Kirrin Airborne Survey Shows 13 High Priority Targets at Key Lake SW Uranium Property
11 Agosto 2011 - 2:00PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE: KYM) is pleased to announce the
completion of a number of milestones at its Key Lake Southwest
('KLSW') uranium property located on the southeastern margin of the
Athabasca Basin in Saskatchewan, Canada. Two features of note from
a recent interpretation report by Savaria Geophysics Inc.
('Savaria') are the identification from electromagnetic data of 13
high priority geophysical targets and evidence that the Wollaston
Domain may underlie the eastern portion of the KLSW property.
Savaria has integrated the 1,531 line-kilometre helicopter-borne
time-domain electromagnetic geophysical survey flown in February
2011 using Geotech Ltd.'s Versatile Time-Domain Electromagnetic
(VTEM Plus) geophysical system with the 1,076 line-kilometre
magnetic-electromagnetic (EM) airborne survey flown in April 2010
by Fugro Airborne Surveys Corp. and has provided an interpretation
of the integrated data. Further, OAR-Rock Geoscience Ltd. has
completed a GIS compilation of historic exploration data from
publicly available sources for the KLSW property as well as from
the interpreted geophysical data provided by Savaria.
Kirrin, with the benefit of these reports, is now able to
commence its program of summer fieldwork with the objective of
finalizing the selection of drill sites at KLSW.
The interpretation by Savaria identified 35 geophysical targets
at KLSW, with 13 rated as "High Priority", 5 rated as "Moderate
Priority" and 17 rated as "Low Priority". Potentially of greater
importance, based on a marked change in the magnetic patterns, the
Wollaston-Mudjatik domains boundary may actually be a few
kilometres west from where it is shown on published government
geological maps, and thus Wollaston Domain may underlie the eastern
portion of the KLSW property. Finally, the magnetic and airborne EM
data indicate there are outliers of geologically favourable
Wollaston Domain volcanic-sedimentary rocks within the eastern part
of the Mudjatik Domain which underlies the central and western
parts of the KLSW property. These outliers include several linear
belts and zones of probable graphitic lithology.
Savaria recommended that follow-up ground geophysical surveys
(magnetics plus either horizontal loop EM or fixed transmitter loop
transient domain EM), plus other supplemental exploration be
conducted at, as a minimum, the High and Moderate Priority
geophysical targets.
OAR-Rock Geoscience Ltd., from its review of the Savaria targets
in the context of compiled historic exploration data, concluded
there are 5 geophysical targets rated "First Priority" and at least
another 5 targets rated "Second Priority". Detailed re-assessment
of the Savaria targets is continuing to refine target selection and
to define the needed follow-up exploration work at each target.
Kirrin is planning to start follow-up fieldwork at KLSW in
mid-August 2011.
The eastern margin of the Athabasca Basin is home to the most
productive and highest grade uranium mines in the world with
roughly 25% of the world's uranium production coming from this
area. Kirrin's target at KLSW is basement-hosted unconformity-type
uranium deposits, similar to Cameco's basement-hosted Millennium
deposit, located about 50 km to the northeast; the Phoenix
discovery, located about 60 km northeast; and the former Key Lake
Mine, located about 35 km east-northeast. Kirrin is earning a
minimum 70% interest in the KLSW property by spending $3.0 million
on exploration and making payments of $310,000 by 31 December 2015.
Kirrin is current on its obligations.
Reg A. Olson, Ph.D., P. Geol., principal of OAR-Rock Geoscience
Ltd., is the designated Qualified Person for Kirrin who 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
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 news release contains forward-looking statements
concerning the completion of a field program as part of a broader
exploration program and the subsequent availability of data and
reports and the timing and constituents of these 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 time frame and
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.
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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