Kirrin Resources Inc. announces the results of December’s geophysical interpretation program at its Grevet REE project in northwestern Quebec. The program met its objectives in confirming the relationship between magnetic signatures and magnetite-bearing carbonatite showings at Grevet and these interpretative results will assist in focusing the 2011 exploration program.
Commenting on the results, Kirrin President and CEO, Derek J Moran said: “The results of the geophysical interpretation have contributed to our understanding of the geology at Grevet. They have confirmed the relationship between magnetic signatures and the carbonatite and carbonatite-magnetite showings. Importantly, the geophysical interpretation has identified 15 key targets for follow-up during the 2011 Grevet exploration program.”
The geophysical program comprised geophysical interpretation of the ground magnetic data from the 2001, 2002 and 2010 surveys. In particular, the geophysical interpretation included a detailed examination of magnetic profiles in conjunction with known carbonatite and magnetite-carbonatite showings at Grevet. The intent was to define the trends of magnetic carbonatite and other magnetite-bearing rocks, and, especially, search for larger continuous potentially REE-bearing blind carbonatite bodies. In addition, integration of historic exploration and other geological data with the geophysical interpretation of the ground magnetic data has refined target selection and defined the specific follow-up program of work at selected targets in 2011.
The results and conclusions of the geophysical interpretation may be summarized as follows:
-- The merged, edited, then interpreted magnetic data resulted in a more
coherent magnetic map of the Grevet REE property.
-- Two major magnetic domains were outlined: Domain A, which is towards the
northeast of the property and covers the mafic and ultramafic rocks; and
Domain B, which is immediately adjacent and to the southwest and is over
the felsic to intermediate composition volcanic rocks.
-- Based on the magnetic evidence, numerous interpreted, dominantly
northeast and north-northeast striking shear zones and/or brittle faults
-- The interpretation established, in large part, a relationship between
magnetic signatures and the carbonatite and carbonatite-magnetite
showings. Specifically, 52% of the carbonatite showings and 67% of the
carbonatite+magnetite showings are associated with recognizable magnetic
signatures derived from the ground magnetic survey data.
-- Lastly, the interpretation identified 15 targets for follow-up during
the 2011 exploration program.
The geophysical interpretation was prepared by Savaria Geophysics Inc.
Kirrin also announced that its Board of Directors has granted options over 1,755,000 common shares at an exercise price of $0.13 per share to nine directors, employees and consultants (closing price on January 26, 2011 was $0.13 per share). The expiry date is January 27, 2016 and one quarter of the options will vest annually. Included in the option award is a grant over 60,000 common shares at an exercise price of $0.13 per share to an IR consultant. Kirrin now has 3,046,000 options outstanding under its Option Plan, at an average exercise price of $0.13 per share.
The region about the Grevet property is primarily underlain by volcanic, sedimentary and igneous granitoid rocks of the Superior Geological Province. These are locally intruded by Proterozoic diabase dykes. The Archean rocks regionally have been affected by four regional deformation events, although within the Grevet property only two are readily evident. The Grevet property is mainly underlain by Archean basaltic and andesitic volcanic rocks that are cut, in places, by small northwesterly trending Archean gabbros and by carbonatite intrusions which are of uncertain, but probably Archean, age. The Archean rocks are cut north of the property by the southeast-trending Cameron Deformation Zone, which is a regional structural discontinuity, and to the south by the northeast-trending Wedding-Opawica brittle fault.
The carbonatite is particularly important because in places there are closely spaced magnetite veinlets and carbonatite dykelets, several of which carry highly anomalous concentrations of LREO up to at least 5.9%. Dr. D. Lentz, a consultant to Kirrin Resources, has looked at the existing geological and geochemical data for Grevet, and has suggested that because of the ferroan carbonatite association with magnetite, the Grevet REE property may have some geological similarities to the large Bayan Obo REE-bearing carbonatitic body in inner Mongolia. Bayan Obo is the world’s largest REE deposit, containing about 70% of the world’s known REE reserves.
Additional information relating to Kirrin is available on Kirrin’s web site at www.kirrinresources.com and on SEDAR at www.sedar.com.