Kirrin Doubles Grevet REE Project; Adds Gold and VMS Prospects
21 Giugno 2011 - 2:00PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE: KYM) today announced the
doubling of the area of its Grevet REE project, located in
northwestern Quebec, from 1,049 ha to 2,024 ha. The additional
lands ('Grevet Extension') lie adjacent to Grevet's northern
boundary and, before Kirrin recognised their carbonatite potential,
they enjoyed a 70 year history of gold exploration following the
discovery of the Flordin Gold Project adjacent to the west of the
property. Kirrin has optioned the additional lands from Ressources
Centurion Inc and Placements Jules Boudreau Inc.
Commenting on the acquisition, Kirrin President and CEO, Derek J
Moran said: "We were prompted to expand Grevet REE along its
northern perimeter by last year's exciting grab sample that assayed
14.08% LREO and 0.14% HREO. In addition to REE prospectivity, the
new lands offer both gold and VMS opportunities. Kirrin is not
changing direction but would be doing an injustice to shareholders
if it did not expand its horizons with a wider ranging exploration
program on this particular property."
115 holes have been drilled on the Grevet Extension of which 45
were drilled along the Lac Cameron Sud showing. The drilling noted
several magnetite-rich carbonatitic features along a prominent
ESE-trending magnetic anomaly that, to date, have not been
assessed. This is part of the regional Cameron Deformation Zone,
and the inflection in the Zone here is the location of the
semi-circular Cameron Syenitic stock. This may be a zone of
transpression that helped localise the syenite and carbonatites
thus presenting structural potential for localizing
carbonatites.
The National Instrument 43-101 Technical Report and Mineral
Resource estimate for the Flordin Gold Project is found at:
www.napalladium.com/Theme/NAP/files/technical_reports/TR_20100331_Flordin_Resource_Estimate.pdf
The development of the exploration program for the Grevet
Extension will await the results from the current summer field
program on Grevet REE as well as compilation of all existing
mineral exploration data.
Kirrin may earn a 100% interest in the Grevet Extension property
by spending $250,000 on exploration, including a minimum commitment
of $50,000 by June 30, 2013, and making payments of $25,000 over
four years. In addition, Kirrin will pay $75,000 on the receipt of
a positive Feasibility Study and the vendors will retain a 0.5% Net
Smelter Returns royalty on all minerals produced from the
property.
Michel Proulx, P.Geo., M.Sc. is the Qualified Person who has
reviewed the technical information herein.
Additional information relating to Kirrin is available on
Kirrin's web site at www.kirrinresources.com and on SEDAR at
www.sedar.com.
Kirrin 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 through options and
corporate development activity. 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 planning of an expanded 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 2011 time frame for the exploration program 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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