Aggressive programs designed to advance gold properties
VANCOUVER, Jan. 31 /CNW Telbec/ - J-Pacific Gold Inc. ("J-Pacific" or
"The Company") (TSXV - JPN) today released its exploration and development
plans for 2008.
In making the announcement, J-Pacific CEO Nick Ferris said that the
planned exploration programs are some of the most aggressive undertaken by the
Company to date, following on several programs successfully completed during
The exploration and development plans for 2008 include core drilling on
the Montgolfier Project in Quebec, and on the Blackdome Gold Mine in British
Columbia. As well, core drilling and underground exploration sampling are
planned for the Elizabeth Gold Property, also in British Columbia, just
30 kilometres from the Blackdome Gold Mine.
The Company is pleased to report that Dominick & Dominick LLC of New York
has successfully arranged for the divestiture of J-Pacific shares held by
Jipangu Inc., a long-time Japanese investor in the Company. J-Pacific has been
advised that approximately 12 million shares previously owned by Jipangu have
been purchased by a number of well-qualified investors, including
industry-leading investment funds, strengthening the Company's shareholder
Montgolfier Gold Project, Quebec
In the first three months of 2007, J-Pacific executed an initial drill
program at Montgolfier that yielded very encouraging results. Eight priority
targets generated by SRK Consulting ("SRK") were investigated by 26 core holes
totalling 9,710 metres. Highlights of the 2007 program included intercepts of
host rock in several targets, and strong gold mineralization encountered in
holes JPN07-17 (10.42g Au/t over 1.0 metre) and JPN07-21 (6.44g Au/t over
3.2 metres). See news releases dated March 22 and July 19, 2007, for more
detailed information on drill results, on the J-Pacific website.
On January 24, 2008, J-Pacific announced the commencement of drilling for
the 2008 campaign, which consists of an initial 18 holes (news release 03,
2008). This program is designed to test the lateral and depth extensions of
gold mineralization encountered during the 2007 program. An additional
1,200 metres of drilling is included as a contingency, to allow testing of
other targets on the project. Maps detailing the planned drill holes are
available for download on the Company's website.
The Montgolfier Project straddles the Casa Berardi Tectonic Zone,
approximately 30 kilometres east of the Casa Berardi Mine, where Aurizon Mines
Ltd. has outlined a mineral reserve of 4.7 million tonnes grading 7.7g Au/t
(equivalent to 1,169,000 oz Au), with an indicated mineral resource of
3.1 million tonnes grading 5.3g Au/t (equivalent to 526,000 oz Au), and an
inferred mineral resource of 5.1 million tonnes grading 6.6g Au/t (equivalent
to 1,060,000 oz Au) (Source: Aurizon Mines Ltd. website).
Elizabeth Gold Property, British Columbia
Also in 2007, J-Pacific completed a highly successful drill program at
the Elizabeth Gold Property, consisting of 14 holes totalling 1,725 metres.
Highlights of the program included gold holes E07-43 (37.5g Au/t over
11.2 metres), E07-42 (10.45g Au/t over 4.5 metres), E07-44 (10.52g Au/t over
4.53 metres), E07-48 (12.38g Au/t over 3.24 metres), and E07-50 (21.26g Au/t
over 1.15 metres). See news releases dated September 13 and October 16, 2007,
for more detailed information on drill results. The program focused on infill
drilling, to connect areas of known mineralization in the Southwest Zone.
Given these promising results, J-Pacific plans an aggressive exploration
program designed to move the Elizabeth Gold Property toward potential
development. Planned exploration will include surface drilling, trenching,
mapping, and underground exploration sampling and drilling.
The Elizabeth Gold Property is centrally located in prospective terrain
30 kilometres (18 miles) south-southwest of the permitted mill at the
J-Pacific-owned Blackdome Gold Mine, and 30 kilometres (18 miles)
north-northeast of the historic gold mining town of Bralorne, where over four
million ounces of gold have been produced. The Elizabeth Gold Property's
proximity to J-Pacific's permitted gold mill at the Blackdome Gold Mine means
any eventual production from Elizabeth could be accommodated at the Blackdome
Blackdome Gold Mine, British Columbia
In the spring of 2007, J-Pacific completed a Phase 2 core drill program
consisting of 13 holes totalling 2,079 metres. Twelve of the 13 holes
successfully reached their targets. The drilling focused on obtaining
sufficient new data about the structural formations under the Blackdome basalt
cap. The program provided a better understanding of the geological structures
under the Blackdome peak and demonstrated the presence of gold mineralization
in the No. 17 Vein.
In 2008, J-Pacific plans a 3,000-metre surface drill program focusing
primarily on the Giant Vein and associated structures. This program will test
the vein to the south of previous drilling, and explore a structural
intersection where 2007 surface sampling of float and a 0.5-metre-wide vein
returned values of 0.30, 1.99, 2.04, 2.66 and 9.32g Au/t.
Located in the Clinton Mining District of British Columbia, approximately
250 kilometres north of Vancouver and 70 kilometres west-northwest of the town
of Clinton, the Blackdome Gold Mine yielded 240,000 ounces of gold from
338,000 tonnes of ore between 1986 and 1991.
Currently, the Blackdome Gold Mine has an inferred mineral resource (A.
Boronowski, 1999), as reclassified by SRK Consulting (2001), of
124,120 tonnes, averaging 12.8g Au/t and 33.7g Ag /t, totalling 50,834 ounces
of gold and 134,386 ounces of silver. The infrastructure and processing
facilities remain at the mine, as do the majority of permits for operation.
In summary, Mr. Ferris said that J-Pacific was especially fortunate to
have not one but three promising gold projects located in Canada. "Our
properties are secure, unhampered by country risks and regulatory restrictions
that bedevil many junior exploration companies with overseas properties. With
the Montgolfier Property, we can rely upon the encouragement and financial
support of the Quebec government. In British Columbia, our promising Elizabeth
Project is ideally located just 30 kilometres from the Blackdome Gold Mine,
complete with all of its surface infrastructure ready to be utilized by both
projects just as soon as we can move into production," he said.
J-Pacific continues to maintain drill permits for its Callaghan and
Golden Trend Projects in northeastern Nevada, in preparation for future drill
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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