Jasper Mining Corporation - Five more drill holes having in excess of 0.2% copper equivalent, including 212.43 m grading 0.265% cu.eq. from diamond dr
Wed Dec 17, 3:09 PM
ca.news.finance.yahoo.com
Trading Symbol: JSP (TSX-Venture)
CALGARY, Dec. 17 /CNW/ - Jasper Mining Corporation (the "Company") has received additional analytical results on 5 additional drill holes from its 100% owned Isintok property. The property comprises approximately 2,839 ha (7,015 acres or approximately 11.0 square miles), covering the drainage divide between McNulty and Isintok creeks. The property is located west of the Okanagan Valley in south-central British Columbia, approximately 27 km west-southwest of Summerland and 20 km north of Hedley.
A total of 54 drill holes have been completed by the Company on the property to date, with 38 of those holes completed as part of the Company's highly successful 2008 exploration program. Of the 2008 holes, full or partial results have now been released from only 15 of these holes to date. Therefore, results for a further 23 drill holes have yet to be received. The 2008 holes were completed to evaluate sub-surface, porphyry style mineralization corresponding to coincident surface soil and Induced Potential (geophysical) anomalies.
Three of the five holes released today (Holes 31, 38, 42 and 43) were drilled from the west flank of the coincident anomaly, and again, were oriented east to northeast into mineralization, controlled by steeply, generally west dipping structures. Therefore, they are interpreted to have been drilled at moderate to high angles to the controlling structures.
Hole 50 was drilled between the coincident surface soil and IP anomaly tested by holes 1 through 49 and Hole 54, which was the first hole drilled to test a second IP anomaly identified on the Company's ground IP survey in 2006. Holes 50 and 54 were again drilled to the east at an inclination of -45 degrees and are, therefore, interpreted to have been drilled at a moderate angle to the controlling structures.
Management wishes to emphasize that although the project is currently being evaluated as a Cu - Mo porphyry deposit, numerous very high grade molybdenum intercepts have been documented, with single sample intervals to 4.985% Mo (8.315% MoS(2)) over 0.32 m and composite intervals grading 0.055% Mo (0.092% MoS(2)) over 44.58 m. Local high grade values for silver (40.30 g/t over 1.18 m), Au (2.591 g/t over 1.18 m) and tungsten (0.25% over 1.12 m) have also been documented.
The following table is a compilation of high grade analytical results for copper +/- molybdenum +/- silver +/- gold for holes 31, 38, 42, 50 and 54. Note: In contrast to previous News Releases, only results for individual intervals greater than 1.00% copper or 1.00% MoS(2) have been tabulated below.
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Hole From To Width Cu(1) Mo MoS(2)(2) Ag Au
Number (m) (m) (m) (%) (%) (%) (g/t) (g/t)
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IS-08-31 17.98 97.23 79.25 0.032 0.015 0.026 0.367 0.005
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IS-08-38 4.57 99.29 94.72 0.241 0.051 0.084 1.500 0.032
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including 52.83 54.14 1.31 2.829 0.240 0.400 13.90 0.159
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including 61.73 61.87 0.14 2.707 0.906 1.511 9.000 0.172
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including 61.99 62.13 0.14 0.837 1.701 2.837 3.8 0.061
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including 63.56 63.93 0.37 3.140 0.217 0.362 12.90 0.353
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including 66.27 66.44 0.17 6.242 3.034 5.061 27.60 0.240
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including 67.47 68.42 0.95 4.129 1.452 2.422 22.3 0.252
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including 72.15 72.54 0.39 1.322 0.388 0.647 5.900 0.048
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including 74.08 74.43 0.35 2.164 1.922 3.206 10.00 0.795
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including 80.92 81.27 0.35 4.607 0.078 0.130 29.40 2.030
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IS-08-42 3.10 127.84 124.74 0.099 0.005 0.009 0.714 0.016
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including 5.19 5.59 0.40 2.016 0.033 0.055 2.300 0.028
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including 29.66 30.02 0.36 1.121 0.082 0.137 5.900 0.032
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including 57.77 58.70 0.93 3.917 0.018 0.030 22.50 0.800
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IS-08-50 3.46 143.60 140.14 0.168 0.019 0.032 1.632 0.036
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including 89.45 89.85 0.40 3.464 0.722 1.204 7.100 0.084
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IS-08-54 3.05 215.48 212.43 0.101 0.013 0.022 1.243 0.021
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including 13.45 13.94 0.49 1.673 0.109 0.182 17.60 0.086
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including 75.21 75.36 0.15 2.148 0.001 0.002 30.80 0.498
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including 178.91 179.87 0.96 1.629 0.030 0.050 29.30 0.302
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* The angle between the core axis and veins were all at an inclined
angle and so widths are not true widths
Core in each of the sampled intervals was split, with one half submitted for analysis and one half retained for subsequent analysis. The core was submitted to Acme Analytical Laboratory Ltd in Vancouver, BC for Group 1DX analysis. Samples returning in excess of 10,000 ppm copper were re-submitted for Group 7AR analysis. Samples that returned Mo results greater than 2,000 ppm were re-submitted for Group 7KP - 0.50 gm analysis.
