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Post by Franko10 ™ on Sept 11, 2004 13:01:11 GMT -5
Drilling Has Commenced At The Moore Lake Uranium Project
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December 11, 2003 -- JNR Resources Inc. (TSX.V: JNN). Rick Kusmirski is pleased to announce that drilling has commenced at the Moore Lake uranium project in the Athabasca Basin of northern Saskatchewan. The drill program will consist of a minimum of 5,000 metres (15 holes), with 3 or 4 holes expected to be completed before the Christmas holiday. Drilling would then resume again early in the New Year.
The program will initially focus on following up the uranium mineralization intersected to date on the Maverick zone. The best intercept to date was from drill hole ML-25 which returned 0.62 per cent U3O8 over 9.1 metres, including a 4.8 metre interval of 1.2 per cent U3O8 and including a high-grade interval of 12 per cent U3O8 over 0.4 metres. The mineralized samples in this and other holes in the area were also highly anomalous in silver, copper, nickel, lead, cobalt, vanadium, arsenic, zinc and boron; associations unique and common to the large unconformity deposits in the Athabasca Basin.
The project is located 35 kilometres southeast of Cameco Corporation's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8, and 40 kilometres northeast of the Key Lake uranium mine. This region accounts for over 33% of the world's uranium production.
The properties are under option to International Uranium Corp. (IUC). IUC can earn a 51% interest in the Moore Lake property through expenditures and investments of $2.2 million over the first two years. IUC will also have the option to earn a further 24% interest in the property through additional expenditures and investments of $2.2 million over years three and four.
Further drilling details will be released over the next couple of weeks.
Further to the Company's news release of October 23, 2003, the Company has not initiated the share consolidation as approved by shareholders at the Company's last Annual General Meeting; and the Company continues to review whether or not to implement the consolidation.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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December 11, 2003 -- JNR Resources Inc. (TSX.V: JNN). Rick Kusmirski is pleased to announce that drilling has commenced at the Moore Lake uranium project in the Athabasca Basin of northern Saskatchewan. The drill program will consist of a minimum of 5,000 metres (15 holes), with 3 or 4 holes expected to be completed before the Christmas holiday. Drilling would then resume again early in the New Year.
The program will initially focus on following up the uranium mineralization intersected to date on the Maverick zone. The best intercept to date was from drill hole ML-25 which returned 0.62 per cent U3O8 over 9.1 metres, including a 4.8 metre interval of 1.2 per cent U3O8 and including a high-grade interval of 12 per cent U3O8 over 0.4 metres. The mineralized samples in this and other holes in the area were also highly anomalous in silver, copper, nickel, lead, cobalt, vanadium, arsenic, zinc and boron; associations unique and common to the large unconformity deposits in the Athabasca Basin.
The project is located 35 kilometres southeast of Cameco Corporation's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8, and 40 kilometres northeast of the Key Lake uranium mine. This region accounts for over 33% of the world's uranium production.
The properties are under option to International Uranium Corp. (IUC). IUC can earn a 51% interest in the Moore Lake property through expenditures and investments of $2.2 million over the first two years. IUC will also have the option to earn a further 24% interest in the property through additional expenditures and investments of $2.2 million over years three and four.
Further drilling details will be released over the next couple of weeks.
Further to the Company's news release of October 23, 2003, the Company has not initiated the share consolidation as approved by shareholders at the Company's last Annual General Meeting; and the Company continues to review whether or not to implement the consolidation.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
