Shares outstanding: 28,510,116
PASS LAKE, ON, Aug. 19 /CNW/ - James R. B. Parres, President & CEO of Jiminex Inc. is pleased to report that a geophysical crew from Quantec Geoscience Ltd. has been mobilized to the Northern Eagle Gold Property, located in the Hemlo gold mining camp of Ontario, and will be initiating the deep-penetrating Titan 24 ground geophysical survey this weekend. Mr. Parres commented "Most of the 21 million ounce world-class Hemlo gold deposit being mined by Barrick Gold Corp., our neighbour to the east, is buried deeper than 500 metres. Our large property has geology very similar to Hemlo, and its extensive favorable barite alteration zone has never been drilled below 350 metres. Therefore, our property remains untested to Hemlo-style gold mineralization depths and which is why we require deep-penetrating state-of-the-art geophysical exploration. Quantec's unique Titan 24 geophysical system can see down to 1,500 metres and we believe that chances are favorable that it could detect signs of another world class gold deposit like Hemlo."
The deep-penetrating Titan 24 ground geophysical survey to be completed on the Northern Eagle property by Quantec is a combined induced polarization (IP) survey with depth penetration to 700 metres and a magnetotelluric (MT) system with depth penetration planned for 1,500 metres. The IP consists of chargeability and resistivity components which, respectively, can detect disseminated sulfides and silicified zones both representing good gold targets. The MT uses solar winds and lightning strikes as an electrical current source and detects resistivity in the underlying rock units. The MT can highlight potential gold target zones and provide geological information such as rock unit contacts, faults and folds all assisting in selection of gold targets.
The Titan 24 survey is labor intensive and expensive. Jiminex and Quantec used an interactive Gocad(R) computer geotechnical data model created for Jiminex by Caracle Creek International Consulting Inc. to select three best areas to test the favorable barite alteration zone at depth. The total cost for 14.4 kilometres of Titan 24 surveying is estimated to be $200,000.
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. The Company has acquired three high potential gold properties located in three separate well-known gold and copper-zinc mining camps. Jiminex is present in the Hemlo gold mining camp, Ontario close to the 21 million ounce Hemlo gold deposit currently being mined by Barrick Gold Corp. The Northern Eagle gold property is considered one of the best target areas in which to locate another Hemlo-style World-Class gold deposit and Jiminex is earning a 50% interest from Beaufield Resources Inc. Jiminex's Misehkow River property is located in the Pickle Lake gold mining region of Ontario near to the Pickle Crow Project of PC Gold Inc. Misehkow River presents an opportunity to locate significant iron formation hosted gold deposits over a large target area of approximately 23 kilometres. The Parres and Parres Two properties are 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.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for the geotechnical content of the Company's public information.
If you would like to be added to Jiminex's news distribution list, please send your name (optional) and email address to firstname.lastname@example.org.
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