 60 metres below the unconformity. This intersection is similar to that obtained in the previous hole ML-18, which tested the MLE zone, and in hole ML-08 which was drilled last year on the Maverick zone. This style of basement mineralization may be indicative of higher grade uranium mineralization up dip and/or along strike, and warrants follow up drilling. It is also noteworthy that all three of these intercepts come from three separate conductive trends in geographically diverse locations, one of which ('the Maverick Zone') has been proven to host unconformity-type uranium mineralization. ML-20, which was drilled on the Raratonga Grid, intersected moderate to strong alteration in the basal portion of the sandstone column.
The final two holes (LEB-07 and -08) of the eight hole drilling program at Lazy Edward Bay have been completed. They were drilled on the Horse conductor as a follow up to the encouraging geology that was intersected in holes LEB-04 and -01.
Both holes intersected altered and structurally disrupted sandstone as well as graphitic and altered basement rocks below the unconformity, features which are common to unconformity-type uranium deposits. Although no significant radioactivity was intersected on the Horse conductor in 2001, the geological setting remains highly prospective over a minimum strike length of 2 kilometres. Further drilling in this part of the Lazy Edward Bay project will be dependant upon the final geochemical results.
All of the drill core samples from the Moore Lake and Lazy Edward Bay projects have been delivered to the Saskatchewan Research Council in Saskatoon for geochemical analysis. The results are expected within six weeks. They will be compiled and reviewed at a Joint Venture meeting in late May/early June, following which they will be released along with details of activities planned for this summer and fall.
In the interim the Joint Venture will continue to aggressively pursue uranium exploration opportunities in the Athabasca basin. JNR's board and management are encouraged by the resurgence in the nuclear energy industry and while continuing to maintain a focus on uranium exploration, will also be looking at opportunities to diversify into other commodities. Discussions with third parties regarding possible ventures, are currently underway.
On Behalf of the Board of Directors of
JNR RESOURCES INC.
Per:
"R. T. Kusmirski"
Rick Kusmirski, 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. Rick Kusmirski, President of JNR Resources Inc. ("JNR") is pleased to announce the successful completion of the diamond drilling programs on the JNR/Kennecott Canada Joint Venture's, Moore Lake and Lazy Edward Bay projects.
On the Moore Lake property two additional holes were completed, bringing the total to six holes for this winters drilling program. These final two holes were drilled on the Venice and Raratonga grids, which are located eight and twelve kilometres northeast of the Maverick Zone. Drilling of a seventh hole was precluded by rapidly deteriorating ice conditions.
Hole ML-19, which was drilled on the Venice grid, intersected uranium mineralization identified by anomalous radioactivity from an interval consisting of structurally disrupted pegmatites and graphitic sediments some 60 metres below the unconformity. This intersection is similar to that obtained in the previous hole ML-18, which tested the MLE zone, and in hole ML-08 which was drilled last year on the Maverick zone. This style of basement mineralization may be indicative of higher grade uranium mineralization up dip and/or along strike, and warrants follow up drilling. It is also noteworthy that all three of these intercepts come from three separate conductive trends in geographically diverse locations, one of which ('the Maverick Zone') has been proven to host unconformity-type uranium mineralization. ML-20, which was drilled on the Raratonga Grid, intersected moderate to strong alteration in the basal portion of the sandstone column.
The final two holes (LEB-07 and -08) of the eight hole drilling program at Lazy Edward Bay have been completed. They were drilled on the Horse conductor as a follow up to the encouraging geology that was intersected in holes LEB-04 and -01.
Both holes intersected altered and structurally disrupted sandstone as well as graphitic and altered basement rocks below the unconformity, features which are common to unconformity-type uranium deposits. Although no significant radioactivity was intersected on the Horse conductor in 2001, the geological setting remains highly prospective over a minimum strike length of 2 kilometres. Further drilling in this part of the Lazy Edward Bay project will be dependant upon the final geochemical results.
All of the drill core samples from the Moore Lake and Lazy Edward Bay projects have been delivered to the Saskatchewan Research Council in Saskatoon for geochemical analysis. The results are expected within six weeks. They will be compiled and reviewed at a Joint Venture meeting in late May/early June, following which they will be released along with details of activities planned for this summer and fall.
In the interim the Joint Venture will continue to aggressively pursue uranium exploration opportunities in the Athabasca basin. JNR's board and management are encouraged by the resurgence in the nuclear energy industry and while continuing to maintain a focus on uranium exploration, will also be looking at opportunities to diversify into other commodities. Discussions with third parties regarding possible ventures, are currently underway.
On Behalf of the Board of Directors of
JNR RESOURCES INC.
Per:
"R. T. Kusmirski"
Rick Kusmirski, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