1 - Only single sample intervals having copper and/or molybdenum values
greater than 1.0% were reported in the table above.
2 - Conversion factor from Mo to MoS(2) is 1.6681.
As announced in the previous News Release (dated Dec. 12, 2008) the Company has reviewed metal prices used for the purposes of a copper equivalency ("Cu. EQ.") calculation. Company management has revised metal prices used in the Cu. EQ. calculation to reflect current prices. Note: the resulting copper equivalency is, essentially, a qualitative number in that it is not based on metallurgical studies and does not address metal recovery and a host of other considerations.
Preliminary copper equivalency (Cu. EQ.) results for Holes 26 and 39 are presented below:
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Hole From To Width Cu. EQ.(1)
Number (m) (m) (m) (%)
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IS-08-31 17.98 97.23 79.25 0.202
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IS-08-38 4.57 99.29 94.72 0.811
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IS-08-42 3.10 127.84 124.74 0.173
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IS-08-43 5.19 176.30 171.11 0.198
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IS-08-50 3.46 143.60 140.14 0.411
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IS-08-54 3.05 215.48 212.43 0.265
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1 - The equation used to calculate the copper equivalent is as follows:
Cu. EQ (%) = ((Cu(%)*20*
$Cu)+((Mo%*20*1.5*$MoO3))+((Ag*($Ag/34.2857))+(Au*($Au/34.2857)))(divided
by)(20*$Cu) where $Cu = $3.26/lb, $MoO3 = $33.75/lb, Ag = $13.18/oz and Au =
$802.50/oz.
Note: The resulting Cu. EQ. value assumes 100% recovery of all metals.
Furthermore, the values utilized for the metals was taken from the September 8
- 14, 2008 Northern Miner and so does not address expected trends in metal
prices.
Management wishes to emphasize:
1. that the holes document mineralization from immediately below a thin
cover of overburden to depths up to 215.48 m down-hole or
approximately 153 m vertically below surface, and
2. There are many high grade copper +/- molybdenum +/- silver +/- gold
sample intervals in the five holes reported herein and only those
exceeding 1.0% copper and/or 1.0% molybdenum are tabulated above.
Management is very encouraged by continued high grade (Cu +/- Mo) results from the majority of drill results released to date from those holes completed in 2008 to test the coincident IP - soil anomaly. Management is unreservedly encouraged by continued results returned from the 2008 field program, confirming high grade, copper +/- molybdenum +/- silver +/- gold +/- tungsten sub-surface mineralization spatially coincident with, and underlying, surface soil and IP survey results. The 2008 drill program has been completed, however, further analytical results will be reported as received.
This news release has been prepared by Richard T. Walker, B.Sc., M.Sc., P. Geo., the "Qualified Person" under National Instrument 43-101.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts
Gordon F. Dixon
Q.C.
President
Jasper Mining Corporation
Telephone (403) 297-9480
Fax (403) 266-1487
email: xon@telus.net
Investor relations inquiries may be directed to Robert Rowell
Telephone (403) 668-4880
email: ir@beaumontcapital.ca |
