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Re: News Release - Friday, August 29, 2008
JNR Provides Update on Newfoundland Uranium Exploration
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Saskatoon, SK, August 29, 2008 - JNR Resources Inc. (TSXV:JNN) (the
'Company') is pleased to provide the following update on its uranium
exploration activities in central and western Newfoundland. The Company
is actively exploring two projects: Topsails and Rocky Brook.
The 278,000-hectare Topsails project is a 50/50 alliance between the
Company and Altius Resources Inc. (jointly the 'Companies'), which was
established to explore for volcanic-hosted uranium deposits in a
defined area of west-central Newfoundland near the mining community of
Buchans.
Analytical results from a property-wide lake sediment geochemical
survey completed this spring indicate anomalous uranium values with
associated molybdenum and fluorine in a number of areas, the largest
being 20 by 10 kilometres in size. With background values less than 10
ppm, anomalous uranium values of greater than 30 ppm to a maximum of
535 ppm have been identified in more than 30 lakes. These samples
combined with historical surveys highlight four distinct areas of
extensive uranium-molybdenum enrichment. The geochemically anomalous
lakes lie within or adjacent to granitic rocks related to the caldera
complexes targeted for exploration, and confirm the prospectivity of
these rocks for hosting volcanic-related uranium mineralization.
It should be noted that lakes in the vicinity of uranium deposits in
the prolific Athabasca Basin are commonly anomalous in uranium and
pathfinder elements associated with the mineralization. Molybdenum and
fluorine are common pathfinder elements diagnostic of volcanic-hosted
uranium deposits. Furthermore, volcanic-hosted uranium deposits are a
significant source of high-tonnage moderate-grade uranium, one of the
best examples of which is the Streltsovka caldera, Russia's largest
uranium resource.
The Companies have also received and interpreted the preliminary data
from a detailed 17,500 line-kilometre airborne radiometric and magnetic
survey, and have identified fourteen areas for immediate follow-up. To
that end, an extensive prospecting and geological mapping campaign was
initiated in early July and will continue through to late October. The
focus of the campaign is on the anomalous areas identified by the
airborne and lake sediment surveys.
The Companies have also completed a property-wide water sampling
program on the Rocky Brook project located in western Newfoundland.
Exploration at Rocky Brook is focused on the discovery of bedrock
sources for two discrete high-grade boulder clusters in glacial till,
with reported historical assays ranging from 1% to more than 10% U3O8,
as well as very high-grade silver contents. JNR has an option to earn a
70% interest in this project from Altius.
The water sampling program was designed to assist in targeting future
drill campaigns using innovative geochemical procedures and modern
analytical techniques in the primarily bog-covered terrain of the
prospective Deer Lake Basin. Analytical results have been submitted to
a known expert in the interpretation of geochemical data from this
sample medium for review and recommendations.
Drilling to date, including the 82-hole (2,482 metres) program in 2007,
has identified two areas of low level anomalous radioactivity at or
near the overburden-bedrock interface. Both areas lie proximal to the
high-grade boulder clusters. Several geochemically-enriched fault
structures and/or redox alteration fronts thought to possibly control
the high-grade uranium-silver mineralization have also been defined.
Structural interpretation and the development of a 3D model utilizing
all downhole data is in progress and expected to be completed prior to
the next drilling campaign.
Anomalous uranium, copper and silver values were obtained in drill core
from several of the 2007 drill holes at Rocky Brook, the most
significant of which are narrow intervals in four holes drilled in the
vicinity of the Birchy Hills and Wigwam Brook boulder fields.
RB-07-144 and RB-07-152, drilled up ice of the Birchy Hill showings,
intersected 0.5-metre intervals returning 45.2 ppm U, 202 ppm Cu, 4.9
ppm Ag and 15.3 ppm U, 302 ppm Cu and 6.9 ppm Ag, respectively.
RB-07-192 and RB-07-196, drilled in the vicinity of the Wigwam Brook
mineralized boulder field, intersected 0.5-metre intervals of 49.9 ppm
U, 5.2 ppm Ag and 62.7 ppm U, 310 ppm Cu, respectively.
Further results will be released as they become available.
JNR is led by a highly experienced management team with proven
discovery success in uranium exploration. In addition to its projects
in Newfoundland, the Company has an interest in 13 properties totalling
some 357,500 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.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
For further information contact JNR Resources at 306.382.2211 or
877.567.6463
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this 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.
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Copyright (c) 2008 JNR RESOURCES INC. (JNN-TSXV) All rights reserved.
For more information visit our website at http://www.jnrresources.com/
or send mailto:info@jnrresources.com
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