JNR Resources Inc.
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SYMBOL: V.JNN, JNRRF Website: www.jnrresources.com Corporate Contact Information Phone: (306) 382-2211 Toll Free: (877) 567-6463 Email: info@jnrresources.com |
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Overview
JNR Resources Inc. (TSXV: JNN) is a junior resource company with one of the strongest technical teams in the uranium exploration industry. The company has an interest in more than 362,000 hectares of highly prospective ground in the renowned Athabasca Basin of northern Saskatchewan, including the high-grade Moore Lake joint venture property with Denison Mines Corp.
JNR also holds an interest in more than 275,000 hectares in central Newfoundland, including the 11,000-hectare Rocky Brook joint venture with Altius Mineral Corporation, which features three distinct areas of un-sourced, mineralized sandstone boulders with reported grades of over 10% U3O8 and very high silver contents. In addition, JNR recently established an alliance with Altius to explore for volcanic-hosted uranium deposits on the 264,600-hectare Topsails property.
People
JNR has one of the strongest technical teams in the uranium exploration industry.
Rick Kusmirski, MSc, PGeo
President, CEO & Director
Rick Kusmirski has 30 years of exploration experience in North America and overseas, and has actively participated in the discovery of a number of gold, uranium and base metal deposits. He joined JNR Resources in 1999 and directed the exploration program that led to the discovery of the Maverick Zone on the Moore Lake joint venture property. Prior to joining JNR, he was the Exploration Manager for Cameco Corporation's uranium projects in the Athabasca Basin.
Dave Billard, BSc, PGeo
Vice-President, Exploration & Director
Dave Billard has been actively involved in the field of mineral exploration for 30 years. Since 1999, he has been a consulting geologist specializing in uranium exploration in the Athabasca Basin of Saskatchewan, and was directly involved in the discovery of the Maverick Zone on the company's Moore Lake property. Prior to this, Dave spent 12 years with Cameco Corporation working in western Canada and the western United States.
Dr. Irvine R. Annesley, PhD, PGeo
Director, Exploration
Irvine Annesley has 30 years of industry experience, the past 19 as a senior research geologist with the Saskatchewan Research Council (SRC). His research focused on uranium deposits in the Athabasca Basin using conventional geological methods and innovative techniques including advanced structural lineament analysis, applied synchrotron research, GOCAD structural and geochemical modelling, numerical modelling, lead isotopes and 3-D visualization. Dr. Annesley's research activities have also included studying uranium deposits in Australia, eastern Canada and Nunavut.
Dr. Les Beck, PhD, PEng, PGeo
Technical Advisor & Director
Dr. Beck is a world-renowned uranium expert and former Executive Director of the Geology & Mines Division for Saskatchewan Energy & Mines. He is an Adjunct Professor in Geology at the University of Regina and the author of approximately 30 technical and scientific publications, many dealing with uranium deposits in Saskatchewan. Dr. Beck has headed the Company's Technical Advisory Committee since early 1997, and has been instrumental in the selection of its uranium properties.
Ken Wasyliuk, MSc, PGeo
Chief Geochemist
Ken Wasyliuk has been actively involved in exploration for uranium, base and precious metals, industrial minerals and diamonds for over 20 years. Prior to joining JNR, Ken spent 16 years with Cameco Corporation where he became an expert on geochemical and clay alteration patterns associated with uranium deposits, specifically those in the Athabasca Basin.
Ron Hochstein, BSc, MBA, PEng
Director
Mr. Hochstein is the President and COO of Denison Mines Corp. He was President and CEO of International Uranium Corporation from April 2000 until December 2006.
Tracy Hurley, MSc, MBA, PGeo
Director
Tracy Hurley has 25 years of experience in the mining and exploration industry, including six years as a mining analyst for a Vancouver-based brokerage house. She is currently Vice-President Exploration for Troymet Exploration Corp.
Property
ATHABASCA BASIN
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The Athabasca Basin in northern Saskatchewan is the world's largest producer of uranium, accounting for about one third of the world's uranium mine output. It hosts the world's largest high-grade uranium mine, McArthur River, with proven and probable reserves of 0.8 million tonnes at an average ore grade of 25% U3O8. The extremely high-grade nature of the deposits and the low discovery costs make it the most prospective uranium exploration region in the world.
