Trading Symbol: JSP (TSX-V)
CALGARY, Aug. 10 /CNW/ - Jasper Mining Corporation (the "Company") has
received initial results from its diamond drill program on its 100% owned
Isintok property. The Isintok property comprises approximately 6,029 ha
(14,898 acres), covering the drainage divide between McNulty and Isintok
creeks, located approximately 27 km west-southwest of Summerland, BC and 20 km
north of Hedley.
In general, results reported from the property consistently document
weakly to locally, relatively strongly anomalous copper (Cu) +/- molybdenum
(Mo) +/- gold (Au) +/- silver (Au) over a considerable portion of the
property. The ongoing objective of the Company's exploration program is to
locate, and define, a copper-molybdenum +/- silver +/- gold porphyry style
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 (equal sign) % Cu + (3.45 x % Mo))" (BC MINFILE
092HNE047) (Note: reported prior to implementation of, and therefore not
compliant with, National Instrument 43-101).
In a previous Press Release (dated March 15, 2006) the Company announced
compilation of all available results from percussion and diamond drill
programs completed by previous operators on ground currently covered the
Isintok property. Data were compiled for a total of 54 drill holes, comprised
of 11 diamond drill holes (4 of which were completed by the Company in the
early winter of 2005 (Press Releases dated Jan. 18 and Feb. 17, 2006)) and
43 percussion drill holes. In addition to recently acquiring an additional
1,237 ha (3,057 acres) in a transaction with an arms length vendor (Press
Release dated April 24, 2006), the Company acquired copies of private company
reports further documenting the results of previous drill programs,
specifically the 1981 percussion drill program, which were previously
available only as weighted averages of selected intervals. All available
analytical results have been compiled for the previously reported drill
programs. These data have been utilized, together with the digital results of
the 2005 airborne geophysical program,in an attempt to gain an understanding
of the dominant control(s) on mineralization.
A total of 11 diamond drill holes have been completed on the Isintok
property as part of the 2006 exploration program. Drilling has been
temporarily halted pending receipt of quantitative analyses of core samples
from these holes. Turn around time for initial analysis of core samples has
been approximately 1 month, with re-analysis of high grade results (exceeding
upper detection limits for the Group 1DX analytical package) taking up to
another two weeks. The Company intends to review analytical results from the
first eleven drill holes, together with compiled results from previous drill
programs and airborne geophysical results, prior to continuing the 2006 drill
program. During this time, analytical results from the first eleven holes will
be released as received.
The Company has initial results from the first four drill holes, with
re-analysis of several high grade intercepts pending for holes 2 to 4. As a
result, only the results from ISIN-06-01 (azimuth 090 degrees, inclination -45
degrees) are available for release at this time. The following is a tabulation
of weighted averages for selected intervals from hole 1.
<<
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From To Interval Cu Mo Ag Au
(m) (m) (m) (ppm) (ppm) (oz/ton) (oz/ton)
-------------------------------------------------------------------------
7.28 232.25 224.97 750 40 0.328 0.011
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including
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32.89 156.05 123.16 1070 40 0.569 0.020
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32.89 131.66 98.77 1220 30 0.696 0.025
-------------------------------------------------------------------------
>>
The core comprising the sampled intervals was cut with a rock saw, with
one half submitted for analysis and one half retained for subsequent analysis.
The core was submitted to Acme Analytical Laboratory Ltd. in Vancouver, BC for
Group 1DX analysis. Samples that returned Cu results greater than 10,000 ppm,
Mo results greater than 2000 ppm, W results greater than 200 ppm and/or Ag
results greater than 100 ppm, representing the upper detection limit for the
Group 1DX package, were re-submitted for re-analysis. Group 7AR - 1.00 gm
analysis was utilized for more quantitative determination of high grade Cu
results. Group 7KP - 0.50 gm analysis was utilized for more quantitative
determination of high grade Mo and/or W (tungsten) results. Sampled intervals
were averaged approximately 1.52 m (5 feet) except for a number of high grade
mineralized intervals for which shorter sample intervals were utilized.
