RB Milestone Initiates Coverage of JNR Resources Inc.
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As with all analyst reports, this document contains estimates and forecasts prepared by the researcher, extrapolated from information on the Company already in the public domain. Such forecast does not represent guidance issued by the Company.
About JNR Resources Inc.
JNR Resources Inc. is a Canada-based junior uranium exploration company with mineral properties in the provinces of Saskatchewan and Newfoundland. JNR is led by a highly experienced management team with proven discovery success in uranium as well as precious and base metal exploration. The Company's primary focus is in the Athabasca Basin, recognized as the most prospective uranium-mining district in the world. JNR controls a 100% interest in six properties in the basin totalling 193,965 hectares and an additional eight properties totalling 146,232 hectares in which Denison Mines Corp. has the option to earn varying interests. JNR also holds a 50% interest in the 44,352-hectare South Fork uranium property located in the Cypress Hills area of southwestern Saskatchewan, with joint venture partners Titan Uranium Incorporated and Mega Uranium Ltd. In Newfoundland, JNR holds a 70% interest (Altius Mineral Corporation 30%) in the 6,450-hectare Rocky Brook uranium property and is also in a 50:50 alliance with Altius on its 102,575-hectare Topsails uranium property.
For further information, contact JNR Resources at: 306.382.2211 or 877.567.6463
Website: www.jnrresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements contained in this news release that are forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the accessibility to the property; operational risks; weather; availability of equipment and personnel; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals; delays or failure in obtaining financing on acceptable terms. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
JNR Extends Uranium Mineralization at Way Lake
Saskatoon, SK, June 17, 2010 - JNR Resources Inc. (TSXV:JNN) (the 'Company') is pleased to announce that it has received all of the analytical results from its 2010 winter diamond drilling program on the Company's 100% owned Way Lake uranium project. The project lands are located 55 kilometres east of the Key Lake uranium mine in the Athabasca Basin of northern Saskatchewan and comprise 17 contiguous claims totalling 71,795 hectares.
A total of 2,773 metres were drilled in 14 holes, with seven of these further testing and extending the Fraser Lakes B zone, which occurs within a 5-kilometre-long interval of a tightly folded EM conductor system comprised of Wollaston Group graphitic pelitic gneisses and uraniferous granitic pegmatites (news release: February 20, 2009). The mineralized zones were discovered by ground prospecting of airborne geophysical targets during the summer of 2008. Drilling to date on the Fraser Lakes B zone has now identified an extensive area approximately 1000 metres long by 650 metres wide of moderately dipping, multiple stacked uranium and thorium mineralized horizons, which are open to the southwest and east-northeast, and at depth to at least 125 metres. All holes were drilled at a 45 to 50 degree angle across the radioactive horizons on sections consisting of two to four drill holes.
Multiple intervals of uranium and/or thorium mineralization were intersected in six of the eight holes that tested the Fraser Lakes B Zone (Table 1). The better intersections occur in drill holes WYL-10-51, -58, -61, -62, and -64. In addition to the uranium and thorium mineralization, highly anomalous concentrations of base metals accompanied by rare earth element (REE) enrichment are also present. At a grade cutoff of 0.025% U3O8, the results from WYL-61, -51 and 58 in particular are impressive. Hole WYL-10-61 returned a grade of 0.057% U3O8 over 5 m., including 0.242% U3O8 over 0.5 m. WYL-10-58 returned ten uranium mineralized intervals over a 65-metre downhole length; including a 5.50 metre interval of 0.026% U3O8, a 3.00 metre interval of 0.041 U3O8, a 1.00 metre interval of 0.041 U3O8 with 0.046% ThO2, and a 0.50 metre interval of 0.209% ThO2 with 0.20% U3O8. Drill hole WYL-10-51 returned five mineralized intervals over a 50-metre downhole length, including a 3.00-metre intercept of 0.0.064% U3O8, that included 0.179% U3O8 and 0.059% ThO2 over 0.5 metres.
