|
CALGARY, ALBERTA--(Marketwire - Sept.
24, 2009) - Kirrin Resources Inc. (TSX VENTURE:KYM) today announced its
2009 exploration plans for the Lost Pond rare earth element (REE) and
uranium project located in Newfoundland and Labrador. The budget for
the 2009 program is $400,000, which may be increased dependent upon
results and the availability of equipment. The Lost Pond project is
located close to the west coast of Newfoundland and enjoys ease of
access for transport and services. It is unaffected by the moratorium
on uranium mining and milling on Inuit Labrador land.
The program follows-up the results of the drilling program completed in
Q4 2008. To date, the Lost Pond U3 target (Bottom Brook A Zone) has
returned REE intersections up to 4.47% Total Rare Earth Oxides
("TREO") over 5.64
m core length, 4.32% TREO over 2.0 m core length,
and 1.16% TREO over 15.3
m core length. With respect to 2008 uranium
results, hole LP08-21 targeted the down-plunge extent of the U2 uranium
zone and hit mineralization at 235.4 m, resulting in an intersection
of 0.038% U3O8 over 20.1
m, including 0.061% U3O8 over 3.0 m. The U2 zone is
open down-plunge.
Kirrin's uranium and REE exploration expenditure plans in Canada
during 2009 and 2010 are forecast at $2.1 million. This is in addition
to expenditures that will arise consequent upon transactions resulting
from Kirrin's current review of property acquisitions and strategic
alliances with uranium partners in Canada.
The Lost Pond program is scheduled to commence in October and will
focus on both the REE potential of the property and the down-plunge
potential of the U2 Uranium Zone:
- The Lost Pond REE mineralization offers an attractive exploration
target which has shown extremely high grade assays, good widths and
zones that are in a discrete geology. Ease of access and a hospitable
political climate are further positive features that have encouraged
Kirrin to expand its REE program. Previous work has concentrated on the
Bottom Brook A Zone which was found during follow-up of a coincident
magnetic high and radiometric anomaly. There are a number of similar
anomalies in the area and limited prospecting during 2008 of one of the
magnetic high targets resulted in bedrock samples with assays up to
2.68% TREO. Before another drill program is undertaken, Kirrin intends
to reprocess existing airborne survey data, concentrating on coincident
magnetic high/thorium anomalies, re-evaluate all prior REE sample
results, and complete follow-up prospecting of several targets
heretofore identified at Lost Pond that have potential to be REE
prospects. Assuming the results of this REE exploration are positive,
another drill program will be planned shortly thereafter.
- The uranium drilling program is planned to total some 1,500 m in five
holes up to 400 m
in depth to test the down-plunge potential of the U2 zone. As well, two
follow-up drill holes up to 600 m in length are planned, contingent
upon the results of the first series of five holes. Kirrin's goal will
be to generate sufficient information to model the U2 zone geometry,
determine whether the grade or width or both is increasing to depth,
and try to get a clearer understanding as to the possible genetic model
for the U2 zone. The overall intent of the 2009 follow-up drilling will
be to work towards preparation of a NI 43-101 compliant uranium
resource estimate for the U2 zone if the drill results continue to be
positive.
Kirrin is fortunate in having retained the same exploration team for
2009 that gained familiarity with the Lost Pond project during the 2008
program.
Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for
Kirrin on the Lost Pond project.
Additional information relating to Kirrin is available on Kirrin's web
site at www.kirrinresources.com and on SEDAR at www.sedar.com.
Kirrin is engaged in uranium exploration in Newfoundland & Labrador
and Quebec and in the expansion of its portfolio through acquisition,
merger, strategic partnership or joint venture. Its strategy is well
defined: enhancing shareholder value by combining technical expertise,
corporate development skills and professional management. Kirrin's
shares trade on the TSX Venture Exchange under the symbol KYM.
To receive company news releases via e-mail, please advise catarina@chfir.com
and specify "Kirrin News" in the subject line.
Forward-looking information: Except for statements of historical fact,
all statements in this news release, without limitation, regarding new
projects, acquisitions, future plans and objectives are forward-looking
statements which involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate; actual
results and future events could differ materially from those expressed
or implied by such forward-looking information. Risks include delays in
obtaining or failure to obtain regulatory approval. Except as required
by applicable securities legislation, the Company undertakes no
obligation to publically update or revise forward-looking information,
whether as a result of new information, future events or otherwise.
Neither 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 release.
|