|November 22, 2011|
2011 Exploration Results Advance Grevet REE Property
|Calgary, Canada: Kirrin Resources Inc. today announced that its technical advisors have concluded their review of the results from Kirrin's extensive 2011 exploration program at the Grevet REE property in northwestern Quebec and have made recommendations for advancing the project in 2012. |
Some 143 carbonatite and related lithological showings have been recognized to date within the Grevet property. At least 50 of these showings have produced rock samples with elevated REE (greater than (>) 0.5% total rare earth oxide, TREO1) in carbonatite, with 14 showings having greater than 1.0% TREO, and 3 showings having rock samples with 12.24%, 19.6% and 20.4% TREO. In general, more than 99% of the TREO are in the light rare earth elements, especially lanthanum, cerium, promethium, neodymium and samarium.
The REE-bearing carbonatite dykes and dykelets clearly exist in many outcrops throughout the property although it is noted that the vast majority of the property is overburden covered. Therefore, because large carbonatite bodies likely are intensely weathered and hence deeply recessive, more important REE-bearing carbonatites may be more extensive on Grevet than evidenced by the outcrop showings.
An example of a larger, deeply recessive carbonatite may possibly exist in the southeastern part of the Grevet property, where there is an inferred carbonatite body based on a 2011 gravity survey positive residual, a belt of geochemical soil anomalies and a ground magnetic anomaly. As well, 1987 overburden drilling at this locale found the overburden was about 100 m thick and was underlain by a "highly weathered rusty limonitic rock", which description is very similar to the rusty carbonatite dykes seen in outcrop within the Grevet property. This locale is one of the probable drill targets that Kirrin intends to test in 2012.
Kirrin has received recommendations for advancing the Grevet REE project in 2012. These include a proposed 2012 work program comprising field work in the overburden-covered areas to identify added drill targets, followed by drill testing selected targets in a 15 hole program aggregating 2,500 m, with an associated budget of $1.0 million.
Kirrin's 2011 exploration program focused on 15 REE targets identified in 2010 as well as systematic prospecting of additional areas not fully explored during the 2010 program. This resulted in 14 additional REE-bearing carbonatites being discovered during 2011. In total, 90 geochemical soil samples were collected from the Ah (organic humus) soil horizon at 85 sites along five selected grid lines that cross an inferred carbonatite body in the southeast of the property. As well, 90 soil samples were collected from the same sites for mobile metal ion (MMI) analysis, which analysis remains outstanding.
Magnetometer surveying totalling 11.15 line-km and geological mapping were completed over two areas showing high grade REE. In total, 92 rock samples, mainly channel or chips, were collected at 38 carbonatite showings. At the carbonatite zone which in 2010 produced a rock grab sample with 14.16% TREO, the 2011 re-sampling gave 20.41% TREO across 0.066 m. As well, a 2011 rock chip sample from a nearby carbonatite dyke assayed 19.64% TREO across 0.07 m.
Kirrin also completed a gravity survey comprising 3.4 line kilometres, with readings at 25-metre station intervals, across an overburden covered area that may be underlain by a large carbonatite body.
Kirrin is earning a 100% interest in the Grevet REE property by spending $1,850,000 on exploration and making payments of $20,000 over four years. Kirrin recently extended its land interests immediately to the north of the original Grevet property and may earn a 100% interest in the Grevet Extension property by spending $250,000 on exploration and making payments of $25,000 over four years. As a result, the entire Grevet property now consists of 86 claims totalling 2,024 ha.
Quality Control: The 2011 exploration was carried out by Discovery Consultants' personnel under the supervision of William Gilmour B.Sc., P.Geo. and all samples were delivered to Actlabs, Val d'Or, QC and Toronto, ON for preparation and analysis. William Gilmour B.Sc., P.Geo. is the designated Qualified Person for Kirrin and has reviewed the contents of this news release.
Note 1: TREO = the sum of lanthanum (La2O3) to lutetium (Lu2O3) oxide analytical results.
Private Placement Extended: Kirrin also announced that it is extending the closing date of the Private Placement announced October 20, 2011 until December 4, 2011.
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.
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 news release contains forward-looking statements concerning the review, interpretation and availability of technical data as part of a continuing 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 time frame for data availability and the constituents of the planned programs assumes the availability of personnel and equipment from third parties and 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 news 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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