| August 11, 2011 |
| Kirrin Airborne Survey Shows 13 High Priority Targets at Key Lake SW Uranium Property |
CALGARY, ALBERTA--(Marketwire - Aug. 11, 2011) - Kirrin Resources Inc. (TSX VENTURE:KYM) is pleased to announce the completion of a number of milestones at its Key Lake Southwest ('KLSW') uranium property located on the southeastern margin of the Athabasca Basin in Saskatchewan, Canada. Two features of note from a recent interpretation report by Savaria Geophysics Inc. ('Savaria') are the identification from electromagnetic data of 13 high priority geophysical targets and evidence that the Wollaston Domain may underlie the eastern portion of the KLSW property.
Savaria has integrated the 1,531 line-kilometre helicopter-borne time-domain electromagnetic geophysical survey flown in February 2011 using Geotech Ltd.'s Versatile Time-Domain Electromagnetic (VTEM Plus) geophysical system with the 1,076 line-kilometre magnetic-electromagnetic (EM) airborne survey flown in April 2010 by Fugro Airborne Surveys Corp. and has provided an interpretation of the integrated data. Further, OAR-Rock Geoscience Ltd. has completed a GIS compilation of historic exploration data from publicly available sources for the KLSW property as well as from the interpreted geophysical data provided by Savaria.
Kirrin, with the benefit of these reports, is now able to commence its program of summer fieldwork with the objective of finalizing the selection of drill sites at KLSW.
The interpretation by Savaria identified 35 geophysical targets at KLSW, with 13 rated as "High Priority", 5 rated as "Moderate Priority" and 17 rated as "Low Priority". Potentially of greater importance, based on a marked change in the magnetic patterns, the Wollaston-Mudjatik domains boundary may actually be a few kilometres west from where it is shown on published government geological maps, and thus Wollaston Domain may underlie the eastern portion of the KLSW property. Finally, the magnetic and airborne EM data indicate there are outliers of geologically favourable Wollaston Domain volcanic-sedimentary rocks within the eastern part of the Mudjatik Domain which underlies the central and western parts of the KLSW property. These outliers include several linear belts and zones of probable graphitic lithology.
Savaria recommended that follow-up ground geophysical surveys (magnetics plus either horizontal loop EM or fixed transmitter loop transient domain EM), plus other supplemental exploration be conducted at, as a minimum, the High and Moderate Priority geophysical targets.
OAR-Rock Geoscience Ltd., from its review of the Savaria targets in the context of compiled historic exploration data, concluded there are 5 geophysical targets rated "First Priority" and at least another 5 targets rated "Second Priority". Detailed re-assessment of the Savaria targets is continuing to refine target selection and to define the needed follow-up exploration work at each target. Kirrin is planning to start follow-up fieldwork at KLSW in mid-August 2011.
The eastern margin of the Athabasca Basin is home to the most productive and highest grade uranium mines in the world with roughly 25% of the world's uranium production coming from this area. Kirrin's target at KLSW is basement-hosted unconformity-type uranium deposits, similar to Cameco's basement-hosted Millennium deposit, located about 50 km to the northeast; the Phoenix discovery, located about 60 km northeast; and the former Key Lake Mine, located about 35 km east-northeast. Kirrin is earning a minimum 70% interest in the KLSW property by spending $3.0 million on exploration and making payments of $310,000 by 31 December 2015. Kirrin is current on its obligations.
Reg A. Olson, Ph.D., P. Geol., principal of OAR-Rock Geoscience Ltd., is the designated Qualified Person for Kirrin who has reviewed the contents of this news release.
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 a Canadian green energy company that explores for rare earth elements and uranium. In addition to its exploration activities, Kirrin seeks to enhance its capitalization and the quality of its portfolio by utilising its management's broad industry and international experience in the identification of suitable rare earth elements and uranium companies and green energy assets for 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 lauren@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 including, without limitation, future plans and objectives of the Company are forward-looking statements which involve risks and uncertainties. Specifically, this news release contains forward-looking statements concerning the completion of a field program as part of a broader exploration program and the subsequent availability of data and reports and the timing and constituents of these programs. 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 and undue reliance should not be placed on it. The anticipated time frame and constituents of the planned programs assumes the availability of personnel and equipment from third parties and that the Company will continue to allocate sufficient priority to this work relative to its finite cash resources for its overall exploration activity. In each case the risk factors that could cause actual results to vary from results expressed or implied by the forward-looking statements contained in this news release are primarily events beyond Kirrin's control. These forward-looking statements are made as of the date hereof and 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. | |