JetGold Files Silver Bay NI 43-101 Technical Report

Deemed "Property of Merit" - Full Scale Exploration Program Planned

VANCOUVER, Feb. 23, 2012 /CNW/ - Jet Gold Corp. (TSX-V: JAU) today announced the filing of the Silver Bay NI 43-101 Technical Report with appropriate exchange and regulatory bodies.

Following are key points from the Technical Report:

  1. The Silver Bay property is located 29 km south of the Huckleberry open pit copper mine in the prolific Tahtsa Ranges of central British Columbia.
  2. The property is comprised of eleven mineral claims that cover 5313.61 hectares in the Omineca Mining Division.
  3. The property is underlain primarily by thick sequences of volcaniclastics, intermediate to mafic flows, and lesser sedimentary rocks of the Jurassic Hazelton Group, a succession of interlayered volcanic and sedimentary rocks and related intrusions that are correlated with the Cretaceous Kasalka Group, and a quartz monzonite to granite stock of Tertiary age.
  4. Nearby porphyry copper-gold and/or molybdenum deposits include Berg, Lucky Ship, Poplar, Red Bird and Whiting Creek all within 70 km of the Silver Bay property.
  5. Nearby polymetallic vein deposits include Emerald Glacier, Deer Horn and Silver Queen.
  6. Past exploration and small scale underground development on the Silver Bay property focused on two principal polymetallic silver-lead-zinc+/-gold veins, Roosevelt and Nickel Plate, and identified skarn copper mineralization and a broad hydrothermal alteration system with associated disseminated copper mineralization.
  7. The Roosevelt polymetallic vein system crops out in a north-trending shear zone that has been traced for more than 1500 m along strike; individual chip and grab samples collected in 2011 from the Chikamin Adit dump graded up to: 17.3 g/t Au, 1570 g/t Ag, 0.59% Cu, >20% Pb and 6.61% Zn.
  8. The Nickel Plate polymetallic vein has been traced for at least 600 m along its northwesterly trend; chip samples across the vein and selected grab samples collected from the Ruby Adit dump graded up to: 4.90 g/t Au, 551 g/t Ag, 1.0% Cu, 11.2% Pb and 7.7% Zn.
  9. The Deuce skarn copper prospect (not observed in 2011) occurs within a 3-10 m thick, altered limestone and has been traced for 300 m along strike.
  10. The Ace prospect includes an impressive alteration system that reportedly covers a 3000 m by 500 m area in the eastern part of the property, more than 3 km from the closest known vein occurrence.   Alteration consists of intense, pervasive limonite and locally intense jarosite coatings on pyritic volcanic rocks that form steep spires and canyon walls along a creek gulley.  The volcanics are cut by a pyritic granite breccia stock.  Sampling of the gossanous rock over a length of approximately 700 m produced anomalous values of copper, lead and zinc.  Previously recorded work identified magnetite-chalcopyrite-bornite skarn mineralization along shear zones 'beyond the pyritic' rocks, and disseminated hematite, pyrite and chalcopyrite in a range of volcanic lithologies rocks approximately 1 km southwest of the canyon examined.
  11. Literature review of the three known mineral occurrences on the property that were not located in 2011 (Dad's Surprise, Deuce and Chikamin Group) are also regarded to be porphyry-related.
  12. The intense alteration at Ace is consistent with the upper levels or flank of a porphyry (Cu-Au) system.  The polymetallic veins that comprise the Roosevelt and Nickel Plate prospects may be distal components of, and directly related to, the Ace porphyry system. The veins have been traced from the south shore of Whitesail Lake to the south-southeast, resulting in additional discoveries beyond the peak of Chikamin Mountain - giving the vein system an overall strike length of more than 4 km and a vertical dimension of approximately 1 km.
  13. The Silver Bay property is a Property of Merit and warrants a large scale, multi-faceted exploration program to further assess its potential to host economic polymetallic vein, skarn and porphyry mineral deposits.

In commenting on the Report, JetGold President, Brad Moynes stated, "We are very encouraged by the positive results of the Silver Bay Technical Report. It fully supports our commitment to a major exploration program to assess the property's polymetallic vein, skarn and porphyry mineral deposits. We will be issuing our exploration plans shortly."

