Press release from CNW Group
JNR Announces Drilling Results at Snowbird Uranium Project
Tuesday, November 01, 2011
SASKATOON, Nov. 1, 2011 /CNW/ - JNR Resources Inc. (TSXV:JNN) ('JNR' or the 'Company') is pleased to report the analytical results from the recently completed diamond drilling program on the Company's 100% owned Snowbird uranium project, located in the Athabasca Basin of northern Saskatchewan.
The Snowbird property straddles the southern edge of the Athabasca Basin within the footwall of the Snowbird Tectonic Zone (SBTZ), a major reactivated, transcrustal structural feature that includes the southwest strike extension of the Virgin River shear zone, which hosts Cameco's Centennial Deposit, approximately 20 kilometres northeast of JNR's property. At Centennial, a 650 metre long mineralized zone with drill intersections of up to 8.78% U3O8 over 33.9 metres has been outlined at approximately 800 metres depth (Formation Metals May 30, 2011 news release).
During the 2011 drilling program, a total of 1,190 metres were drilled in nine holes. Four of these holes tested the northern end of the Snowbird conductive trend, and the remainder focused on the southern end. All of these structural/mineralized targets are located within previously untested portions of a 20 kilometre long electromagnetic (EM) graphite-sulfide-rich conductor system. Four of the nine drill holes intersected significantly disrupted and locally clay-altered Virgin River Group graphitic pelitic gneisses/schists and variably uraniferous granitic pegmatites. All holes were drilled at a -45 to -50 degree angle.
Multiple intervals of uranium and/or base metal mineralization were intersected in the four holes (SB-11-01, -02, -08 and -09) that tested the northern end of the Snowbird conductive trend, immediately east and southeast of Westgate Lake and within 2-3 kilometres of the southern margin of the Athabasca Basin. The best U intersections occur in drill hole SB-11-09. Highly anomalous concentrations of base metals accompanied by arsenic (As) and boron (B) enrichment are also present in these drill holes.
SB-11-09 returned three uranium mineralized intervals over a 50 metre downhole length; including a 2.00 metre interval of 20 ppm U, a 0.5 metre interval of 20 ppm U with anomalous B, and a 1.50 metre interval of 17 ppm U with anomalous B.
Drill hole SB-11-02, closest to the Athabasca margin, returned eight highly clay-altered intervals with highly anomalous As, up to 1,550 ppm, and B, up to 2,090 ppm, over a 100 metre downhole length. Some of these intervals also showed anomalous cobalt (Co), copper (Cu) and nickel (Ni).
SB-11-01 intersected two highly clay-altered intervals over a 42 metre downhole length; including a 6.0 metre interval of anomalous Cu and B. The deeper parts of this drill hole intersected anomalous uranium and associated bismuth mineralization over a 1.0 metre interval, with up to 25 ppm U.
Drill hole SB-11-08 returned multiple mineralized intervals of base metals over a 36 metre downhole length; including several 1.0 metre intervals with up to 86 ppm As, 282 ppm Cu, 88 ppm Ni, 109 ppm vanadium (V) and 277 ppm B.
The five drill holes that tested the southern part of the conductive trend also intersected numerous intervals that are anomalous in pathfinder base metals; in particular, Co, Cu, Ni, V and zinc (Zn), and associated in part with anomalous As and B.
Dave Billard, Vice President Exploration and Chief Operating Officer for JNR states: "The extent and volume of highly altered prospective rocks intersected along this conductive trend makes it promising for hosting another significant basement-hosted uranium deposit in this part of the Athabasca Basin. Also, the substantial metal and uranium endowment in the Snowbird district, lack of sandstone cover and shallow depth to mineralization, allows for efficient and timely exploration on these targets."
The company is pleased with these geochemical results as they show the significant uranium and metal potential within the Snowbird district. They will be integrated within on-going exploration models to plan and facilitate JNR's next phase of drilling new targets.
JNR's Director of Exploration, Dr. Irvine R. Annesley, PGeo, is the qualified person responsible for the technical data presented in this release. Samples were analyzed at the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, SK, a Standards Council of Canada (CCRMP) certified analytical laboratory. 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
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.
For further information:
JNR Resources at 306.382.2211 or 877.567.6463