Partner
JNR Resources is a junior mining company led by a highly experienced management team with proven discovery success in uranium exploration. An early player in the renowned Athabasca Basin of northern Saskatchewan, JNR began amassing key exploration properties in 1997 and controls over 245,000 hectares of highly prospective ground. The Company's expertise led to the discovery of the high-grade Maverick Zone (Moore Lake Joint Venture) in 2000.
ROCKY BROOK URANIUM PROPERTY
Altius and it's partner JNR Resources continue to explore the Rocky Brook
Uranium project in western Newfoundland. The past 2 years of exploration have consisted of a 1,100-km high-resolution radiometric,
magnetic, and electromagnetic airborne geophysical survey and in excess of 5,000
metres of diamond drilling. The 2006/07 drilling programs focused on
follow-up of encouraging results from the 2005 reconnaissance-scale drilling
that successfully identified areas of alteration and geochemical enrichment in
drill core analogous to the high-grade mineralized boulders known on the
property. Drilling continues to find areas of encouraging alteration and
geochemical enrichment, however, the source of the high-grade boulders have not
"yet" been located.
JNR Resources may earn a 70% interest in the Rocky Brook property by spending
$2,525,000 on exploration over four years and by meeting certain other
contractual obligations.
Property Overview
The Rocky Brook property is approximately 11,000 hectares in size and covers the northeast margin of the Carboniferous Deer Lake Basin. It features three distinct areas of unsourced, altered and mineralized sandstone boulders, where previous sampling of several of the boulders reported assay values of up to 11.5% uranium oxide (U3O8), 859 oz/t (2.9%) silver and 11.8 oz/t (404 g/t) gold.).
The mineralized sandstone boulders occur within relatively thin tills and strongly resemble and overlie the local Humber Falls Formation. The boulders are interpreted to be of local origin, derived from the north. Westfield's previous work had assumed a source from the south and as such their drilling targeted the general areas of the boulders in that direction but was NOT successful in locating the boulder source.
Since being acquired by Altius in 2001, exploration programs on the property have included a digital compilation of previous data, a detailed airborne gradiometer survey, lithogeochemistry, prospecting, grid geophysics and a 96-site overburden drilling program with borehole radiometric surveys and extensive till and heavy mineral analyses. These exploration programs confirmed glacial transport of till and boulders from the north and outlined specific untested areas from which the uranium-mineralized boulders are thought to have originated.
These areas will be the focus of the ongoing diamond drilling campaign.