The following table displays the range of values and assay results from the Roosevelt, Nickel Plate and Ace mineral occurences at Silver Bay:

Sample ID Type Easting Northing Au (ppm) Ag (ppm) Cu (ppm) Pb (ppm)
Roosevelt              
1411652 0.5 m chip 626068 5920100 0.025 5 20 1090
1411653 0.55 m chip 626068 5920100 7.65 239 1490 44200
1411654 grab 626057 5920117 2.65 93 780 15200
1411655 grab 626064 5920090 0.214 51 470 9760
1411656 float 626065 5920137 17.3 1570 5920 >20.0 %
1411657 grab 626058 5920169 0.019 4 40 600
1411658 grab 626054 5920178 6.63 279 7090 46800
1411659 grab 626064 5920090 0.03 6 80 960
1411679 grab 626068 5920100 14.6 1110 7880 >20.0 %
1411680 grab 626061 5920103 8.88 1360 5740 >20.0 %
Nickel Plate              
1411660 0.3 m chip 627589 5919174 0.364 274 1000 49300
1411661 grab 627578 5919185 0.771 255 5110 28400
1411662 0.2 m chip 627693 5919071 1.68 274 4540 61900
1411663 grab 627634 5919124 4.90 551 10000 11.2%
1411664 grab 627578 5919185 0.631 999 28100 63000
1411665 grab 627578 5919185 0.467 599 29000 40000
1411666 grab 627688 5919078 0.709 262 7780 58300
1411675 grab 627578 5919185 0.436 176 4960 24500
1411676 grab 627578 5919185 1.30 467 9050 58100
1411677 grab 627693 5919071 0.429 76 3120 5910
1411678 grab 627693 5919071 0.639 150 7310 9900
Ace              
1411668 grab 631746 5923111 0.007 5 190 540
1411669 grab 631886 5922977 0.004 2 150 250
1411670 grab 631930 5922852 0.004 <1 50 230
1411671 grab 632016 5922624 0.001 <1 30 70
1411672 grab 631991 5922629 0.002 <1 20 50
1411673 grab 632163 5922563 0.001 <1 30 40
1411674 grab 631852 5922865 <0.001 <1 30 50

The independent Qualified Person who reviewed and approved the contents of this news release is Bob Lane, MSc, PGeo, from the consulting firm of Plateau Minerals Corp.  The Siver Bay Technical Report was prepared by Mr. Lane and adheres to the disclosure requirements of NI 43-101.


JetGold is a Canadian resource exploration company actively developing gold, silver, copper, zinc, molybdenum and tellurium mineral resource properties in British Columbia, Canada. The company is currently undertaking exploration of two precious metal properties [Big Hammer and Silver Bay] and one base metal property [Kshish].

Big Hammer  Gold/Silver/Tellurium (Au/Ag/Te) property located 13 km southeast of Terrace
Silver Bay  Silver/Lead/Zinc/Gold (Ag/Pb/Zn/Au) property located in west central BC
Kshish   Molybdenum/Copper (Mo/Cu) property located 15 km northeast of Terrace

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.

Additional information can be found at: www.jetgoldcorp.com


On behalf of the Board of Directors,

Jet Gold Corp. (TSX.V: JAU)

"Brad J. Moynes"

Brad J. Moynes

President & CEO


Forward Looking Information:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. These statements express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: risks related to precious and base metal price fluctuations; risks related to the inherently dangerous activity of mining, including conditions or events beyond the Company's control and operating or technical difficulties in mineral exploration, development and mining activities; uncertainty regarding the Company's ability to raise financing and fund the exploration and development of its mineral properties; uncertainty regarding actual capital costs, operating costs, production and economic returns, or that development activities will result in profitable mining operations; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the Company being subject to environmental laws and regulations which may increase the costs of doing business and restrict its operations; risks related to mineral properties being subject to prior unregistered agreements, transfers, claims or other defects in title; risks relating to the inadequate insurance or the Company's inability to obtain insurance; risks related to potential litigation; risks related to the global economy; and risks related to officers and directors of the Company becoming associated with other resource exploration companies which may give rise to conflicts of interests. Should one or more of these risks and uncertainties materialize, or should the underlying assumptions prove incorrect, the Company's actual results may vary materially from those described in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.

 

SOURCE Jet Gold Corp.

For further information:

Brad Moynes at 604-601-2070

JetGold Corp.
885 West Georgia Street, Suite 1500, Vancouver, BC V6C-3E8
T: 604-601-2070    F: 604-683-8125
www.jetgoldcorp.com

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