CALGARY, April 27 /CNW/ - JNR Resources Inc. (TSXV: JNN) ("JNR") and Denison Mines Corp. (TSX:DML); jointly the "Companies", have completed a 3,305-metre diamond drilling program on JNR's 25% owned Moore Lake Joint Venture. The property lies 40 km south of Cameco's McArthur River mine and 45 km northeast of the Key Lake mine and mill complex in the Athabasca Basin of northern Saskatchewan.
The eight hole program (ML-162 through ML-169) tested a variety of discrete geophysical resistivity and structural targets with two holes intersecting significant uranium mineralization. The best hole, ML-165, returned 0.31% U3O8/1.0 metre at 291.85 metres down hole, immediately above the unconformity. Follow-up hole, ML-169, was drilled as a fence hole at the same -70 degree dip and collared 20 metres grid east of ML-165. It intersected 0.11% U3O8/0.5 metres at the unconformity, 287.25 metres down hole.
The focus of this drilling program was to test a number of widely-spaced geophysical resistivity anomalies and structural targets, interpreted to reflect the extension of the main mineralized Maverick structural zone and outlying brittle reactivated basement faults. The two significantly mineralized holes were drilled in a relatively untested area approximately three kilometres east of the main Maverick zone, which was discovered by JNR in 2000. These holes intersected intense structural disruption and hydrothermal alteration in the basal sandstone and graphitic pelitic basement rocks below the unconformity. In addition to the encouraging uranium values and geology, highly elevated pathfinder elements occur in the basement rocks of these two mineralized holes (up to 1,380 ppm V, 4,750 ppm Zn and 3,430 ppm Pb)
The companies will continue to evaluate and integrate the results of this winter's drilling program with the wealth of data collected on the property over the past several years. This work will focus on discovering and delineating new mineralization by identifying new drill targets in historically drill-tested areas; as well as on locating new targets on relatively under-explored sections of the property. The Moore Lake property is host to an impressive inventory of high-priority targets that are in various stages of exploration and remains one of the pre-eminent uranium projects in the Athabasca Basin.
JNR is led by a highly experienced management team with proven discovery success in uranium exploration. In addition to projects in Newfoundland and southern Saskatchewan, the Company has an interest in 14 properties totalling some 340,197 hectares of highly prospective ground in the renowned Athabasca Basin of northern Saskatchewan.
JNR's Vice President, Exploration and Chief Operating Officer, Dave Billard, P.Geo., is the qualified person responsible for the technical data presented in this release. Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon, SK, a Standards Council of Canada (CCRMP) certified analytical laboratory. A cut off grade of 0.02% U3O8 was used for all grade calculations, while all core lengths are down hole measurements and the true width of mineralization is not known at this time. Denison Mines Corp. is the operator of the Joint Venture and the technical information in this release was obtained under Denison Mines Corp.'s quality assurance program and quality control program described in Denison's Annual Information Form dated March 28, 2011 and filed on SEDAR. 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
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.