TSX Venture Exchange - JIM
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PASS LAKE, ON, Jan. 27 /CNW/ - James R. B. Parres, President & CEO of Jiminex Inc. (TSXV-JIM) is pleased to report that the Company has increased its land holdings in the Snow Lake copper-zinc and gold mining camp of Manitoba and has commenced cutting grid lines on the Parres Property. A deep-penetrating Crone time domain electromagnetic (TDEM) geophysical survey is expected to commence on completion of the grid. Rodren Drilling Ltd., West St. Paul, Manitoba has been engaged to diamond drill the TDEM anomalies, the drilling anticipated to begin early in the second quarter. A map showing the location of the new claims is posted on the Jiminex website www.jiminex.com.
The Parres Property originally covered an area of 14.8 square kilometres situated over a four kilometre section of mine rock stratigraphy between the past-producing Stall/Rod and Osborne copper-zinc mines. Access is by means of the all-weather Osborne Mine road which roughly bisects the property. The Parres Property presents a highly favorable target area for the discovery of economic copper-zinc-silver-gold volcanogenic massive sulfide (VMS) deposits and potentially for gold deposits of a nature similar to those existing at the new HudBay Minerals Inc. major discovery, the Lalor deposit, located about 20 kilometres to the southwest.
Jiminex has staked additional claims on the north and south of the original Parres Property which adds an area of 28.4 square kilometers to the original 14.8 square kilometres. The Parres Property now totals about 43.2 square kilometres in area, and covers the mine rock stratigraphy as well as potentially favorable geology bordering on the north and south.
Jiminex has also staked claims forming the Parres Two Property, which has an area of 7.0 square kilometres covering a strike length of 5.0 kilometres of geology favorable for the discovery of VMS deposits. This property is located approximately one kilometre to the west of the Parres Property and covers an airborne magnetic feature believed to represent a fold and fold nose in the favorable underlying rocks. In the Flin Flon-Snow Lake region VMS deposits often occur in structural settings such as within the hinge zones of folds.
Jiminex Inc. was listed as a junior resource company on the TSX venture exchange in late August 2009 and is focused on gold exploration in Canada. At present, the company's main exploration activity will be on the Parres and Parres Two properties located in the well-known Snow Lake copper-zinc and gold mining camp of Manitoba where the major new Lalor Lake copper-zinc and gold deposit discovery of HudBay Minerals Inc. is actively being explored and developed. Jiminex is also present in the Hemlo gold mining camp, Ontario close to the World-Class 21 million ounce Hemlo gold deposit currently being mined by Barrick Gold Corp. Jiminex's Northern Eagle Property is considered one of the best target areas in which to locate another Hemlo-style gold deposit. The Misehkow River Property located in the Pickle Lake gold region of Ontario presents opportunity to locate iron formation hosted gold deposits over a large target area of approximately 20 kilometres. Jiminex is actively seeking to locate and acquire new high potential gold exploration properties.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for the geotechnical content of this news release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.
NEITHER 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 RELEASE.
SOURCE JIMINEX INC.
For further information: For further information: Jim Parres, President & CEO, Phone: (807) 977-1679, Fax: (807) 977-1769, Email: email@example.com, Website: http://www.jiminex.com