Kirrin Resources Inc.: 2011 Exploration Results Advance Grevet REE Property
22 November 2011 - 2:30PM
Marketwired
Kirrin Resources Inc. (TSX VENTURE:KYM) today announced that its
technical advisors have concluded their review of the results from
Kirrin's extensive 2011 exploration program at the Grevet REE
property in northwestern Quebec and have made recommendations for
advancing the project in 2012.
Some 143 carbonatite and related lithological showings have been
recognized to date within the Grevet property. At least 50 of these
showings have produced rock samples with elevated REE (greater than
(greater than ) 0.5% total rare earth oxide, TREO(1)) in
carbonatite, with 14 showings having greater than 1.0% TREO, and 3
showings having rock samples with 12.24%, 19.6% and 20.4% TREO. In
general, more than 99% of the TREO are in the light rare earth
elements, especially lanthanum, cerium, promethium, neodymium and
samarium.
The REE-bearing carbonatite dykes and dykelets clearly exist in
many outcrops throughout the property although it is noted that the
vast majority of the property is overburden covered. Therefore,
because large carbonatite bodies likely are intensely weathered and
hence deeply recessive, more important REE-bearing carbonatites may
be more extensive on Grevet than evidenced by the outcrop
showings.
An example of a larger, deeply recessive carbonatite may
possibly exist in the southeastern part of the Grevet property,
where there is an inferred carbonatite body based on a 2011 gravity
survey positive residual, a belt of geochemical soil anomalies and
a ground magnetic anomaly. As well, 1987 overburden drilling at
this locale found the overburden was about 100 m thick and was
underlain by a "highly weathered rusty limonitic rock", which
description is very similar to the rusty carbonatite dykes seen in
outcrop within the Grevet property. This locale is one of the
probable drill targets that Kirrin intends to test in 2012.
Kirrin has received recommendations for advancing the Grevet REE
project in 2012. These include a proposed 2012 work program
comprising field work in the overburden-covered areas to identify
added drill targets, followed by drill testing selected targets in
a 15 hole program aggregating 2,500 m, with an associated budget of
$1.0 million.
Kirrin's 2011 exploration program focused on 15 REE targets
identified in 2010 as well as systematic prospecting of additional
areas not fully explored during the 2010 program. This resulted in
14 additional REE-bearing carbonatites being discovered during
2011. In total, 90 geochemical soil samples were collected from the
Ah (organic humus) soil horizon at 85 sites along five selected
grid lines that cross an inferred carbonatite body in the southeast
of the property. As well, 90 soil samples were collected from the
same sites for mobile metal ion (MMI) analysis, which analysis
remains outstanding.
Magnetometer surveying totalling 11.15 line-km and geological
mapping were completed over two areas showing high grade REE. In
total, 92 rock samples, mainly channel or chips, were collected at
38 carbonatite showings. At the carbonatite zone which in 2010
produced a rock grab sample with 14.16% TREO, the 2011 re-sampling
gave 20.41% TREO across 0.066 m. As well, a 2011 rock chip sample
from a nearby carbonatite dyke assayed 19.64% TREO across 0.07
m.
Kirrin also completed a gravity survey comprising 3.4 line
kilometres, with readings at 25-metre station intervals, across an
overburden covered area that may be underlain by a large
carbonatite body.
Kirrin is earning a 100% interest in the Grevet REE property by
spending $1,850,000 on exploration and making payments of $20,000
over four years. Kirrin recently extended its land interests
immediately to the north of the original Grevet property and may
earn a 100% interest in the Grevet Extension property by spending
$250,000 on exploration and making payments of $25,000 over four
years. As a result, the entire Grevet property now consists of 86
claims totalling 2,024 ha.
Quality Control: The 2011 exploration was carried out by
Discovery Consultants' personnel under the supervision of William
Gilmour B.Sc., P.Geo. and all samples were delivered to Actlabs,
Val d'Or, QC and Toronto, ON for preparation and analysis. William
Gilmour B.Sc., P.Geo. is the designated Qualified Person for Kirrin
and has reviewed the contents of this news release.
Note 1: TREO = the sum of lanthanum (La2O3) to lutetium (Lu2O3)
oxide analytical results.
Private Placement Extended: Kirrin also announced that it is
extending the closing date of the Private Placement announced
October 20, 2011 until December 4, 2011.
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
aman@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 review, interpretation and availability of technical
data as part of a continuing exploration program. 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 for
data availability and the 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 27 82 440
3426www.kirrinresources.com CHF Investor Relations Robin Cook
Account Manager (416) 868-1079robin@chfir.com
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