| August 17, 2010 Kirrin Resources Reports Key Lake SW Airborne Survey Results Define 78.2 Kilometres of Conductive Horizons Grouped in 19 Anomalies | |
| Calgary, Canada: Kirrin Resources Inc. today announced the results of the evaluation and interpretation of the 1,076 line-km magnetic-electromagnetic (Tempest(r) EM) airborne survey of the Key Lake Southwest ('Key Lake SW') uranium property located on the southeastern margin of the Athabasca Basin in Saskatchewan (see news release July 6, 2010). The Condor Consulting Inc. report identified 7 first priority, 5 second priority and 7 third priority targets that warrant follow-up assessment. Some of these anomalies correlate with geological, geophysical or geochemical anomalies identified from prior exploration, whereas others are newly identified. All are prospective for ingress style (i.e., basement hosted) uranium deposits along the geologically favourable Wollaston Group basement trend. Commenting on the results, Kirrin President and CEO, Derek J Moran said: "These results have added substantial value to the Key Lake SW uranium project, and show clearly its potential for another eastern Athabasca uranium discovery." Processing, interpretation and correlation of the results with magnetic response and geology define two main types of conductors, discrete plate-type and broader, flat lying wide zones (Note 1). These have been further grouped by Condor into 19 target zones and subjectively ranked, according to their conductivity, magnetic association, strike extent and geological association, from high to low priority, with 7 target zones being ranked first priority. Historic wide-spaced drilling on parts of four of the 19 target zones identified prospective geology, including a possible sub-Athabasca Group regolith that was logged in several holes which are located within a Wide Zone EM conductor. The number one priority target zone has good potential for uranium mineralization because significant uranium values within wide zones of graphitic pelites have been intersected in drill holes targeted along the northeastern extension of this conductor lying within Triex's Riverlake and Forum Uranium's Orchid properties. There are 9 other target zones (for a strike length of 52.9 km) which display similar geological and geophysical conductive and magnetic characteristics as observed on adjoining properties and over other uranium deposits in the region and thus are ranked as having high potential for uranium mineralization. The survey also showed that some target zones at Key Lake SW have potential for base metal mineralization or iron formation similar to the geological horizons mapped in the McArthur River mine. Kirrin is planning the next stage of exploration at Key Lake SW. Follow-up fieldwork at selected first priority targets is likely to comprise (a) systematic prospecting of anomalous conductive trends to prioritise drill targets along those trends, (b) follow-up geochemical lake sediment and possibly soil surveys, (c) magnetic and electro-magnetic surveys on grid areas established over first priority target zones in order to locate conductive axes and attitudes for drill collar positioning, and (d) drill testing of selected targets. Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Kirrin on the Key Lake SW uranium exploration project. Note1: Magnetic surveys, structural geology, drill and surface geochemistry compiled over the eastern portion of the Athabasca Basin indicate that uranium enrichment and deposits are associated with conductive horizons, located within or along magnetic low troughs, which typically represent graphitic and sometimes magnetite rich iron formations and associated contacts. These horizons are flanked or sandwiched between magnetic highs, which represent underlying Archean type granitoid domes or arches. The reduced magnetism is caused by regional faults, which provide control and form traps for uranium enrichment. The graphitic rich pelite horizons in the basement rock are excellent conductors and host uranium mineralization. They act as markers as they can be located with electromagnetic surveys and targeted with drill holes. Additional information relating to Kirrin is available on Kirrin's web site at www.kirrinresources.com and on SEDAR at www.sedar.com. ABOUT KIRRIN RESOURCES Kirrin is engaged in uranium and REE exploration in Newfoundland & Labrador, Quebec and Saskatchewan and in the expansion of its portfolio through 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. FOR FURTHER INFORMATION PLEASE CONTACT: Derek J Moran, President, Kirrin Resources Inc. 27 82 440 3426 Robin Cook, Account Manager, CHF Investor Relations (416) 868-1079 [email protected] To receive company news releases via e-mail, please advise [email protected] 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. Forward-looking information: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. 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. Risks include delays in obtaining or failure to obtain regulatory approval. 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. | |
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