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Thu, March 17, 2011 JNR Commences 2011 Drilling Program at Way Lake Uranium Project
TSXV:JNN
Email: [ info@jnrresources.com ]
Website: [ www.jnrresources.com ]
SASKATOON, March 17 /CNW/ - JNR Resources Inc. (TSXV: JNN) (the 'Company') is pleased to announce that a minimum 2,500 metre diamond drilling program is underway on the Company's 100% owned Way Lake uranium project, located 55 kilometres east of the Key Lake uranium mine in the Athabasca Basin of northern Saskatchewan.
The planned drilling program comprises 15 to 20 drill holes and will focus on several ancillary structural targets related to the Fraser Lakes "B" Zone. These targets in conjunction with the Fraser Lakes mineralization identified to date have significant potential to host high-grade basement mineralization similar to that identified at the Eagle Point, Millennium, and Roughrider Zones. The significant uranium and metal endowment in the Fraser Lakes district combined with the lack of sandstone cover and shallow depth to mineralization allows for efficient and timely exploration on these targets.
The B Zone showings occur within an antiformal fold nose of a 65-kilometre-long folded electromagnetic (EM) conductor system comprised of Wollaston Group graphitic pelitic gneisses (+/-sulphides) and uraniferous granitic pegmatites. Of 70 grab samples taken from individual mineralized outcrop sites at the B Zone, 70% returned assays ranging from 0.03 to 0.457% U3O8. Drilling to date on the Fraser Lakes B Zone has identified an extensive area approximately 1000 metres long by 650 metres wide of moderately dipping, multiple stacked uranium and thorium mineralized horizons open to the southwest and east-northeast to at least 125 metres depth. The radioactivity is 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. These intersecting features are postulated to be controlling structural geochemical traps for the formation of high-grade mineralized zones at Fraser Lakes.
Dr. Irvine Annesley, Director of Exploration for JNR states: "The Fraser Lakes conductive trend is metal-rich, areally extensive, and shows evidence of major structural reactivation, significant clay alteration, uranium remobilization, and basinal brine fluid circulation, including the presence of aluminum phosphate-sulphate (APS) minerals. These are all prominent characteristics of the most significant basement-hosted uranium deposits in the Athabasca Basin."
JNR's Vice-President, Exploration and Chief Operating Officer, Dave 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
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.