Table 1. Significant Drill Results
| DDH# | From (m) |
To (m) |
Width (m) |
Grade% (U3O8) (cutoff>0.025) |
Grade% (ThO2) (cutoff >0.050) |
Other Metals % |
| WYL-10-51 | 163.5 | 163.75 | 0.25 | 0.073 | 0.050 | |
| 164.15 | 164.4 | 0.25 | 0.054 | Ni-0.026, V-0.038 | ||
| 165.5 | 167.5 | 2.00 | Cu-0.024 Mo-0.005, | |||
| 182.0 | 186.0 | 4.0 | Cu-0.03, Mo-0.013, Ni-0.065, V-0.049 | |||
| 192.0 | 193.1 | 1.1 | 0.049 | Anomalous Cu, Mo, Ni, V | ||
| 203.5 | 206.5 | 3.0 | 0.064 | Zn-0.02 | ||
| Incl. | 0.5 | 0.179 | 0.059 | |||
| 215.0 | 216.0 | 1.0 | 0.076 | |||
| WYL-10-53 | 39.5 | 40.4 | 0.9 | 0.055 | Anomalous B, Pb, V | |
| WYL-10-57 | 40.0 | 41.5 | 1.5 | 0.037 | ||
| 43.5 | 45.5 | 2.0 | 0.038 | |||
| 47.5 | 48.5 | 1.0 | 0.069 | 0.047 | Zn-0.044 | |
| 77.25 | 77.75 | 0.5 | 0.033 | |||
| WYL-10-58 | 74.5 | 79.5 | 5.0 | (5-193 ppm) | Cu-0.033, Ni-0.020, V-0.015, Zn-0.045 | |
| 90.5 | 91.0 | 0.5 | 0.064 | |||
| 91.5 | 97.0 | 5.5 | 0.026 | Anomalous Pb, Th, Zn | ||
| 99.5 | 100.5 | 1.0 | 0.045 | Anomalous Pb, Th, Zn | ||
| 101.0 | 101.5 | 0.5 | 0.065 | Anomalous Pb, Th, Zn | ||
| 107.5 | 108.0 | 0.5 | 0.039 | Anomalous Pb, Th, Zn | ||
| 110.5 | 111.0 | 0.5 | 0.020 | 0.209 | Anomalous Mo, Zn | |
| 112.5 | 113.5 | 1.0 | 0.034 | 0.046 | Anomalous Mo, Zn | |
| 120.5 | 123.5 | 3.0 | 0.041 | Anomalous Pb, Th | ||
| 128.0 | 129.0 | 1.0 | 0.039 | Anomalous Pb, Th | ||
| 139.0 | 139.5 | 0.5 | 0.043 | Anomalous Pb, Th | ||
| WYL-10-61 | 127.5 | 128.0 | 0.5 | 0.075 | ||
| 128.0 | 130.5 | 2.5 | Anomalous Cu, Ni, V | |||
| 130.5 | 135.0 | 4.5 | 0.034 | Anomalous Pb, Th | ||
| 158.0 | 163.5 | 5.0 | 0.057 | 0.056 | Mo-0.0141, Pb-0.0153, Zn-0.011 | |
| Incl. | 0.5 | 0.242 | 0.254 | |||
| 166.5 | 167.0 | 0.5 | 0.052 | Anomalous Mo, Pb, Th, Zn | ||
| WYL-10-62 | 68.1 | 68.6 | 0.5 | 0.046 | Anomalous Cu, Mo, Pb, Th, Zn | |
| 81.0 | 85.0 | 4.0 | 0.051 | Mo-0.016, Pb-0.015 Th-0.036, Zn-0.022 | ||
| 90.5 | 94.5 | 4.0 | 0.056 | Cu-0.033, Pb-0.019 Th-0.038, Zn-0.01 | ||
| 111.5 | 112.5 | 1.0 | 0.03 | |||
| WYL-10-63 | 108.7 | 110.2 | 1.5 | 0.03 | Anomalous Cu, Pb, Th | |
| WYL-10-64 | 60.50 | 62.5 | 2.0 | 0.069 | 0.046 | Anomalous Mo, Pb |
| 77.00 | 78.0 | 1.0 | Cu-0.049 | |||
| 79.50 | 80.5 | 1.0 | 0.055 | 0.059 | Anomalous Pb | |
| 81.60 | 82.6 | 1.0 | 0.046 | Anomalous Pb, Th | ||
| 85.60 | 86.1 | 0.5 | 0.029 | Anomalous Pb, Th | ||
| 88.70 | 91.7 | 3.0 | 0.043 | Anomalous Pb, Th | ||
| Incl. | 0.5 | 0.126 |
The remaining holes tested select targets on the 65 kilometre long, folded electromagnetic (EM) conductor system. Anomalous radioactivity and U mineralization were intersected in two of these (WYL-10-53 and 55). The mineralization was accompanied by significantly disrupted and locally clay-altered Wollaston Group graphitic pelitic gneisses (+/-sulphides) and granitic pegmatites. Furthermore, the major clay-filled fault system that was intersected in these holes yielded PIMA results that indicate a preponderance of illite, an important clay mineral that accompanies many of the significant uranium deposits in the Athabasca Basin.
