| October 12, 2011 |
| REE Results from Kirrin's Grevet Property Include 20% TREO |
CALGARY, CANADA--(Marketwire - Oct. 12, 2011) - Kirrin Resources Inc. (TSX VENTURE:KYM) today announced analytical results from the second round of sampling at its Grevet REE property in northwestern Quebec. These include 20% total rare earth oxides (TREO), comprising almost 100% LREO (see Note 1), in a grab sample from a carbonatite dykelet. This is a re-sampling of a 2010 location which returned 14% TREO. An additional four samples from other showings within the Grevet property assayed greater than 10% TREO and 14 samples ran between 1.0% and 10% TREO. These REE grades confirm the prospectivity of the Grevet REE property to host REE-bearing carbonatite deposits.
Commenting on the results, Kirrin President and CEO Derek Moran said: "We are gaining a better understanding of REE prospectivity at Grevet. Sampling shows that elevated REE in carbonatite exists throughout the property. We find this particularly encouraging in the context of the recessive nature of large carbonatite occurrences. It is also important to note Grevet's attraction in relation to infrastructure: there is a Provincial road providing direct access, a CN railroad line transecting the property, and power available 25 km southwest at Lebel-sur-Quevillon."
Kirrin completed an intense prospecting program between May 10 and July 14, 2011. Twenty-three new carbonatite showings were discovered during the program and at least 103 carbonatite showings which were identified during the 2010 program were re-visited to gather additional information. Ninety-two rock samples, comprising 56 diamond saw-cut channel samples, 30 chip samples and 6 grab samples, were collected.
Soil sampling comprised 85 sites that were sampled for both Ah soil horizon and MMI samples along 5 selected lines across the inferred carbonatite body. As well, magnetometer surveying was completed over two areas, totalling 11 line-km, one of which corresponds to the area of the inferred carbonatite. Finally, Kirrin also completed a 3.2 line-km reconnaissance gravity survey with stations spaced at 25 m intervals on 3 lines across the area of the inferred carbonatite.
The results from the 2011 program are being interpreted and the conclusions drawn will be published when available. Kirrin will integrate all new exploration and other geological data, including the geophysical interpretation of the ground magnetic and gravity data, with the overall intent being to refine target selection and define a specific follow-up program of work, including preliminary drill testing, in 2012. Kirrin anticipates its consultants will recommend drilling within the Grevet REE property, focusing especially on larger, but blind or recessive, REE-bearing carbonatites.
Note 1: LREO = the sum of lanthanum (La2O3), cerium (Ce2O3), praseodymium (Pr2O3), neodymium (Nd2O3) and samarium (Sm2O3) oxide analytical results.
Quality Control: The 2011 exploration was carried out by Discovery Consultants' personnel under the supervision of William Gilmour B.Sc., P.Geo. and all samples were delivered to Actlabs, Val d'Or, QC for preparation and analysis. The samples were analyzed utilizing an inductively coupled plasma mass spectrometer. The digestion technique was total digestion that employed a lithium metaborate/tetraborate fusion.
Kirrin is earning a 100% interest in the Grevet REE property by spending $1,850,000 on exploration and making payments of $20,000 over four years. Kirrin recently extended its land interests and may earn a 100% interest in the Grevet Extension property by spending $250,000 on exploration and making payments of $25,000 over four years. The property now consists of 86 claims totalling 2,024 ha.
William Gilmour B.Sc., P.Geo. is the designated Qualified Person for Kirrin and 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 aman@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 review, interpretation and availability of technical data as part of a continuing exploration program. 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 for data availability and the 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. | |