Alexis River

The Alexis River property in south eastern Labrador has the most remarkable lake sediment readings in the Province, 0.28% U3O8 in lake sediment. The property was drilled by Kirrin in 2008 and the best intercepts were 0.754% U3O8 across 0.2 m at 58.9 m depth and 0.188% U3O8 across 0.85m at 197.7 m. One uranium consultant described Alexis River as ‘probably one of the best grass-roots properties we know of outside the Athabasca, in an exploration friendly environment and relatively close to infrastructure’. The expected deposit is vein-type, as indicated by high uranium grades in Anomaly Lake, and possibly structural through the lake. The property is not affected by the Inuit Labrador moratorium. The exciting development at Alexis River in 2011 was the completion of radon analysis which points to that a high grade uranium source in the rocks immediately beneath Anomaly Lake, and both uranium and radium leaching from this source and transported hydromorphically along a structure passing through Anomaly Lake.

Lost Pond Uranium Project

TThe Lost Pond property in western Newfoundland is the location of the Lost Pond uranium project and the Bottom Brook REE project. Initial prospecting determined a 200 m wide uranium mineralisation zone and drilling discovered 0.045% U3O8 over 12.3 m core length at 72 m depth. Kirrin’s 2008 drilling extended the uranium discovery by targeting the down-plunge extent of the zone and hit the target at 235.4 m, resulting in an intersection of 0.038% U3O8 over 20.1 m. The expected deposit type is a structurally controlled uraniferous breccia zone.

The proposed 2010 program comprises a 1,500 m drill program to test the continuation of the uranium bearing Cataclastite Zone at depth and down plunge. The program would consist of 5 holes of BQ-TK sized core, each approximately 170 to 380 m in length.

Bottom Brook

Bottom Brook is located in western Newfoundland, 30 km east of the minerals export facility at Stephenville. Access via the adjacent Trans Canada Highway is excellent. Two drilling programs – 12 holes of average 150 m depth – produced up to 15% composite Total Rare Earth Oxide (TREO). A prospecting program expanded the area of mineralization and there are now 9 REE targets at Bottom Brook. REO mineralization shows a significant enrichment in the light rare earth elements (LREE, La – Sm) versus the heavy rare earth elements (HREE, Eu – Lu). However, additional compilation of previous analytical results from drilling and prospecting has defined a substantial Heavy REO component to the Bottom Brook mineralization which consistently gives a HREO/TREO of between 8% and 15%.

The late 2011 REE exploration program will comprise one or more of detailed prospecting, rock sampling, geological mapping, a soil geochemical survey, a ground based magnetics survey followed by magnetic data modelling, trenching and drilling.

Grevet

Grevet, located in north-western Quebec, has geological similarities to the huge Bayan Obo REE-bearing carbonatitic body in Inner Mongolia, China. Kirrin acquired Grevet because of its potential for a large-scale open pit operation close to power and transport infrastructure. The highest assay result from recent sampling was 20.35% LREO, remarkable by any measure. An additional four samples from other showings within the Grevet property assayed >10% TREO and 14 samples ran between 1.0% and 10% TREO. There is widespread distribution of carbonatites with these elevated TREO across the Grevet property. Kirrin’s focus is to discover a large, blind, close-to-surface carbonatite body or stockwork that is mineable by open pit methods. Development is enhanced by supportive infrastructure, including a major highway and railroad that transects the Grevet property, and nearby electrical transmission lines and a sizable local community.

Key Lake SW

The eastern margin of the Athabasca Basin in Saskatchewan is home to the highest grade and most productive uranium mines in the world. Kirrin’s target at Key Lake SW is basement-hosted unconformity-type uranium, similar to Cameco’s basement-hosted Millennium deposit, located about 50 km to the north-northeast, the Phoenix discovery, located about 60 km northeast, and the former Key Lake mine located about 35 km east-northeast. The review of the technical disclosures regarding the recent Phoenix Discovery has revealed many geological similarities between Phoenix and Key Lake SW. Further, the discovery of several 'Ingress style' uranium deposits, such as Phoenix (up to 117 m below the unconformity) and Eagle Point (up to 450 m below the unconformity) indicates that important uranium deposits can occur from several tens of metres up to a few hundred metres below the unconformity. Kirrin expanded its interests in the area in September 2011, staking a 4,185 ha. property adjacent to Key Lake SW’s eastern perimeter.