The 2010 winter drilling has also provided compelling evidence for the presence of major east-west and north-south structural corridors that intersect the main northeast-trending EM conductors. These structural intersection zones are significant, considering their host rock lithological units, their mineralized alteration patterns, and their similarities to basement-hosted mineralization found elsewhere (e.g. at Eagle Point, Millennium, P-Patch, and Roughrider Zone).
The Company is pleased with these new results as they provide further evidence of the significant uranium and metal endowment in the Fraser Lakes district. The lack of sandstone cover in this area and shallow depth to mineralization (from outcrop to 125 metres depth) allows for efficient and timely exploration.
Dr. Irvine Annesley, Director of Exploration for JNR states: "The Fraser Lakes conductive trend is proving to be quite metal-rich and aerially extensive, as well as showing evidence of major structural reactivation, significant clay alteration, and basinal brine fluid circulation. These are all prominent characteristics of nearby basement-hosted uranium deposits, and thus will be followed-up by more detailed exploration."
JNR's Vice-President of Exploration, David L. Billard, PGeo, is the qualified person responsible for the technical data presented in this release. Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon. All technical information for the Company's exploration projects is obtained and reported under a formal quality assurance and quality control program, details of which are presented on the Company's website at: www.jnrresources.com/i/pdf/JNR-QAQC.pdf. A glossary of the technical terms included in this release can be found on the Company's website at: www.jnrresources.com/s/Glossary.asp.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
For further information contact JNR Resources at 306.382.2211 or 877.567.6463
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements contained in this news release that are forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the accessibility to the property; operational risks; weather; availability of equipment and personnel; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals; delays or failure in obtaining financing on acceptable terms. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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JNR Provides Update on 2009 Uranium Exploration Program at Rocky Brook
The drilling program primarily targeted coincident resistivity and water geochemical anomalies developed from IP geophysical and water sampling surveys completed in 2009 and 2008 respectively. Several holes also tested anomalous stratigraphy thought to be the result of faulting in the Humber Falls sandstone formation, the apparent host rock for the uraniferous boulder trains.
The most significant radioactivity was intersected in RB-09-229, where two approximately 2-metre-wide zones returned uranium assays up to 112 ppm and associated copper enrichment up to 230 ppm. The radioactivity in RB-09-229 further extends a plunging bedrock-sourced corridor of anomalous radioactivity identified in previous drilling in 2006 and 2007. Other significant geochemical enrichment includes a 3.5-metre-wide zone of anomalous copper (>100 ppm) with elevated uranium (up to 13.1 ppm) identified in RB-09-232, and a 0.5-metre-wide sample with 91.5 ppm uranium and 1070 ppm copper in RB-09-256.
In addition to the geochemical enrichment mentioned above, several holes identified for the first time major structural disruption in the sandstone. The combination of geochemical enrichment and identified structure continues to support a structurally-hosted exploration model for the source of the high-grade uranium boulders. These features will be the focus of future diamond drilling programs on the Rocky Brook project.
JNR's Chief Geochemist, Ken Wasyliuk, PGeo, is the qualified person responsible for the technical data presented in this release. All technical information for the Company's exploration projects is obtained and reported under a formal quality assurance and quality control program, details of which are presented on the Company's website at: www.jnrresources.com/i/pdf/JNR-QAQC.pdf. A glossary of the technical terms included in this release can be found on the Company's website at: www.jnrresources.com/s/Glossary.asp.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
For further information contact JNR Resources at 306.382.2211 or 877.567.6463
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements contained in this news release that are forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the accessibility to the property; operational risks; weather; availability of equipment and personnel; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals; delays or failure in obtaining financing on acceptable terms. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
JNR Announces Completion of 2010 Drilling Program at Way Lake Uranium Project
The drilling program comprised 2,773 metres in 14 holes and focused on following up JNR's previous drilling and exploration of the Fraser Lakes B zones. These mineralized zones are contained within a 5-kilometre-long interval of a folded electromagnetic (EM) conductor system with a total length of 65 kilometres and comprised of Wollaston Group graphitic pelitic gneisses and uraniferous granitic pegmatites. The mineralized zones were discovered by ground prospecting of airborne geophysical targets during the summer of 2008.
The B Zone showings occur within an antiformal fold nose of the EM conductor. Of the 70 grab samples taken from individual mineralized outcrop sites, 70% returned assays ranging from 0.03 to 0.457% U3O8. Multiple intervals of uranium and/or thorium mineralization were intersected in many of the 18 drill holes completed in 2008 and 2009. The mineralization is accompanied by rare earth element enrichment and highly anomalous levels of pathfinder elements.
