|September 21, 2011|
Kirrin Stakes New Property In SE Athabasca Basin
|Calgary, Alberta: Kirrin Resources Inc. is pleased to announce that it has staked an additional 4,185 ha adjacent to its Key Lake Southwest ('KLSW') uranium property located on the southeastern margin of the Athabasca Basin in Saskatchewan, Canada. Staking in the area was competitive and Kirrin secured its target area and completed recording on September 3, 2011. |
The staked area is situated in the Wollaston geological domain and is about 50 km south of the Wheeler River, the site of Denison's Phoenix discovery and about 25 southwest of the former Key Lake Mine. Exploration in the immediate area of the staking is very active. Kirrin targeted the area (a) it is underlain by geologically favourable western Wollaston Domain metasedimentary rocks, which are cut by the major west-southwest trending fault structure that intersects the uranium deposits at the former Key Lake Mine; (b) there are several reported radioactive showings and some other historic exploration anomalies (e.g., airborne and ground electromagnetic (EM) anomalies) present; and (c) Kirrin's 2010 and 2011 airborne magnetic-EM surveys within the northeastern part of its KLSW property has identified high to moderate priority EM conductors that trend north-northeasterly onto the newly staked ground.
The eastern margin of the Athabasca Basin is home to the most productive and highest grade uranium mines in the world with roughly 25% of the world's uranium production coming from this area. Kirrin's targets are basement-hosted unconformity-type uranium deposits, similar to Cameco's basement-hosted Millennium deposit, located about 50 km to the northeast; the Phoenix discovery, located about 60 km northeast; and the former Key Lake Mine, located about 35 km east-northeast.
The new property will form part of the option agreement between Kirrin and Majesta Resources Inc. whereby Kirrin is earning a minimum 70% interest in the KLSW property by spending $3.0 million on exploration and making payments of $310,000 by 31 December 2015. Kirrin is current on its obligations.
Reg A. Olson, Ph.D., P. Geol., principal of OAR-Rock Geoscience Ltd., is the designated Qualified Person for Kirrin who has reviewed the contents of this news release.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Derek J Moran, President, Kirrin Resources Inc.
27 82 440 3426
Robin Cook, Account Manager, CHF Investor Relations
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.
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