Owner
Post by Franko10 ™ on Aug 17, 2005 7:22:17 GMT -5
AUGUST 17, 2005 - 07:46 ET
Altius and JNR Begin Drilling at Rocky Brook Uranium Property
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Aug. 17, 2005) - Altius (TSX VENTURE:ALS) and JNR Resources Inc. (TSX VENTURE:JNN) are pleased to announce that a diamond drilling program has commenced on the Rocky Brook property located in western Newfoundland. Approximately 100 short drill holes are planned in search of the source of high-grade mineralized boulders found on the property.
The Rocky Brook property is approximately 11,000 hectares in size and covers the northeast margin of the Carboniferous Deer Lake Basin. It features three distinct areas of unsourced, altered and mineralized sandstone boulders, where previous sampling of several of the boulders reported assay values ranging from 1% up to more than 10% uranium oxide (U3O8) as well as very high grade silver contents. The boulders occur as clusters within a till covered area, and are interpreted to be of local origin derived from the north. Previous work, including shallow drilling, focused on locating a source then presumed to be south of the mineralized boulders.
Since being acquired by Altius in 2001, exploration programs on the property have included a digital compilation of previous data, a detailed airborne gradiometer survey, lithogeochemistry, prospecting, grid geophysics and a 96-site overburden drilling program with borehole radiometric surveys and extensive till and heavy mineral analyses. These exploration programs confirmed glacial transport of till and boulders from the north and outlined specific untested areas from which the uranium-mineralized boulders are thought to have originated. These areas will be the focus of the current diamond drilling campaign.
JNR may earn a 70% interest in the Rocky Brook property over four years by spending $2,525,000 on exploration and by making cash and share payments to Altius. Altius has also retained certain royalty rights as detailed in the Company's December 14, 2004 news release.
Altius (www.altiusminerals.com) has a royalty interest in the Voisey's Bay nickel district in Labrador, Canada, from which first production is expected to occur this month. Altius also has a diverse portfolio of early stage to advanced exploration properties that are largely funded by senior joint venture partners. In addition to its Rocky Brook uranium exploration interest it holds equity and royalty interests in the Central Mineral Belt of Labrador where drilling programs are also underway.
JNR Resources Inc. (www.jnrresources.com) is a junior mining company led by a highly experienced management team with proven discovery success in uranium exploration. An early player in the renowned Athabasca Basin of northern Saskatchewan, JNR began amassing key exploration properties in 1997 and controls 265,000 hectares of highly prospective ground. The Company's expertise led to the discovery of the high-grade Maverick Zone (Moore Lake Joint Venture) in 2000.
JNR's president, Richard T. Kusmirski, PGeo, is the qualified person responsible for the technical data presented in this news.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Altius Minerals Corporation
Brian F. Dalton
President
or
Altius Minerals Corporation
Chad S. Wells
Corporate Communications
1 877 576-2209
(709) 576-3441 (FAX)
info@altiusminerals.com
www.altiusminerals.com
Altius and JNR Begin Drilling at Rocky Brook Uranium Property
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Aug. 17, 2005) - Altius (TSX VENTURE:ALS) and JNR Resources Inc. (TSX VENTURE:JNN) are pleased to announce that a diamond drilling program has commenced on the Rocky Brook property located in western Newfoundland. Approximately 100 short drill holes are planned in search of the source of high-grade mineralized boulders found on the property.
The Rocky Brook property is approximately 11,000 hectares in size and covers the northeast margin of the Carboniferous Deer Lake Basin. It features three distinct areas of unsourced, altered and mineralized sandstone boulders, where previous sampling of several of the boulders reported assay values ranging from 1% up to more than 10% uranium oxide (U3O8) as well as very high grade silver contents. The boulders occur as clusters within a till covered area, and are interpreted to be of local origin derived from the north. Previous work, including shallow drilling, focused on locating a source then presumed to be south of the mineralized boulders.
Since being acquired by Altius in 2001, exploration programs on the property have included a digital compilation of previous data, a detailed airborne gradiometer survey, lithogeochemistry, prospecting, grid geophysics and a 96-site overburden drilling program with borehole radiometric surveys and extensive till and heavy mineral analyses. These exploration programs confirmed glacial transport of till and boulders from the north and outlined specific untested areas from which the uranium-mineralized boulders are thought to have originated. These areas will be the focus of the current diamond drilling campaign.
JNR may earn a 70% interest in the Rocky Brook property over four years by spending $2,525,000 on exploration and by making cash and share payments to Altius. Altius has also retained certain royalty rights as detailed in the Company's December 14, 2004 news release.
Altius (www.altiusminerals.com) has a royalty interest in the Voisey's Bay nickel district in Labrador, Canada, from which first production is expected to occur this month. Altius also has a diverse portfolio of early stage to advanced exploration properties that are largely funded by senior joint venture partners. In addition to its Rocky Brook uranium exploration interest it holds equity and royalty interests in the Central Mineral Belt of Labrador where drilling programs are also underway.
JNR Resources Inc. (www.jnrresources.com) is a junior mining company led by a highly experienced management team with proven discovery success in uranium exploration. An early player in the renowned Athabasca Basin of northern Saskatchewan, JNR began amassing key exploration properties in 1997 and controls 265,000 hectares of highly prospective ground. The Company's expertise led to the discovery of the high-grade Maverick Zone (Moore Lake Joint Venture) in 2000.
JNR's president, Richard T. Kusmirski, PGeo, is the qualified person responsible for the technical data presented in this news.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Altius Minerals Corporation
Brian F. Dalton
President
or
Altius Minerals Corporation
Chad S. Wells
Corporate Communications
1 877 576-2209
(709) 576-3441 (FAX)
info@altiusminerals.com
www.altiusminerals.com