Anomalous radioactivity was intersected in the majority of holes drilled during the 2010 winter program. The radioactivity was accompanied by significantly disrupted and locally clay altered Wollaston Group graphitic pelitic gneisses (+/-sulphides) and granitic pegmatites. The drilling has also provided compelling evidence for the presence of major east-west and north-south structural corridors that intersect the main northeast-trending EM conductors. Similar structural and geological settings are required for the formation of major basement-hosted unconformity-type uranium deposits. In addition, preliminary analysis of the results from PIMA infrared spectroscopy has indicated a preponderance of illite in a major clay filled fault system that was intersected in holes WYL-10-53 and 55. Illite is an important clay mineral that accompanies many of the significant uranium deposits in the Athabasca Basin.
All of the samples have been delivered to the SRC Geoanalytical laboratory in Saskatoon and the final geochemical results should be received for evaluation by mid May. These results will be integrated with the PIMA and on-going structural studies to plan the next phase of drilling.
Ken Wasyliuk, Chief Geochemist for JNR comments: "The preliminary clay alteration patterns that we are seeing from the PIMA analysis are analogous to those at other significant basement-hosted uranium deposits such as Eagle Point, Millennium, P-Patch and the Roughrider Zone. In conjunction with the positive geological attributes and anomalous radioactivity, the potential for the discovery of significant high-grade uranium mineralization at Fraser Lakes is considerable."
JNR's Vice-President of Exploration, David L. Billard, PGeo, is the qualified person responsible for the technical data presented in this release. All technical information for the Company's exploration projects is obtained and reported under a formal quality assurance and quality control program, details of which are presented on the Company's website at: www.jnrresources.com/i/pdf/JNR-QAQC.pdf. A glossary of the technical terms included in this release can be found on the Company's website at: www.jnrresources.com/s/Glossary.asp.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
For further information contact JNR Resources at 306.382.2211 or 877.567.6463
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements contained in this news release that are forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the accessibility to the property; operational risks; weather; availability of equipment and personnel; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals; delays or failure in obtaining financing on acceptable terms. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
JNR Announces Results of Airborne Surveys on the Snowbird-South Dufferin Projects
At the Snowbird and South Dufferin projects, a 1,323 line-km helicopter borne Z-Axis Tipper Electromagnetic (ZTEM) -- Aeromagnetic survey was flown in the late fall over the properties in their entirety. This program was successful in better delineating EM conductors and the structural setting of the property identified by previous geophysical surveys. Four 'zones of interest' were outlined over the Snowbird property, with an additional two zones identified on the South Dufferin claims. These zones of interest lie along extensive corridors of well defined, structurally disrupted basement conductors. The corridors are typically 2 to 10 km in strike length. The property is now at a drill ready stage with numerous high priority targets identified.
The Snowbird and South Dufferin project areas are contiguous and straddle the southern edge of the Athabasca Basin directly along the Snowbird tectonic zone, a major transcrustal structural feature that represents the southwest strike extension of the Virgin River shear, which hosts Cameco's Centennial Zone. The Snowbird-South Dufferin projects lie 20 to 25 km along strike of the Centennial Zone, where mineralized intercepts up to 8.73% U3O8/33.9 m have been intersected over a minimum strike length of 650 metres. Neither the Snowbird nor South Dufferin properties have been drill tested either by JNR, or any other company. JNR is in the process of earning a 49% interest in the project.
JNR Resources is a junior exploration company primarily focussed on uranium exploration and development in the provinces of Saskatchewan and Newfoundland. The company has a varied interest in several prospective uranium properties in the Athabasca Basin of northern Saskatchewan that have been and will continue to be the focal point of JNR's exploration efforts.
JNR's Vice-President of Exploration, David L. Billard, PGeo, is the qualified person responsible for the technical data presented in this release. All technical information for the Company's exploration projects is obtained and reported under a formal quality assurance and quality control program, details of which are presented on the Company's website at: www.jnrresources.com/i/pdf/JNR-QAQC.pdf. A glossary of the technical terms included in this release can be found on the Company's website at: www.jnrresources.com/s/Glossary.asp.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
For further information contact JNR Resources at 306.382.2211 or 877.567.6463
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements contained in this news release that are forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the accessibility to the property; operational risks; weather; availability of equipment and personnel; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals; delays or failure in obtaining financing on acceptable terms. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.