CALGARY, May 30 /CNW/ - Jasper Mining Corporation (the "Company") is
pleased to announce mobilization of a diamond drill onto the Company's 100%
owned McFarlane property. The property is located approximately 7 km west of
the Company's Lydy property and is believed to have similar potential for
molybdenum + copper +/- gold mineralization as Eagle Plains Sphinx property
(see Eagle Plains Press Release dated May 9, 2006).
The McFarlane property has had previous work completed which resulted in
identification of surface soil anomalies for molybdenum, copper, lead, zinc
and limited tungsten between McFarlane and Birkbeck creeks. Subsequent
sub-surface diamond drilling in 1981 returned anomalous molybdenum values,
including
<<
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Hole From (m) To (m) Molybdenum Interval
(ppm) (metres)
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DK - 81 - 2 34.14 35.66 2060 1.5
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DK - 81 - 7 42.37 43.13 2336 0.76
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DK - 81 - 8 102.87 103.94 1991 1.07
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DK - 81 - 9 27.43 28.65 8000 1.22
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>>
The best hole was DK - 81 - 9, in which a 12 m interval from 26.52 to
38.40 returned an average grade of 1,200 ppm (0.12%) Mo. Molybdenum
mineralization is reportedly hosted by quartz veins between 1 and 100 cm thick
which are most abundant along the "... eastern contact of the main quartz
monzonite intrusion ...". A total of ten diamond drill holes were completed in
the 1981 program to test surface geochemical and/or geophysical (Induced
Polarization) anomalies.
Management is encouraged by the documented presence of molybdenum
mineralization on the McFarlane property, only 7 km west of the Company's Lydy
property along the eastern edge of a prominent aeromagnetic anomaly associated
with the Crawford Stock, a biotite granite intrusion of Cretaceous age
correlated to the Bayonne Magmatic Belt. Many of the Cretaceous intrusions of
the Bayonne Magmatic Belt have strong aeromagnetic signatures and are
associated with anomalous molybdenum mineralization.
Of considerable interest to the Company is the Inferred Resource recently
announced by EaglePlains Resources Ltd on their Sphinx property, located
immediately northwest of, and contiguous with, the Company's Lydy property. In
a Press Release dated May 9, 2006, Eagle Plains reports an Inferred Resource
of 62,005,615 tonnes grading 0.035% Mo. An airborne geophysical survey
completed by Eagle Plains in 2004 "... outlines a large intrusive feature
associated with the previously-defined soil anomaly".
The proposed drill program for the McFarlane property is intended to
provide preliminary data from a total of 3 sites, with up to 3 holes per site,
dependent upon results. The drill holes are located slightly above an old adit
in an area with highly anomalous, but localized, molybdenum in soils (up to
392 ppm). In addition, molybdenum mineralization has been noted in outcrop
approximately 70 m from one of the drill sites. The orientation of veins
believed to control molybdenum mineralization is currently uncertain, however,
management anticipates the preliminary drill program will provide such
information with which to guide subsequent programs.
This press release has been, in part, prepared by the company's qualified
person, Mr. Richard T. Walker, B.Sc., M.Sc., P.Geo. (see Company's Press
Release 05-49; March 3, 2005)
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
