Owner
Post by Franko10 ™ on Sept 11, 2004 13:08:12 GMT -5
Update: Joint Venture Uranium Properties in the Athabasca Basin of Northern Saskatchewan
--------------------------------------------------------------------------------
June 23, 2004 - JNR Resources Inc. (TSX.V: JNN) and International Uranium Corporation ("IUC") jointly the "Companies", are pleased to provide an update on their Joint Venture uranium properties in the Athabasca Basin of northern Saskatchewan.
The Companies have approved an extensive 15,000 meter diamond drilling program on the Moore Lake uranium project. The initial summer program will include a minimum of 5000 meters of diamond drilling, focussing on the known uranium mineralization in the high grade Maverick zone, along with linecutting and geophysical surveys over the interpreted northeastern and southwestern extensions of the structural corridor containing the mineralization, and a property wide boulder sampling program.
This program will be underway by month's end. Initially one drill will be used and will test in detail the area containing the high grade mineralization on a grid pattern; while the second drill will likely start once the geophysical surveys are completed and interpreted. It should be noted that the Maverick zone and its extensions can be drill tested virtually year round.
This past winter the Companies completed 19 holes, totalling 6747 meters. The results from the first 14 holes were released earlier this year and indicate the presence of high grade uranium mineralization in a highly anomalous and extensive, structural corridor. The geochemical results for the last five holes (ML-42 to ML-46), extended the length of this corridor and better defined the geology.
ML-42 and ML-43 were progressive 150 meter stepouts to the northeast of ML-41. They intersected highly altered and structurally disrupted graphitic pelites well into the basement accompanied by anomalous levels of uranium and 'pathfinder' elements such as nickel, copper, zinc, boron and vanadium. ML-43 also intersected a strongly altered and structurally disrupted basal sandstone column that returned highly anomalous uranium, boron and lead values. These two holes, which were collared too far into the hanging wall, indicate that the mineralizing system now extends a minimum of 1100 meters to the northeast of the discovery hole (ML-25), and is still open in this direction.
ML-44 was a 500 meter stratigraphic (geological) hole drilled from south to north through the structural corridor. It better defined the geological package as well as the east - west trending structures.
ML-45 and ML-46 were 5 meter stepouts to the south of ML-35 and ML-37 respectively. The sandstone and basement rocks in both holes was strongly altered and structurally disrupted, and returned highly anomalous geochemistry, including several intervals of low grade uranium mineralization. These holes also add credence to the theory that cross cutting north-northeast trending structures played a major roll in controlling the mineralization, and may in fact represent a second mineralized direction.
This spring, the Companies also flew over 1200 kilometers of airborne GEOTEM surveys over their jointly held South Cigar and Pendleton Lake projects. These properties are subject to the terms of a 'Strategic Alliance' whereby IUC can earn a 75% interest in them by paying acquisition costs and funding the initial $500,000 in exploration expenditures. A preliminary interpretation indicates the presence of conductive horizons on both properties that will require follow up. Details of summer programs on these properties as well as the Lazy Edward Bay project, will be made known following a Joint Venture meeting to be held in July.
The Companies are quite pleased with the results to date particularly at Moore Lake and will continue to aggressively explore their large land position in the highly productive eastern Athabasca Basin of northern Saskatchewan.
Drill core was prepared and analysed by the Saskatchewan Research Council in accordance with industry standards. Drill results and technical data have been reviewed by Richard Kusmirski, P.Geo., a Qualified Person pursuant to NI 43-101.
ON BEHALF OF THE BOARD
"Rick Kusmirski"
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
--------------------------------------------------------------------------------
June 23, 2004 - JNR Resources Inc. (TSX.V: JNN) and International Uranium Corporation ("IUC") jointly the "Companies", are pleased to provide an update on their Joint Venture uranium properties in the Athabasca Basin of northern Saskatchewan.
The Companies have approved an extensive 15,000 meter diamond drilling program on the Moore Lake uranium project. The initial summer program will include a minimum of 5000 meters of diamond drilling, focussing on the known uranium mineralization in the high grade Maverick zone, along with linecutting and geophysical surveys over the interpreted northeastern and southwestern extensions of the structural corridor containing the mineralization, and a property wide boulder sampling program.
This program will be underway by month's end. Initially one drill will be used and will test in detail the area containing the high grade mineralization on a grid pattern; while the second drill will likely start once the geophysical surveys are completed and interpreted. It should be noted that the Maverick zone and its extensions can be drill tested virtually year round.
This past winter the Companies completed 19 holes, totalling 6747 meters. The results from the first 14 holes were released earlier this year and indicate the presence of high grade uranium mineralization in a highly anomalous and extensive, structural corridor. The geochemical results for the last five holes (ML-42 to ML-46), extended the length of this corridor and better defined the geology.
ML-42 and ML-43 were progressive 150 meter stepouts to the northeast of ML-41. They intersected highly altered and structurally disrupted graphitic pelites well into the basement accompanied by anomalous levels of uranium and 'pathfinder' elements such as nickel, copper, zinc, boron and vanadium. ML-43 also intersected a strongly altered and structurally disrupted basal sandstone column that returned highly anomalous uranium, boron and lead values. These two holes, which were collared too far into the hanging wall, indicate that the mineralizing system now extends a minimum of 1100 meters to the northeast of the discovery hole (ML-25), and is still open in this direction.
ML-44 was a 500 meter stratigraphic (geological) hole drilled from south to north through the structural corridor. It better defined the geological package as well as the east - west trending structures.
ML-45 and ML-46 were 5 meter stepouts to the south of ML-35 and ML-37 respectively. The sandstone and basement rocks in both holes was strongly altered and structurally disrupted, and returned highly anomalous geochemistry, including several intervals of low grade uranium mineralization. These holes also add credence to the theory that cross cutting north-northeast trending structures played a major roll in controlling the mineralization, and may in fact represent a second mineralized direction.
This spring, the Companies also flew over 1200 kilometers of airborne GEOTEM surveys over their jointly held South Cigar and Pendleton Lake projects. These properties are subject to the terms of a 'Strategic Alliance' whereby IUC can earn a 75% interest in them by paying acquisition costs and funding the initial $500,000 in exploration expenditures. A preliminary interpretation indicates the presence of conductive horizons on both properties that will require follow up. Details of summer programs on these properties as well as the Lazy Edward Bay project, will be made known following a Joint Venture meeting to be held in July.
The Companies are quite pleased with the results to date particularly at Moore Lake and will continue to aggressively explore their large land position in the highly productive eastern Athabasca Basin of northern Saskatchewan.
Drill core was prepared and analysed by the Saskatchewan Research Council in accordance with industry standards. Drill results and technical data have been reviewed by Richard Kusmirski, P.Geo., a Qualified Person pursuant to NI 43-101.
ON BEHALF OF THE BOARD
"Rick Kusmirski"
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
