|June 21, 2011|
Kirrin Doubles Grevet REE Project; Adds Gold and VMS Prospects
|Calgary, Alberta: Kirrin Resources Inc. (TSX Venture: KYM) today announced the doubling of the area of its Grevet REE project, located in northwestern Quebec, from 1,049 ha to 2,024 ha. The additional lands ('Grevet Extension') lie adjacent to Grevet's northern boundary and, before Kirrin recognised their carbonatite potential, they enjoyed a 70 year history of gold exploration following the discovery of the Flordin Gold Project adjacent to the west of the property. Kirrin has optioned the additional lands from Ressources Centurion Inc and Placements Jules Boudreau Inc. |
Commenting on the acquisition, Kirrin President and CEO, Derek J Moran said: "We were prompted to expand Grevet REE along its northern perimeter by last year's exciting grab sample that assayed 14.08% LREO and 0.14% HREO. In addition to REE prospectivity, the new lands offer both gold and VMS opportunities. Kirrin is not changing direction but would be doing an injustice to shareholders if it did not expand its horizons with a wider ranging exploration program on this particular property."
115 holes have been drilled on the Grevet Extension of which 45 were drilled along the Lac Cameron Sud showing. The drilling noted several magnetite-rich carbonatitic features along a prominent ESE-trending magnetic anomaly that, to date, have not been assessed. This is part of the regional Cameron Deformation Zone, and the inflection in the Zone here is the location of the semi-circular Cameron Syenitic stock. This may be a zone of transpression that helped localise the syenite and carbonatites thus presenting structural potential for localizing carbonatites.
The National Instrument 43-101 Technical Report and Mineral Resource estimate for the Flordin Gold Project is found at: www.napalladium.com/Theme/NAP/files/technical_reports/TR_20100331_Flordin_Resource_Estimate.pdf
The development of the exploration program for the Grevet Extension will await the results from the current summer field program on Grevet REE as well as compilation of all existing mineral exploration data.
Kirrin may earn a 100% interest in the Grevet Extension property by spending $250,000 on exploration, including a minimum commitment of $50,000 by June 30, 2013, and making payments of $25,000 over four years. In addition, Kirrin will pay $75,000 on the receipt of a positive Feasibility Study and the vendors will retain a 0.5% Net Smelter Returns royalty on all minerals produced from the property.
Michel Proulx, P. Geo., M.Sc. is the Qualified Person who has reviewed the technical information herein.
Additional information relating to Kirrin is available on Kirrin's web site at www.kirrinresources.com and on SEDAR at www.sedar.com.
Kirrin 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 through options and corporate development activity. 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
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 including, without limitation, future plans and objectives of the Company are forward-looking statements which involve risks and uncertainties. Specifically, this press release contains forward-looking statements concerning the planning of an expanded 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 2011 time frame for the exploration program assumes 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 press 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.
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