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Introduction
The Topsails uranium property is located in west central Newfoundland and consists of 10,649 mineral claims covering 266,225 hectares. An alliance between JNR and Altius Resources Inc. was formed to jointly explore the land package with JNR and Altius each holding a 50% interest in the property. In return for generating the project, Altius retains a 2% gross sales royalty on uranium products and a 2% net smelter return on all other commodities. All future exploration expenditures will be shared on a pro rata (50:50) basis.
Exploration Target
The exploration target is a volcanic-hosted uranium deposit. The claims cover prospective felsic volcanics and related intrusive rocks of the Topsails Igneous Suite and red bed sediments of the Springdale Group; representing a distinctive geological terrane of the Canadian Appalachians.
Volcanic-hosted uranium deposits are a significant source of high-tonnage, low-grade uranium, examples of which include Russia's largest uranium resource, the Streltsovka caldera (~280,000 tonnes U).
Historical regional lake sediment surveys outline several large areas of coincident anomalous uranium, fluorine and molybdenum; known pathfinders for volcanic-hosted uranium deposits. Limited reconnaissance work has identified radiometric anomalies associated with the volcanic rocks, representing significant exploration targets.
2008 Exploration Program
The 2008 exploration program is budgeted at $1.7 million and includes a property-wide lake sediment sampling survey (completed) and a detailed 17,500 line-kilometre airborne radiometric and magnetic survey. An extensive summer long prospecting and geological mapping campaign is also planned. It will focus on anomalous areas in order to identify targets for drill follow-up, the timing of which will be decided upon at a later date.
JNR's Vice-President Exploration, David L. Billard, PGeo, is the Qualified Person for the South Fork Property.
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