Kirrin Stakes New Property in SE Athabasca Basin
20 September 2011 - 2:30PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE: KYM) is pleased to announce
that it has staked an additional 4,185 ha adjacent to its Key Lake
Southwest ('KLSW') uranium property located on the southeastern
margin of the Athabasca Basin in Saskatchewan, Canada. Staking in
the area was competitive and Kirrin secured its target area and
completed recording on September 3, 2011.
The staked area is situated in the Wollaston geological domain
and is about 50 km south of the Wheeler River, the site of
Denison's Phoenix discovery and about 25 southwest of the former
Key Lake Mine. Exploration in the immediate area of the staking is
very active. Kirrin targeted the area (a) it is underlain by
geologically favourable western Wollaston Domain metasedimentary
rocks, which are cut by the major west-southwest trending fault
structure that intersects the uranium deposits at the former Key
Lake Mine; (b) there are several reported radioactive showings and
some other historic exploration anomalies (e.g., airborne and
ground electromagnetic (EM) anomalies) present; and (c) Kirrin's
2010 and 2011 airborne magnetic-EM surveys within the northeastern
part of its KLSW property has identified high to moderate priority
EM conductors that trend north-northeasterly onto the newly staked
ground.
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 targets are 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.
The new property will form part of the option agreement between
Kirrin and Majesta Resources Inc. whereby 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.
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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