Kirrin Resources Announces Lost Pond Drill Results; 2011 Exploration in Western Newfoundland to Focus on Rare Earth Elements Pro
24 Febbraio 2011 - 2:00PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE: KYM) today announced the
results from its four hole, 1,354 m diamond drill program completed
in December 2010 at the Lost Pond uranium project in western
Newfoundland. Three of the four holes intersected anomalous uranium
values, however the intensity of mineralization varied considerably
and the grade did not improve with depth. Kirrin also announced
that its exploration program in western Newfoundland in 2011 would
focus on rare earth elements, centred on its Bottom Brook REE
property. The Lost Pond and Bottom Brook property is under option
from Ucore Rare Metals Inc.
Drilling to date on the Cataclastite Zone at Lost Pond has
defined a low grade uranium zone in the 0.01 to 0.07% U3O8 range
over widths up to 15 m true thickness. The deposit appears to have
a strike length up to 100 m, is steeply dipping and plunges at
approximately 65 degrees to the north. December's drilling had
targeted an increase in grade below the previous holes and,
although the zone was intersected, the uranium grades actually
decreased. The deepest hole drilled to date intersected the zone at
a vertical depth of approximately 220 m below surface and no
additional drilling is warranted below this. Any mineralization
found deeper would require underground access, necessitating
minimum economic grades of at least 0.15% U3O8. No further work is
recommended on the Cataclastite Zone at this time.
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Hole From To Interval
# Northing Easting Azimuth Dip Length (m) (m) (m) %U3O8
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LP-22 5381980 410982 272 -65 335.5 275.25 287.55 12.3 0.024
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and 291.25 296.25 5.0 0.025
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LP-23 5382020 410941 272 -60 390 317.00 329.00 12.0 0.015
-----------------------------------
incl 317.00 321.00 4.0 0.019
-----------------------------------
incl 324.00 329.00 5.0 0.016
-----------------------------------
and 344.00 350.00 6.0 0.018
-----------------------------------
and 358.00 362.00 4.0 0.015
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LP-24 5382034 411042 272 -60 375.15 - - - -
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LP-25 5381914 410898 270 -70 253.15 174.00 182.00 4.0 0.012
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Commenting on the results, Kirrin CEO and President Derek Moran
said, "These drill results have not met the objectives set for
uranium exploration at Lost Pond. Kirrin has a full portfolio of
projects and it is unlikely that Lost Pond will compete
successfully for future capital. We shall take a write-down of
$431,000 in Q4 2010 to reflect the recent results."
The Bottom Brook REE project overlaps the land area of the Lost
Pond uranium project and remains of interest to Kirrin. This REE
project, as previously disclosed, has generated drilling results
which point to high grade REE mineralization, 4.47% TREO over 5.64
m core length, 4.32% TREO over 2.0 m core length, and 1.16% TREO
over 15.3 m core length. The Bottom Brook REE project has nine
targets which Kirrin plans to evaluate in 2011 with a program of
ground magnetics and detailed litho-geochemical follow-up. It is
expected that this will be followed by trenching and/or drilling on
the discrete magnetic targets. Additional prospecting on other
targeted areas is included in the plans. Kirrin is also reviewing
additional REE prospective properties in western Newfoundland.
Quality Control: Core samples from this drill program were split
using a diamond saw and half of the core was sent to Eastern
Analytical in Springdale, NL for sample preparation. Representative
pulps were sent to Activation Laboratories in Ancaster, ON for
analysis. Uranium concentration was analyzed by Delayed Neutron
Count (DNC) along with ICP-MS for select major, minor and trace
element compositions. Blank samples were inserted into the sample
batch periodically and standards were used at Activation
Laboratories to ensure accuracy.
The Qualified Person (QP) who has prepared or reviewed the
technical information for this release is Wayne Reid, P.Geo.
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 engaged in uranium and rare earth element exploration
in Newfoundland & Labrador, Quebec and Saskatchewan and in the
expansion of its portfolio through acquisition, merger, strategic
partnership and 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
lauren@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 press release contains forward-looking
statements concerning the timing and constituents of expected
exploration programs. 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 2011 time frame for planned
exploration programs assumes 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 press 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.
Contacts: Kirrin Resources Inc. Derek J Moran President 27 82
440 3426 www.kirrinresources.com CHF Investor Relations Robin Cook
Account Manager (416) 868-1079 robin@chfir.com
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