JNR Announces an Inferred Mineral Resource Estimate for the Fraser Lakes Zone B, Way Lake Uranium Project
August 13 2012 - 8:00AM
PR Newswire (Canada)
TSXV: JNN Email: info@jnrresources.com Website:
www.jnrresources.com SASKATOON, SK, Aug. 13, 2012 /CNW/ - JNR
Resources Inc. ('JNR' or the 'Company') is pleased to announce a
National Instrument 43-101 ("NI 43-101") compliant inferred mineral
resource estimate for the Fraser Lakes Zone B of 6,960,681 lbs. of
U(3)O(8) at an average grade of 0.030% with significant quantities
of rare earth element oxides (REO), specifically La(2)O(3),
Ce(2)O(3), Yb(2)O(3), and Y(2)O(3) (see table below). The Fraser
Lakes Zone B is located on the Company's 100% owned Way Lake
uranium project, 55 kilometres east of the Key Lake uranium mine in
the Athabasca Basin of northern Saskatchewan. Rick Kusmirski,
President & CEO, comments: "We are very pleased to announce the
first mineral resource estimate for the Fraser Lakes Zone B.
Although a relatively small mineralized zone, the positive
geological attributes of this deposit offers excellent potential
for the discovery of other significant high-grade basement-hosted
uranium mineralization in the Fraser Lakes district." The Fraser
Lakes Zone B uranium and rare earth oxide (REO) mineralization is
associated with ca. 1800 Ma granitic pegmatite dykes entrained
within the tectonic decollement between Wollaston Group pelitic and
graphitic pelitic gneisses of Paleoptoerozoic age and underlying
Archean granitoid orthogreisses and foliated granites.
Mineralization is accompanied by brittle to brittle-ductile
deformation and varying degrees of chlorite, hematite, and clay
mineral alteration. The significant uranium and metal
endowment in the Fraser Lakes district, combined with the lack of
sandstone cover and shallow depth to mineralization, allows for
efficient and timely exploration of these targets. Fraser Lakes
Zone B - Inferred Mineral Resource Estimate
_____________________________________________________________________________________________
|Cut-off| | U3O8 | La2O3 | Ce2O3 | Yb2O3 | Y2O3 | | Grade | Tonnes
|_______________|______________|_____________|_____________|_______________|
|% U3O8 | |Grade| Lbs |Grade| Lbs |Grade| Lbs |Grade| Lbs |Grade|
Lbs | | | | (%) | | (%) | | (%) | | (%) | | (%) | |
|_______|__________|_____|_________|_____|________|_____|_______|_____|_______|_____|_________|
| 0.01% |10,354,926|0.030|6,960,681|0.003|681,325|0.006
|895,077|0.001|304,762|0.007|1,619,017|
|_______|__________|_____|_________|_____|_______|______|_______|_____|_______|_____|_________|
| 0.02% |7,247,689 |0.037|5,948,018|0.003|478,275|0.006
|749,829|0.002|248,278|0.008|1,295,283|
|_______|__________|_____|_________|_____|_______|______|_______|_____|_______|_____|_________|
| 0.03% |4,248,266 |0.046|4,275,145|0.003|281,423|0.006
|535,677|0.002|165,658|0.009| 824,093 |
|_______|__________|_____|_________|_____|_______|______|_______|_____|_______|_____|_________|
| 0.04% |2,212,182 |0.056|2,744,506|0.003|147,628|0.006
|323,996|0.002|107,082|0.011| 512,639 |
|_______|__________|_____|_________|_____|_______|______|_______|_____|_______|_____|_________|
Notes: 1. The effective date of the inferred mineral resource
estimate is August 10, 2012. 2. The estimate was prepared by
independent qualified person, Dr. Allan Armitage, P.Geol., of
GeoVector Management Inc. 3. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. The key
assumptions, parameters and methods used to estimate the mineral
resource are as follows: -- The estimate was prepared using Gemcom
GEMS 6.3 software. -- The estimate is based on 25 NQ sized diamond
drill holes (4,603 metres) drilled by JNR Resources in four
campaigns from June 2008 to April 2011. The drill holes are spaced
primarily 75 to 250 metres apart along a strike length of
approximately 1,400 metres. The drill holes tested mineralization
to a vertical depth up to 175 metres. -- The estimate incorporated
half metre composite samples; all samples were analyzed at the
Saskatchewan Research Council Geoanalytical Laboratories in
Saskatoon, SK, a Standards Council of Canada (CCRMP) certified
analytical laboratory. -- An average specific gravity of 2.74 was
used based on testing of 38 samples of representative mineralized
core from nine drill holes that intersect the resource models. --
Two separate sub-parallel resource models were constructed within
the host rock granitic pegmatite dykes. The models were used to
constrain the composite values chosen for interpolation, and the
ore blocks reported in the mineral resource. A block model (x -
503590, y - 6322130, z - 525, rotated 30 degrees) with block
dimensions of 10 x 1.5 x 1.5 metres in the x, y and z directions
was placed over resource model solids with only that proportion of
each block below the topographic/overburden surface and inside the
solid recorded. -- Grades for uranium (U3O8%) and REO were
interpolated into the blocks by the inverse distance squared (ID2)
method using a minimum of 2 and maximum of 12 composites to
generate block grades in the inferred resource category. The search
ellipse used to interpolate grade into the blocks measured 250 x
250 x 4 metres (principle azimuth: 335°, principle dip: -27°,
intermediate azimuth: 245°). The size and orientation of the search
ellipse approximates the strike, dip and thickness of the pegmatite
resource models and takes into account the wide spacing of the
drilling. An independent NI 43-101 technical report supporting this
mineral resource estimate will be filed on SEDAR within 45 days
from the date of this news release. Dr. Allan Armitage, P.Geol, and
Alan Sexton, MSc, P.Geo., of GeoVector Management Inc., are
responsible for the technical report and comments related to the
resource estimate and its parameters and are "independent qualified
persons" for the purposes of National Instrument 43-101 Standards
of Disclosure for Mineral Projects of the Canadian Securities
Administrators and have verified the data disclosed in this
release. The content of this release has been reviewed and approved
by JNR's Director of Exploration, Dr. Irvine R. Annesley, P.Geo.,
and independent qualified persons, Dr. Allan Armitage and Alan
Sexton. ON BEHALF OF THE BOARD Rick Kusmirski 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. JNR Resources Inc.
CONTACT: Contact JNR Resources at 306.382.2211 or 877.567.6463
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