Jet Gold Updates Big Hammer 2012 Drill Program Silver Bay Property Option Not Exercised

VANCOUVER, June 8, 2012 /CNW/ - JetGold Corp. (TSX-V: JAU) (the "Company") today issued an up-date to shareholders regarding the Big Hammer 2012 drill program. Additionally, the Company reports after a lengthy and careful review of project logistics by management, its consultants and investment partners, the board has declined to exercise its option to acquire the Silver Bay property from Guardsmen Resources.

Successful Big Hammer 2011 Drill Program
JetGold's October, 2011 drilling program was the first modern exploration program attempted at the Big Hammer gold-silver-tellurium prospect. Phase One exploration at Big Hammer was initially planned as a 1,500-meter program but logistical considerations forced truncation of HQ core drilling after the first half (767 meters) of the program was completed. The remaining 733 meters of core, when drilled, should significantly expand the known volume of mineralized rock.

Drill holes BH11-001 through BH11-007 were all drilled into the projected hanging wall of, and through, the 380 Vein to depths between 36.0 meters and 81.7 meters. All were drilled at a -65° angle from horizontal along a 150° (SSE) azimuth, with the intent of piercing the projected vein at a 90° angle to the projected dip. Drill holes 003, 004, 006 and 007 encountered Au-Ag-Te mineralization on the 380 Vein at depths of less than 39 meters.

Big Hammer Shows Positive Mineralization
Significant Au, Ag, and Te assays have been received from samples taken in quartz-pyrite-telluride-chalcopyrite veins hosted in Paleocene granite. Highest gold values have come from surface grab samples of the 380 Vein and the 380 Extension Vein.

The highest grade drilled interval encountered thus far occurs in a 0.5-meter length of networked sulfide-telluride in white vein quartz. Sulfide-telluride clots within this network are up to 3 cm across. Other significantly mineralized drill intervals occur in BH11-006 at 22.9m, 26.7m, and 38m, and in BH11-007 at 37.9m. Veinlets with similar mineralogies as the above vein intercepts have been encountered in the younger diorite (Td) core. Favorable vein widths in Td were not encountered in drill hole or observed on the surface in 2011.

Surface veins with the similar mineralogies and textures to those intercepted in the core provided the discovery samples at Big Hammer. Nine well-mineralized grab samples returning the highest grades, as listed in Table below, range from 11 to 94 ppm Au, 105 to 522 ppm Ag, and 140 to 946 ppm Te.

Table 2 - A summary of the highest grade surface and drill core assays (ppm) -2009 to 2011

sample type length Location: description Au Ag Te As Bi Cu
E5210890 trench grab hi-grade 380 Vein: QSxTe 93.9 105 946 2 44 6,500
E5210889 trench grab hi-grade 380 Vein: QSxTe 48.3 118 331 3 55 532
90927.01 roadcrop grab hi-grade 380 Vein: QSxTe 41.0 522   0 40 2,909
E5217560 trench grab hi-grade 380 Extension vein: QSxTe 29.9 429 314 2 107 3,460
E5217561 trench grab hi-grade 380 Extension vein: QSxTe 20.9 284 213 2 101 1,920
E5217562 trench grab hi-grade 380 Extension vein: QSxTe 17.1 335 145 1 342 775
90927.03 roadcrop grab hi-grade 380 Vein: QSxTe 14.5 343   0 361 7,482
E5210883 trench grab hi-grade 380 Vein: QSxTe 12.7 202 119 15 127 917
E5210881 trench grab hi-grade 380 Vein: QSxTe 11.3 186 140 5 33 2,070
E5217565 core sample 0.6 m BH11-003 at 35.0m: QSxTe 13.3 112 69 1 17 2,340
E5217575 core sample 0.6 m BH11-006 at 37.0m: QSxTe 7.3 16 73 6 7 273
E5217568 core sample 0.4 m BH11-007 at 37.9m: QSxTe 6.0 47 71 2 11 1,840
E5217573 core sample 0.8 m BH11-006 at 26.7m: QSxTe 2.7 40 30 2 10 772
E5217572 core sample 0.3m BH11-006 at 22.9m: QSxTe 3.0 17 21 4 7 13
E5391165 core sample 0.2m BH11-004 at 25.1m: QSxTe 2.0 16 14 3 3 37

2012 Drill Program Committed
The Phase One drilling program, which was interrupted in early November of 2011 due to weather, will be continued to a maximum of 3,000 meters, with 35 drill ready pad locations. The 2012 drill pattern will be designed to follow known mineralization trends. Core logging will be continued in the same fashion as the 2011 portion of Phase One, retaining previous conventions and nomenclature. The goal for 2012 will be an inferred Au-Ag-Te resource.

The big hammer gold, silver and tellurium property covers the lower slopes of thornhill and attree mountains on the north side of williams creek, just 13 kilometers southeast of terrace. the property consists of six tenures which have a total area of 1,617 hectares (3,996 acres). road access to the property is all-season and work is feasible on a year-round basis

jetgold's disclosures of a technical or scientific nature in this news release have been reviewed and approved by donald g strachan, m.sc, cpg, jetgold's consulting geologist, who serves as a qualified person under the definition of national instrument 43-101.

JetGold is a Canadian resource exploration company actively developing gold, silver and iron ore mineral resource properties in British Columbia, Canada.

The company is currently undertaking exploration of the Big Hammer precious metal property and the Nadina iron ore property.

Big Hammer   Gold/Silver/Tellurium (Au/Ag/Te) property located 13 km southeast of Terrace
Nadina    Iron ore (Fe) property located in west central BC

JetGold is strategically investing in the Terrace and Smithers region of British Columbia, encouraged by the excellent road access and close proximity to abundant power, water, CN Rail lines, and the deep water container port at Prince Rupert. The Fairview Terminal at Prince Rupert is an important part of the Government of Canada's "Asia-Pacific Gateway & Corridor Initiative" and the Province of British Columbia's "Pacific Gateway" strategy.

 

SOURCE Jet Gold Corp.

For further information:

www.jetgoldcorp.com

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