Drilling will test the continuation of the uranium bearing Cataclastic Zone at depth and down plunge.
The program, budgeted at $400,000 and scheduled to be completed by year end, is expected to consist of five holes of BQ-TK sized core, with each hole ranging between approximately 170m to 380m in length.
Kirrin had received funding assistance from the Department of Natural Resources of the Province of Newfoundland & Labrador under the JCEAP program, which will subsidize up to 50% of the proposed program to a maximum of $100,000.
Exploration to date at Lost Pond has proven the existence of a number of salient factors favorable to the presence of uranium deposits.
For example, the local geology, in particular the characteristics of the U2 uranium alteration zone, demonstrates a uranium enriched source rock in the Hare Hill Granite and related dyke systems.
The U2 area uranium showing at Lost Pond was discovered by Shell Minerals in 1981.
Exploration since 2006 has resulted in the definition of the U2 mineralization as a 200 metre wide structural/alteration corridor hosting the Cataclastic Zone (0.045% U3O8 over 12.3m and 0.038% U3O8 over 20.1m) and parallel higher grade fracture controlled mineralization (0.752% U3O8 over 0.5m).
A total of 3,100m of diamond drilling has been completed to date and results have demonstrated the Cataclastic Zone extends to depth.
The deepest hole drilled to date assayed 0.038 %U3O8 over 20.1m including 0.061 %U3O8 over 3m. An additional five holes are planned at 50m to 75m spacing to explore the potential that the width and grade of the zone continues to increase in the down plunge direction.
The Lost Pond property is subject to a farm-in agreement with Ucore Rare Metals Inc whereby Kirrin can earn up to a 50% interest in the property by completing a schedule of annual exploration expenditures and share payments to Ucore.