JNR's holdings in the Basin include a 100% interest in 5 properties totalling 164,626 hectares, a 30,767-hectare joint venture with Denison Mines Corp. (Denison) where JNR holds a 40% interest, and an additional 7 properties totalling 166,750 hectares in which Denison has the option to earn varying interests.
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In the Athabasca Basin, uranium mineralization is preferentially located at or near geological features known as unconformities. Importantly, all of JNR’s properties have relatively shallow depths to the unconformity, ranging from 0 to 500 metres. At the Maverick zone on the Moore Lake property, depth to the unconformity is 270 metres.
MOORE LAKE PROPERTY, ATHABASCA BASIN
JNR’s Moore Lake uranium joint venture property is located 40 km south of Cameco's McArthur River mine and 45 km northeast of the Key Lake mine and mill complex. Denison has a 75% interest in the property.
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High-grade uranium mineralization was discovered in 2003, when drill testing of several geophysical targets on the property resulted in the discovery of the Maverick Zone, a pronounced structural corridor that has now been traced over a minimum strike length of 6.5 kilometres. Discovery hole, ML-25, returned 0.62% U3O8 over 9.1 metres (including 12% U3O8 over 0.4 metres). Among the best drill results to date on the Maverick Zone include 5.14% U3O8 over 6.2 metres in hole ML-55 and 4.03 e% U3O8 over 10.0 metres (including 20 e% U3O8 over 1.4 metres) in hole ML-61.
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In 2005, in-fill drilling on the Maverick zone successfully extended the main high-grade mineralized lens over a minimum strike length of 350 metres, while step-out drilling along the Maverick structural corridor resulted in the discovery of two new zones (‘525’ & ‘527’). The ‘527’ zone, located 450 metres to the northeast of the main lens discovery hole ML-25, has returned a best assay to date of 1.53% U3O8 over 6.6 metres, including 2.22% U3O8 over 4.0 metres.
Uranium mineralization has now been traced over a 1.7-kilometre length of the minimum 6.5-kilometre long Maverick structural corridor. Over 50% of this corridor has yet to be drill tested.
In 2006, infill drilling on the Maverick Main zone continued to intersect high-grade uranium mineralization. ML-140 returned 3.20% U3O8 over 6.5 metres including a 3.5-metre intercept of 5.25% U3O8, 2.1% nickel and 0.65% cobalt. ML-139 returned 1.23% U3O8 over 8.5 metres, including a 1.5-metre intercept of 4.20% U3O8. ML-133 intersected two zones of mineralization. A high-grade zone at the unconformity returned 2.72% U3O8, 2.30% nickel and 0.905% cobalt over 5.0 metres, including a 2.0-metre intercept of 4.25% U3O8. ML-133 also intersected mineralization in the basement associated with clay-altered graphitic pelites, returning 0.611% U3O8 over 3.5 metres.
Uranium mineralization was intersected in all three holes that tested the ‘527’ area in 2006, with the best result obtained from ML-136 returning 0.50% eU3O8 over 7.0 metres.
The 2007 winter exploration program included ground geophysics and a property-wide airborne resistivity and magnetic survey. Diamond drilling focused on muskeg and lake covered targets in the West Venice, Venice, Volhoffer, Esker and West Maverick areas. Analytical results from the drilling are pending.
The Project operator, Denison, is planning a diamond drilling program on the main Maverick Zone.
ATHABASCA BASIN PROPERTIES
JNR’s 100 % Way Lake property is located 55 kilometres east of the Key Lake Mine and 35 kilometres southeast of the Moore Lake joint venture property. It consists of 17 contiguous claims totalling 71,795 hectares. JNR Resources holds an unencumbered 100% interest in the property.
JNR completed a prospecting and mapping program on the Way Lake claims and surrounding ground during the 2006 summer field season. High-grade uranium mineralization was obtained from outcrop sampling of a previously identified massive pitchblende vein, now referred to as the Hook Lake showing. Two grab samples collected from the vein returned 40.1 % and 48% U3O8. The uranium mineralization is also associated with significant lead (up to 8.8%), rare earth element and thorium enrichment, and anomalous boron, cobalt and vanadium values.
Diamond drilling and HLEM and ground magnetic surveying was initiated in spring 2007. The program continued through the summer and concluded in early fall, it focused on the Hook Lake and other showings on the property. Analytical results are pending.
