The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

JNR Intersects New Area of Uranium Mineralization on Way Lake Uranium Project

Wednesday, May 04, 2011

JNR Intersects New Area of Uranium Mineralization on Way Lake Uranium Project08:30 EDT Wednesday, May 04, 2011TSXV:JNNSASKATOON, May 4 /CNW/ - JNR Resources Inc. (TSXV:JNN) ('JNR' or the 'Company') is pleased to report the 2011 winter diamond drilling program has been completed 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. Anomalous radioactivity with low-grade, basement-hosted uranium mineralization and key geological features were intersected by drilling within a new area, Fraser Lakes North, northeast of Fraser Lakes Zone B.The drilling program comprised 2,590 metres in 10 holes and focused on several ancillary structural targets related to the Fraser Lakes Zone B. Anomalous radioactivity accompanied by significantly disrupted and locally clay-altered Wollaston Group graphitic pelitic gneisses and granitic pegmatites was intersected in 6 of the 10 holes. These ancillary mineralized zones are located within previously untested portions of a folded, 65-km long electromagnetic (EM) conductor system, hosted by 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 core recovered from the two holes on Fraser Lakes North shows evidence of major structural reactivation, significant clay alteration, uranium remobilization, and basinal brine fluid circulation. These features are all prominent characteristics of the most significant basement-hosted uranium deposits in the Athabasca Basin, such as the Eagle Point, Millennium, P-Patch, and the Roughrider Zone.Four new drill holes from the east-northeast end of Fraser Lakes Zone B have extended the mineralized area to approximately 1,200 metres long at a minimum depth of 175 metres. This zone of moderately dipping, multiple stacked uranium and thorium mineralized horizons remains open to the southwest and east-northeast. One of the holes has provided additional 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.In addition, preliminary analysis of the results from PIMA infrared spectroscopy of the four new drill holes in the T-Bone Lake area (WYL-10-53 and 55: News Release: June 17, 2010) has indicated a preponderance of the important pathfinder mineral, illite, within a major clay-filled fault system that was intersected in 2010.Ken Wasyliuk, Chief Geochemist for JNR comments: "The preliminary clay alteration patterns that we are seeing from the PIMA analysis are analogous to those observed 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 in the Fraser Lakes district is considered excellent."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 of these targets.All of the samples have been delivered to the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, SK, a Standards Council of Canada (CCRMP) certified analytical laboratory. Final geochemical results should be received for evaluation by early June, and will be integrated with on-going studies to plan the next phase of drilling.JNR's Director of Exploration, Dr. Irvine R. Annesley, 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 BOARDRick KusmirskiPresident & CEONeither 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.For further information: JNR Resources at 306.382.2211 or 877.567.6463