Vancouver — Drilling results from a uranium project in Saskatchewan sparked active trading recently in JNR Resources (JNN-V, JNRRF-O), which is exploring the Moore Lake property with joint-venture partner Denison Mines (DML-T, DNMIF-O).
Both companies said they were pleased with the results from a 38-hole program (14,317 metres) which continues to outline uranium mineralization on the Maverick Main zone.
Results, they said, also demonstrate the highly prospective nature of the 6.5-km-long Maverick structural corridor, over 50% of which has yet to be drill-tested and the Avalon conductive zone.
For example, infill drilling on the Maverick Main zone intersected uranium mineralization in all six holes, with high-grade intersections in three. Highlights include hole ML-140, which returned 3.2% uranium oxide over 6.5 metres, including a 3.5-metre intercept of 5.25% uranium oxide, 2.1% nickel and 0.65% cobalt.
Investors responded by sending JNR shares up 18 to $4.10 on the TSX Venture Exchange. Denison rose 84 to $15.43 on the Toronto Stock Exchange.
The Moore Lake project is a joint venture held 75% by Denison and 25% by JNR.
The companies said several holes that tested the minimum 4-km-long conductive zone on the Avalon grid returned significant results. Of interest was hole ML-850, which represents the first-pass drilling of a 1-km segment of the zone.
It intersected a broad 25-metre zone of highly anomalous radioactivity located well below the unconformity.
A 2007 winter exploration program, now under way, will consist of a planned minimum of 10,000 metres of drilling and 110 km of line cutting and ground geophysics, as well as a property-wide airborne resistivity and magnetic survey.
With two drill rigs in operation, the companies have budgeted $5 million for exploration in 2007.
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