| September 21, 2010 Kirrin Resources Results From Grevet Rare Earth Element Property Include 14.08% LREO And 1.61% LREO Over 2.2 Metres | |
| Calgary, Canada: Kirrin Resources Inc. today announced geochemical assay results from the first round of sampling at its Grevet REE property in northwestern Quebec (see news release dated July 8, 2010). Preliminary results show 14.08% light rare earth oxides (LREO-see Note 1) in a grab sample from a narrow carbonatite dyke and 1.61% LREO across 2.2 m from a wider carbonatite dyke. These confirm the potential of the Grevet REE property to host REE-bearing carbonatite deposits with LREO grades of definite interest. Commenting on the results, Kirrin President and CEO Derek Moran said: "These results show elevated REE in carbonatite exists throughout the property and are encouraging in the context of the recessive nature of large carbonatite occurrences. We acquired Grevet with the potential for an open pit operation in mind. Grevet is close to infrastructure, with a Provincial road providing direct access, a CN railroad line transecting the property, and power available 30 km southwest at Lebel-sur-Quévillon". The 156 rock channel, chip and grab samples collected for REE analysis during the mid May to mid July program are mainly from carbonatite dykes, ankerite/siderite vein stockworks or fenitized wall rocks, and magnetite veins and stockworks. The main Grevet carbonatite showing, from which a continuous systematic rock chip sample assays 1.61% LREO across 2.2 m, can be traced to the southeast for at least 160 m and thereafter potentially through several other carbonatite showings along strike for a strike extent that may exceed 2 km. Further, this carbonatite showing is thought to continue northwest under swamp. To the northwest, a grab sample from a narrow (~2.5 cm wide) carbonatite dyke assayed 14.08% LREO and also had elevated HREO of 0.14%. This result is important both because it is high grade and extends the area underlain by potentially high-REE grade carbonatite several hundred metres northwest of the main carbonatite showing. In addition, at least two other carbonatite dykes within the Grevet property have produced chip or grab samples that assay from 1.03% to 2.45% LREO across narrow widths, and twelve other prospects yielded rock samples that assay from 0.36% up to 0.99% LREO. These grade across width and rock grab sample results are important because they confirm that high grade REE-bearing carbonatites exist at least locally within the Grevet property. Further, Kirrin consultant Dr. Dave Lentz has suggested that only smaller carbonatite occurrences are likely to be present in outcrop and that larger bodies, because of their recessive nature, would tend to be in drift covered draws or other overburden covered areas along the strike of the carbonatite dyke or dyke swarms. As a result, Kirrin's consultants are recommending follow-up work within the Grevet REE property, focusing especially on larger, but blind or recessive (i.e., overburden covered) REE-bearing carbonatites. Note 1: LREO = Lanthanum (La2O3), Cerium (Ce2O3), Praseodymium (Pr2O3), Neodymium (Nd2O3) and Samarium (Sm2O3) oxides. Quality Control: Sampling was carried out by Kirrin personnel under the supervision of Michel Proulx P.Geo., M.Sc. (MP) and all samples were delivered to ALS Chemex, Val d'Or, QC for preparation and analysis. The samples were analyzed utilizing an inductively coupled plasma mass spectrometer. The digestion technique was total digestion that employs a lithium metaborate/tetraborate fusion by the ME-MS81 specific REE package. Two Canmet international standards (OKA-1 & OKA-2) were analyzed with the samples to verify accuracy and reproduction within the laboratory processes. Samples with REE results over detection limits were re-assayed using the ME-MS81h method by ALS Chemex and by Actlabs, Ancaster, ON. Kirrin may earn a 100% interest in the Grevet REE project by spending $1,850,000 on exploration and making payments to MP of $20,000 over four years. Kirrin is current on its obligations. The property encompasses 33 claims comprising 1,049 hectares. Additional ground was recently acquired, adjacent to the south and west of the property, to cover anomalies identified from prospecting and sampling. Reg A. Olson, Ph.D., P. Geol. provided overall direction on the project and is the designated Qualified Person for Kirrin on the Grevet REE project. 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 engaged in uranium and rare earth element 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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