JNR Provides Update on Athabasca Basin Drilling Programs
Thursday, August 21st 2008
JNR Resources Inc. provide the following update on the 2008 summer drilling programs that have been completed or are still underway in the Athabasca Basin.
Two drills are currently operating 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 Way Lake project comprises 17 contiguous claims totaling 71,795 hectares. The program is budgeted at $2.5 million and will consist of a planned 10,000 metres of diamond drilling, as well as additional geological mapping and prospecting.
The initial focus of attention is some 60 kilometres of arcuate and structurally displaced EM conductors located in the southwest portion of the property (Walker Lake area), specifically those segments that have the geological requirements essential to host substantial concentrations of uranium mineralization. A major prospecting campaign completed during the summer of 2007 identified uranium mineralization in several outcrop showings coincident with this conductive trend. The most significant are the Walker Lake showings which occur over a 3.0-kilometre long by 1.0-kilometre wide area. Grab samples returned from 0.017 to 0.079% U(3)O(8) (Reference: March 19, 2008 news release).
The drilling program is also testing three additional showings (West Way (up to 0.475% U(3)O(8)), EWA (up to 0.492% U(3)O(8)) & Nob Hill (0.130% to 0.141% U(3)O(8)) discovered by the 2007 prospecting campaign and will continue drill testing the Hook Lake area where two grab samples collected from a massive pitchblende vein in 2006 returned 40.1% and 48% U(3)O(8) respectively (Reference: October 12, 2006 news release).
The Company’s recently purchased third diamond drill is operating on the 100% owned Yurchison Lake property. This project consists of four mineral claims totaling 12,660 hectares and is located along Highway No.105, 100 kilometres south of the Rabbit lake uranium mine and mill.
Drill targets include a multitude of well-defined electromagnetic (EM) conductors, some of which correlate with geophysically interpreted structural features. Prospecting programs on the property over the past two summers identified significant uranium and molybdenum mineralization in both outcrop and float samples, including uranium values of up to 0.30% U(3)O(8).
At Moore Lake, project operator Denison Mines Corp. reports that the summer diamond drilling program is nearing completion. In total, thirteen holes comprising some 5,500 metres will have been completed on the project this year. The primary focus was following up on a number of geological and geophysical targets proximal to the Maverick Zone mineralization.
JNR has an interest in thirteen projects totaling more than 362,000 hectares of highly prospective ground in the renowned Athabasca Basin of northern Saskatchewan.
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.
