JNR Resources Inc. (TSXV:JNN) has provided the following update from the Koorae copper-molybdenum-gold-silver prospect on its Topsails Project in west-central Newfoundland.
The Topsails Project is a 50/50 alliance between the Company and Altius Resources Inc. (jointly the 'Companies') that was established to explore for volcanic-hosted uranium (U) deposits in a defined area of west-central Newfoundland near the mining community of Buchans.
The 2010 exploration program, budgeted at approximately $500,000, was initiated in July and is now near completion. The program focused on the Koorae Cu-Mo-Au-Ag prospect and five other significant areas (Railway U showing, Sheffield Lake South Cu prospect, Long Range Mountain U-REE prospects A and B, and Catcher's Pond Cu prospect).
Reconnaissance prospecting in 2008 on the Topsails Project resulted in the discovery of the Koorae prospect approximately 15 kilometres northwest of Buchans, where grab samples from boulders returned assays up to 3.5% Cu, 0.12% Mo, 35.1 g/t Ag, and 0.18 g/t Au. In 2009, trenching of the prospect identified an area of mineralized outcrop approximately 100 metres by 15 metres in size, containing disseminated copper sulphides and magnetite within altered quartz-feldspar porphyry. Twenty-one of the 23 randomly collected grab samples from the quartz-feldspar porphyry returned anomalous values of up to 0.87% Cu, with an average of 0.15% Cu. (See JNR News Release of November 30, 2009).
In 2010, extensive trenching and an induced polarization/resistivity (IP) and ground magnetics survey were completed over the Koorae prospect. The trenching extended the main zone of porphyry Cu mineralization to a length of approximately 235 metres, while a preliminary interpretation of the IP-magnetics survey revealed significant structural and alteration zones. Four other trenches were excavated over nearby soil geochemical anomalies. Detailed geological mapping and extensive sampling were completed on all the trenches. Samples have been submitted to the Saskatchewan Research Council's Geo-Analytical Laboratory for multi-element analysis; results will be released as they become available.
The Companies are planning additional IP and soil geochemistry surveys, dependent on the results of the 2010 surveys, to further extend the Koorae prospect area and identify new drill targets. These programs are anticipated to be carried out over the 2011 summer field season.
JNR's Director of Exploration, Dr. Irvine R. Annesley, P.Geo., is the qualified person responsible for the technical data presented in this release.
Source: JNR Resources Inc.