Trading Symbol: JSP (TSX-V)
CALGARY, June 1 /CNW/ - Jasper Mining Corporation (the "Company") is
pleased to announce completion of an airborne geophysical survey on its 100%
owned Irony property, located approximately 94 km northwest of Revelstoke, BC
and southwest of Mica Dam. Prior to the survey, the property consisted of
thirteen mineral tenures, comprising a total of approximately 4,572 ha (11,298
acres).
The Irony property is contiguous with, and immediately south of Selkirk
Metals Corp.'s ("Selkirk") Ruddock Creek property, on which active exploration
programs have been completed over the past two years. The results of these
programs are summarized in a Technical Report filed for Selkirk's Ruddock
Creek property (available through SEDAR at http://www.sedar.com). Briefly,
previous work by Cominco and Falconbridge resulted in identification of an
inferred resource of 5 million tons grading 7.5% zinc and 2.5% lead (Note:
reported prior to, and therefore not compliant with, implementation of
National Instrument 43-101). Diamond drilling by Selkirk over the past two
years has confirmed mineralization associated with the "E Zone" and the "E
Zone Extension", localized within the "Ruddock Creek Massive Sulphide Horizon"
(RCMSH).
In 2005, Selkirk contracted an Aeroquest AeroTEM II airborne
electromagnetic and magnetic survey over the Ruddock Creek property, resulting
in identification of a prominent magnetic signature interpreted to correlate
to the RCMSH, spatially associated with the E Zone and extending west to the
F, G, M, Q, R, T, U and V zones. Discovery of a massive sulphide exposure
along Oliver Creek was interpreted to indicate continuation of the RCMSH into
the Oliver Creek valley, over 5 km west of the E Zone (Selkirk Press Release
dated February 14, 2006).
The Company has recently completed an Aeroquest airborne electromagnetic
and magnetic survey of the Irony property, comprised of a total of 564 line km
flown over the entirety of the property. The Company is pleased to report it
is in receipt, and has made an initial review, of the preliminary data. The
survey was flown so as to cover the "E Zone" (with consent of Selkirk) to
provide a reference geophysical signature with which to evaluate the remainder
of the property. In addition, the western extension of the RCMSH extends along
the common northern claim boundary between the Ruddock Creek and Irony
properties. As a result, a comparison can be made between the final, processed
data released by Selkirk (www.selkirkmetals.com) and the unprocessed
preliminary data received by the Company.
The preliminary airborne geophysical data confirms the signature for the
E Zone and the western extension of the RCMSH toward the Oliver Creek valley.
With regard to anomalies within the boundaries of the Irony property, the data
documents two strong linear anomalies on the west side of Oliver Creek,
interpreted to correlate to the RCMSH. These anomalies are consistent with
previous projections made from available structural data for the possible
location of the mineralized horizon within Oliver Creek.
These linear anomalies extend southward across an interval characterized
by a weak magnetic response toward a relatively large magnetic anomaly. This
large anomaly extends approximately 2.3 km east-west and 2.7 km north-south
and is spatially associated with a prominent gossan (comprising the basis on
which the southwest tenures were initially acquired). The gossan and magnetic
anomalies are believed to correspond to the projected location of the
mineralized horizon, as previously projected.
There are also prominent magnetic signatures in the vicinity of the E
Zone. The third prominent geophysical anomaly is a linear anomaly 450 m wide
and 1.90 km in length approximately 900 m southeast of that associated with
the E Zone. A fourth prominent magnetic anomaly underlies Tenure 516570,
comprising the easternmost tenure, which was acquired to cover another
prominent gossan exposed below a glacier at the headwaters of Ruddock Creek.
On the basis of the preliminary data, three additional mineral tenures
have been acquired to cover possible extensions of the geophysical anomalies
off the Company's existing tenures. As a result, the Irony property now
comprises approximately 6,012 ha (14,856 acres), extending from the headwaters
of Ruddock Creek to the headwaters of Oliver Creek. At least two prominent
surface gossans are evident, both located at the foot of glaciers. One
preliminary interpretation is that the prominent geophysical (magnetic)
anomalies reflect a sulphide horizon containing pyrrhotite (a weakly magnetic
mineral documented in the RCMSH). This interpretation appears to be confirmed
by the preliminary results of the Aeroquest airborne geophysical survey, in
that the magnetic signature of the "E Zone" was reproduced in the Company's
preliminary data and, qualitatively, has a similar signature to other
prominent magnetic anomalies on the property.
The preliminary data received from Aeroquest documents four large,
prominent magnetic responses, two of which are spatially associated with
surface gossans. The magnetic anomalies are believed to document the presence
of pyrrhotite, possibly in association with galena and sphalerite, analogous
to the mineralized occurrences documented along the magnetic trend
corresponding to the RCMASH east of Oliver Creek.
Based on a qualitative review of the surface expression of the magnetic
anomalies, management estimates the size of the four prominent anomalies
(briefly described above) to have a cumulative size approximately 10-15 times
the size of the magnetic signature associated withe the "E Zone". In addition,
there are relatively abundant, less prominent, geophysical anomalies evident
throughout the remainder of the property, some of which appear to comprise
sinuous trends.
Management is very encouraged by the results of the Aeroquest survey,
particularly in that: 1) two of the anomalies are spatially associated with
surface gossans (which is interpreted to be sourced from exposed sulphides),
and 2) anomalies were identified along the west side of Oliver Creek in the
location expected on the basis of projection of available structural data.
Finally, the magnetic anomalies are qualitatively similar to the response of
the E Zone and farther west along the trend of the RCMSH toward Oliver Creek.
With Selkirk Metals having traced the mineralized horizon, characterized
by a prominent magnetic signature westward into, and along, Oliver Creek,
management believes there is sufficient geophysical and/or geochemical
evidence suggesting the RCMSH extends onto the Irony property (consistent with
projections previously made). Given the presence of a prominent gossan along
the projections of the mineralized horizon in the headwaters of Oliver Creek,
and a similar gossan in the headwaters of Ruddock Creek, management believes
the Irony property has the potential for identification of mineralized
horizons similar to, or correlated with, the Ruddock Creek Massive Sulphide
Horizon (RCMSH) identified east of Oliver Creek.
The Company will be undertaking an exploration program on the Irony
property, which will include preliminary diamond drilling of a number of the
geophysical anomalies identified on the property. The Company anticipates
mobilization of the drill in July, following completion of drill programs on
several other properties.
This press 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.
