Artemis Gold’s Blackwater mine at final commissioning stage
Artemis now expects to feed first ore to the ball mill in the next few weeks and continues to target first gold pour before year end.
CALGARY, ALBERTA–(Marketwire – Sept. 12, 2011) – Kirrin Resources Inc. (TSX VENTURE:KYM) is pleased to announce the completion of radium analyses at its Alexis River uranium property located in southeastern Labrador. Interpretation of the analyses points to two narrow radium anomalies, correlating well with uranium values, as drill targets within the confines of Anomaly Lake, which has reported up to 0.28% U3O8 in lake sediment.
Commenting on the analyses, Kirrin President and CEO, Derek J Moran said: “We intersected 0.754% U3O8 across 0.2 m from 58.9 m to 59.1 m core length during a short drill program at Alexis River which indicated that uranium mineralization is indeed present in the local environment. This radium study focuses our continuing exploration program to target more substantial occurrences of uranium at the Alexis River property.”
Kirrin retained Robert H. Morse, Ph.D., P.Eng. to oversee and interpret the radium analyse which were done by Pylon Electronics of Ottawa on a suite of seventy lake sediment samples from Anomaly Lake. This relatively small lake had been identified by the Geological Survey of Canada and by Kirrin and its antecedents as very high in uranium values, both in sediment and water. Follow-up exploration of the Anomaly Lake catchment basin, including drilling under the lake, did not discover important uranium mineralization, and thus the cause of the elevated uranium geochemical anomaly was uncertain. Dr. Morse concluded from his interpretation of the radium analyses that the most likely explanation is that a high grade uranium source exists in either the rocks immediately beneath or adjacent Anomaly Lake, and both uranium and radium were leached from this source and transported hydromorphically along a structure passing through Anomaly Lake.
Dr. Morse determined that the elevated radium correlated quite well with elevated uranium, with the highest values for both being near the centre of Anomaly Lake. In detail, however, the radium and uranium distributions are different. The elevated uranium values show a single large anomaly parallel to and occupying much of the centre part of the lake. In contrast, although the higher radium values occupy roughly the same area as the uranium anomaly, the radium anomaly is split in two along the middle, forming two long narrow anomalies. The easternmost anomaly is the larger of the two and extends for about 400 metres.
Among other conclusions by Dr. Morse: (a) the radium values are well above background determined at other uranium locations in Canada at which similar analyses have been performed, as are uranium values, (b) the radium values are much lower than would be expected in secular equilibrium with uranium, indicating that most of the anomalous uranium did not arrive in the lake sediments physically in old mineral grains but by chemical precipitation from lake or subsurface meteoric water, and (c) the radium values are much too high to have developed by decay of uranium in the sediments in the 10,000 years since the last ice age.
Kirrin is earning up to 70% interest in the Alexis River property by spending $1.25 million on exploration by 30 June 2012. 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.
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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 drill 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.
