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Re: News Release - Monday, August 25, 2008
JNR Announces Drilling Results at South Fork Uranium Project
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Saskatoon, SK, August 25, 2008 - JNR Resources Inc. (TSXV:JNN) has been
advised by project operator, Uranium Power Corp. (TSX.V:UPC) (jointly
the "Companies") that drilling has been completed on its South Fork
uranium project in southwest Saskatchewan. Two drill rigs were
contracted from Layne Christensen Drilling of Aurora, CO to complete
this program, which consisted of 45 rotary drill holes totaling 5,402
metres.
The drilling program focused on the largest paleochannel in the
Frenchman and Ravenscrag Formations, as interpreted from a Fugro
Tempest airborne EM survey. These formations are believed to have the
potential to host roll-front style uranium mineralization, similar to
that found in the prolific Powder River Basin of Wyoming.
Four of the drill holes intersected significant uranium mineralization
in sandstones of the Ravenscrag formation. The best intersection was
obtained in SF-1042 at 66.8 metres vertical depth, returning an average
grade of 0.028% eU3O8 over 1.4 metres, including 0.038% eU3O8 over 0.7
metres (Table 1). Additional mineralized intersections ranged from 1.4
metres grading 0.014% eU3O8 to 0.7 metres grading 0.025% eU3O8.
Of the remaining 41 drill holes, nine intersected anomalous
radioactivity (greater than 2x background), 14 are considered to be
weakly anomalous (2x background) and the remaining 18 were barren.
Chris M. Healey, P.Geo, President of UPC, commented, "Given the early
stage of the exploration of this large property, it is very encouraging
to see grades approaching those found in economic deposits in other
parts of the world in several of our drill holes."
Table 1. 2008 Rotary Drilling Results
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Hole No. From (m) To (m) Length (m) % eU(3)O(8)
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SF-1039 40.8 41.1 0.3 0.023
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SF-1040 31.2 31.9 0.7 0.025
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72.1 73.5 1.4 0.014
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SF-1041 38.0 38.8 0.8 0.024
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43.9 44.6 0.7 0.022
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SF-1042 66.8 68.0 1.2 0.028
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including 0.7 0.038
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The Companies have increased their land holding in the area to fully
cover all of the targets identified by the airborne survey. The South
Fork project now consists of some 76 claims, totaling approximately
64,000 hectares.
UPC can earn up to 65% interest in the South Fork property by
reimbursing JNR for prior expenditures (completed) and by spending
$2,500,000 on exploration activities by January 25, 2011. Under a
subsequent agreement, Mega Uranium Ltd. (MGA-TSX) has the right to
acquire 50% of UPC's interest.
All holes were drilled at -90� dip. Lengths presented in Table 1
represent down hole measurements and are estimated to approximate true
width. Grades are reported as equivalent uranium (eU3O8) as determined
by downhole radiometric logging equipment. Contract logging services
were provided by Century Wireline Services of Penhold, AB.
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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