Multiple exploration programs that include airborne geophysics, ground geophysics, prospecting and sampling, are ongoing at all of JNR’s 100% owned and JNR/Denison joint-venture properties in the basin. Follow-up diamond drilling programs are under consideration for several of the more advanced projects.
NEWFOUNDLAND PROPERTIES
Rockybrook Uranium Project
JNR has an option agreement with Altius Minerals Corporation to earn a 70% interest in their Rocky Brook uranium property in western Newfoundland. The property features three distinct areas of unsourced, altered and mineralized sandstone boulders with historically reported values ranging from 1% to more than 10% U3O8 as well as very high-grade silver contents.
A successful reconnaissance-scale drill program in 2005 identified areas of alteration and geochemical enrichment analogous to the mineralized boulders. Significant radiometric anomalies were also identified in the glacial till overburden. Based on the positive results, JNR and Altius completed high-resolution radiometric, magnetic and electromagnetic airborne surveys in summer 2006 and a 2,281-metre (65 hole) drill program was concluded in December 2006. Highlights include the best mineralization intersected to date on the property, in two holes located approximately 50 metres east of the Wigwam Brook boulder field and within a broad 700-metre long drill-defined radioactive bedrock anomaly.
The planned 2007 exploration program is budgeted at just over $600,000 and includes 3,000 metres of diamond drilling and a nominal amount of trenching. The drilling program will focus on the Wigwam Brook area where the results to date indicate a complex stratigraphic/structural control to the mineralization and geochemical enrichment, and the Birchy Hill Brook area. An environmentally low-impact trenching program will be carried out in the Wigwam Brook area.
Topsails Uranium Project
The Topsails uranium property is located in west central Newfoundland and consists of 10,854 mineral claims covering 264,600 hectares. An alliance between JNR and Altius Resources Inc. was formed to jointly explore the land package with JNR and Altius each holding a 50% interest in the property. In return for generating the project, Altius retains a 2% gross sales royalty on uranium products and a 2% net smelter return on all other commodities. All future exploration expenditures will be shared on a pro rata (50:50) basis.
The exploration target is a volcanic-hosted uranium deposit. The claims cover prospective felsic volcanics and related intrusive rocks of the Topsails Igneous Suite and red bed sediments of the Springdale Group; representing a distinctive geological terrane of the Canadian Appalachians.
Volcanic-hosted uranium deposits are a significant source of high-tonnage, low-grade uranium, examples of which include Russia's largest uranium resource, the Streltsovka caldera (~280,000 tonnes U).
Historical regional lake sediment surveys outline several large areas of coincident anomalous uranium, fluorine and molybdenum; known pathfinders for volcanic-hosted uranium deposits. Limited reconnaissance work has identified radiometric anomalies associated with the volcanic rocks, representing significant exploration targets.
Initial field investigations have confirmed the prospective geological setting. JNR and Altius plan to conduct a large-scale combined airborne radiometric and magnetic survey followed by detailed mapping and prospecting to further delineate new exploration targets and evaluate the uranium potential of the property.
Politics
All of JNR’s properties are located within Canada, having a stable political climate and well defined mining exploration regulations and permitting processes.
Paper
JNR Resources Inc. trades on the TSX Venture Exchange under the symbol JNN. In the United States, JNR trades under the symbol JNRRF via the 'Pink Sheets', a centralized quotation service that collects and publishes market maker quotes for OTC securities. The OTC Bulletin Board is an electronic quotation medium for unlisted, non-Nasdaq, over-the-counter securities.
Outstanding as of 10/22/2007:
- Share Outstanding: 81,895,505
- Warrants Outstanding: 116,559
- Options Outstanding: 4,175,000
- Fully Diluted: 86,187,064
| Number of Shares | ||
| Under Option | Exercise Price | Expiry Date |
| 300,000 | 0.55 | 22-Jul-09 |
| 150,000 | 1.09 | 11-Jan-10 |
| 975,000 | 0.82 | 19-Jun-10 |
| 50,000 | 0.79 | 8-Mar-11 |
| 125,000 | 1.07 | 2-Oct-11 |
| 775,000 | 2.62 | 12-Jan-12 |
| 200,000 | 2.55 | 2-Jul-12 |
| 1,600,000 | 1.25 | 15-Feb-13 |
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