Owner
Post by Franko10 ™ on Sept 11, 2004 12:48:58 GMT -5
JNR / Kennecott - Uranium Exploration Plans
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Mr. Rick Kusmirski, President of JNR Resources Inc., is pleased to report that Kennecott Canada Exploration Inc. ("Kennecott") has confirmed that it will proceed with uranium exploration in 2002, focusing on the joint venture's highly prospective Moore Lake project.
Diamond drilling programs on the Moore Lake properties over the past two years have intersected uranium mineralization from three separate EM conductive trends in geographically diverse locations. On one of these, the 'Maverick Zone', unconformity-type uranium mineralization was intersected in a number of holes with the best result being 0.442 % U3O8 (grade equivalent) over 9.2 metres from hole ML00-03.
Kennecott is currently in the process of increasing its interest in the Moore Lake project to 65 %. Under the terms of the property rights agreement dated May 24th, 2000, they can do so by funding the next $10 Million in exploration expenditures. Kennecott can further increase their interest to 70 % by expending $100 Million on the property or by taking it through to production.
Plans for the upcoming exploration campaign are presently being outlined and will be reviewed at a joint venture meeting to be held in the next few weeks. The details will be reported as they become available.
ON BEHALF OF THE BOARD
"R. T. Kusmirski"
Rick Kusmirski, President & Director
For further information, please call:
(306) 249-3562
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., is pleased to report that Kennecott Canada Exploration Inc. ("Kennecott") has confirmed that it will proceed with uranium exploration in 2002, focusing on the joint venture's highly prospective Moore Lake project.
Diamond drilling programs on the Moore Lake properties over the past two years have intersected uranium mineralization from three separate EM conductive trends in geographically diverse locations. On one of these, the 'Maverick Zone', unconformity-type uranium mineralization was intersected in a number of holes with the best result being 0.442 % U3O8 (grade equivalent) over 9.2 metres from hole ML00-03.
Kennecott is currently in the process of increasing its interest in the Moore Lake project to 65 %. Under the terms of the property rights agreement dated May 24th, 2000, they can do so by funding the next $10 Million in exploration expenditures. Kennecott can further increase their interest to 70 % by expending $100 Million on the property or by taking it through to production.
Plans for the upcoming exploration campaign are presently being outlined and will be reviewed at a joint venture meeting to be held in the next few weeks. The details will be reported as they become available.
ON BEHALF OF THE BOARD
"R. T. Kusmirski"
Rick Kusmirski, President & Director
For further information, please call:
(306) 249-3562
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
