Trading Symbol: JSP (TSX-Venture)
CALGARY, July 2 /CNW/ - Jasper Mining Corporation (the "Company") has
mobilized crew and equipment in support of its 2008 exploration program on its
100% owned Isintok property. The property comprises approximately 3,007 ha
(7,433 acres or 11.6 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.
The prior operator, Anaconda Canada Exploration Ltd., calculated reserves
of 22,994,985 tonnes grading 0.067% MoS(2) (0.040 % Mo) and 0.161 % Cu (Note:
reported prior to implementation of, and therefore not compliant with,
National Instrument 43-101). "... The area encompassed measures about 1000 by
300 metres with a vertical mineralized interval of 27 metres"
Jasper's exploration program to date is directed toward location, and
definition, of a copper-molybdenum plus/minus gold porphyry -style (i.e. large
tonnage) deposit similar to the Brenda Mine, located approximately 40 km north
of the Isintok property, west of Peachland. "The Brenda mine began production
in early 1970 with measured geological (proven) reserves of 160,556,700 tonnes
grading 0.183 per cent copper and 0.049 per cent molybdenum at a cutoff of 0.3
per cent copper equivalent (eCu = % Cu +(3.45 x% Mo))" (BC MINFILE 092HNE047).
Given the close proximity of an available work force with supporting
infrastructure and using the above grades for reference, the Company believes
the Brenda Mine serves as a viable model for a potentially mineable
Exploration work completed during the 2006 field season included an
airborne geophysical survey, 16 diamond drill holes, collection of 1,388 soil
samples and an Induced Potential (IP) ground geophysical survey. The results
of this program were previously released in Press Releases dated August 11,
August 28, September 26, October 25 and December 12, 2006; March 27, 2007
andsummarized in the Press Release dated April 9, 2007.
A total of 16 diamond drill holes were completed in 2006 with the
majority of the holes returning Cu values in excess of 0.1% (1,000 ppm), many
with accompanying anomalous Mo values over intervals up to 128 m and downhole
depths to 391 m. Preliminary interpretation of these drill results is
interpreted to support a north-south trending mineralized zone greater than
1 km in length and up to 400 m in width
Gold has been detected in approximately 75% of the assays, with local
elevated gold values to 1,445 ppb over 0.66 m and 586 ppb over 1.52 m
documented. Tungsten values to 5400 ppm have been also been documented,
however, highly anomalous values for these metals are subordinate to copper.
Therefore, on the basis of results to date, a potential mineralized deposit is
best characterized as Cu +/- Mo +/- Au +/- W.
Sub-surface drill results are particularly interesting with regard to
surface soil and Induced Potential (IP) geophysical results. Both surveys
document generally coincident Cu + Mo soil and chargeability anomalies
overlying the area of sub-surface mineralization independently documented
through drilling. On the basis of this coincident data, management interprets
drilling completed to date to have been collared above a relatively narrow,
linear zone (approximately 100 to 200 m wide) of anomalous Cu + Mo with an
associated, coincident chargeability anomaly that mushrooms farther north into
a generally circular to elliptical zone of coincident anomalies.
On the basis of these data, drill holes to date have collared in
mineralization and subsequently passed into a weakly mineralized halo.
Furthermore, several of the Company's drill holes may have passed from this
weakly mineralized halo into deeper zones of mineralization.
As part of the 2007 field program, surface soil sampling was extended to
the west and south of the coincident soil and IP anomaly defined in 2006 so as
to "close" the anomaly. On the basis of the 2006 soil results the surface soil
anomaly was extended a further 400 m south to 1400 m on the basis of
coincident Cu - Mo - W, with spotty, but coincident Au. In addition, a
prominent linear defined by coincident Cu - Mo - W appears to extend to the
northwest from the southernmost portion of the initial anomaly. These
extensions of surface soil data were not covered by the IP survey in 2006.
However, given the apparent success in obtaining coincident surface soil and
IP data, supported by independent sub-surface drill results, this is an area
proposed for future drill testing. In summary, surface soil sampling has
proven to be a very cost effective and reliable means of defining areas of
anomalous mineralization on the Isintok property. Therefore, a program of
further soil sampling has been initiated on the Isintok property for the month
Drilling has commenced on the Isintok property under the 2008 program.
The drill program is intended to specifically test the core of the IP
Chargeability anomaly briefly described above. The first pad to be drilled is
located at the top of the thin north-south trending portion of the anomaly, at
the point where it flairs into the large circular to elliptical - east-west
A total of 12 pads have been approved under the 2008 permit so as to test
the IP anomaly. As discussed above, the holes completed during 2006 were
collared along the existing road system at a consistent azimuth, based on
results from the Verdstone program during the mid-1990's which was interpreted
to provide mineralized intercepts at a high angle (to perpendicular) to the
core axis. Furthermore, the collar locations are interpreted to have been
located immediately above the chargeability anomaly and drilled away to a
weakly mineralized halo.
The 2008 program should result in at least 12 holes (i.e. minimum of 1
hole per pad) with several holes possible based on results from the initial
hole on each pad. Azimuths for the proposed holes are variable, dependent upon
the location of the pad with respect to the IP Chargeability anomaly. The
intent of the program is to thoroughly test the IP Chargeability (and
Resistivity) results under the hypothesis that it corresponds to the high
grade core of the weakly (to moderately) mineralized halo documented in 2006.
Data from the Brenda Mine, which produced from early 1970 to mid-1990,
document a total of 160,556,700 tonnes grading 0.183 % copper and 0.049 %
molybdenum from an open pit volume 720 m long x 360 m wide x 300 m deep. The
Brenda Mine was able to exploit a relatively low grade resource due to careful
grade control and the readily available local infrastructure. A similar level
of infrastructure exists at the Isintok property, located only 27 km the
Okanagan Valley along existing forestry roads.
Metal prices during the life of the Brenda Mine varied from U.S. $0.45 to
$1.29 (average $0.76) per pound for copper and U.S.$1.80 and $23.95 (average
$5.11) for molybdenum. Management believes that with copper prices above
U.S.$3.90 per pound, and molybdenum over $30 per pound a mineralized volume
having minimum surface dimensions 1000 m long x 200 m wide to a possible depth
of 200 m, having minimum grade of 0.100% Cu may represent a resource for
potential development. (Note: no metallurgical studies or resource estimates
have been completed to date).
Management is very encouraged by results to date from the Isintok
program, comprised of diamond drill, surface soil and IP geophysical results,
and is very optimistic about anticipated results from the 2008 program.
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.
For further information:
For further information: Gordon F. Dixon, Q.C., President, Jasper Mining
Corporation, Telephone (403) 297-9480, Fax (403) 266-1487, email:
email@example.com; Investor relations inquiries may be directed to Robert Rowell,
Telephone (403) 668-4880, email: firstname.lastname@example.org