The following tabulation is comprised of high grade analytical results
from individual core samples
<<
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From To Interval Cu Cu Mo Ag(1) Au(1)
(m) (m) (m) (ppm) (%) (ppm) (oz/ton) (oz/ton)
-------------------------------------------------------------------------
32.89 32.97 0.08 16,540(2) 1.65 36.8 13.9 30.1
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34.33 35.66 1.33 1,481.4 0.15 48 1.2 4.6
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49.36 50.90 1.54 1,058 0.11 4.3 0.9 16.4
-------------------------------------------------------------------------
68.09 68.34 0.25 98,220(2) 9.82 391.9 60.7 3,944.7
-------------------------------------------------------------------------
71.42 71.49 0.07 51,640(2) 5.16 5,320 34.3 1,750.1
-------------------------------------------------------------------------
84.43 85.95 1.52 1,440.8 0.14 43.7 0.5 17.6
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88.17 88.32 0.15 6,189.8 0.62 23.7 3.1 160.7
-------------------------------------------------------------------------
88.32 88.41 0.09 277,950(2) 27.795 9.3 greater 1,243.6
than 100
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88.41 88.47 0.06 164,640(2) 16.46 326.3 89.8 809.2
-------------------------------------------------------------------------
90.52 92.04 1.52 1,003.4 0.10 15.6 0.5 7.3
-------------------------------------------------------------------------
96.62 98.16 1.54 1,152 0.11 156.9 0.5 10.4
-------------------------------------------------------------------------
113.38 114.90 1.52 1,878.3 0.19 400.1 0.9 1.3
-------------------------------------------------------------------------
122.52 123.49 0.97 1,404.6 0.14 1.6 1.2 2.4
-------------------------------------------------------------------------
123.49 124.05 0.56 18,180(2) 1.82 13.9 7.3 25.5
-------------------------------------------------------------------------
124.05 125.57 1.52 1,622.2 0.16 1.2 1.0 4.2
-------------------------------------------------------------------------
125.57 127.10 1.53 2,182.6 0.22 3.7 1.0 8.5
-------------------------------------------------------------------------
130.14 131.66 1.52 2,221.5 0.22 8.5 1.0 4.9
-------------------------------------------------------------------------
142.33 143.84 1.51 1,376.7 0.14 85.9 0.7 9.3
-------------------------------------------------------------------------
154.53 156.05 1.52 3,331.2 0.33 865.4 2.4 10.5
-------------------------------------------------------------------------
194.15 195.67 1.52 1,254.7 0.13 2.6 0.6 12.7
-------------------------------------------------------------------------
210.91 212.44 1.53 8,942.9 0.89 37.5 4.8 44.1
-------------------------------------------------------------------------
Notes: 1. change in units, from oz/ton to ppm, for Ag and Au.
2. 10,000 ppm is equivalent to 1.0%
>>
The grade of any given sample interval is dependent upon the vein density
(number of veins/metre), the thickness of each individual mineralized vein and
background (weakly disseminated) mineralization. Veins range in thickness from
veinlets (mm-scale) to 12 cm, and are comprised of discontinuous to continuous
aggregates to massive sulphides, comprised predominantly of chalcopyrite, but
may include bornite, pyrrhotite and/or minor pyrite. Ultraviolet examination
of the core has revealed the presence of scheelite, supported by relatively
high grade results for tungsten (to a maximum of 2,500 ppm).
With regard to the weighted average results, the Company has documented
0.075% Cu + 0.33 oz/ton Ag + 0.01 oz/ton Au over 224.97 m (738 feet).
Furthermore, this interval includes 98.8 m (324 feet) grading 0.12% Cu + 0.70
oz/ton Ag + 0.025 oz/ton Au. While no reserves have been calculated by the
Company, management believes these results to be very encouraging with regard
to the published, production grades from the Brenda mine. To reiterate, "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 (equal sign) % Cu +
(3.45 x % Mo))" (BC MINFILE 092HNE047) (Note: reported prior to implementation
of, and therefore not compliant with, National Instrument 43-101)
Production statistics indicate the Brenda mine produced from 1970 to
1990, during which copper prices varied between $0.46 and $1.56 per pound,
with an average annual price between $0.49 and $1.27 per pound
(minerals.usgs.gov/minerals/pubs/commodity/copper/stat/tbl7.txt). (Note: it is
not known if these values have been corrected for inflation during this
period). From the available information, it appears that the Brenda mine
produced an average grade of 1830 ppm copper + 490 ppm molybdenum with copper
between $0.49 and $1.27 per pound. Silver and gold were also by-products of
the Brenda mine. Over the past year, copper has ranged from a low of
approximately $1.75 to a recent high of approximately $3.72 per pound. On a
strictly empirical basis, given the preceding summary, management believes the
results from ISIN-06-01 are highly significant and justify further evaluation
of the Isintok property. The Company intends, however, to delay further
drilling on the property until all results have been received and evaluated
for the initial eleven holes from 2006. These holes were drilled on an azimuth
of approximately 050 degrees (as well as 230 degrees - representing a
reciprocal bearing) and at inclinations of approximately -45 degrees, -65
degrees and -90 degrees.
The Company is very encouraged by the initial results from the 2006 drill
program. One conclusion arising from the 1997 program by Verdstone Gold Corp.
was that mineralized veins were steeply west dipping and that the optimum
orientation for drilling toward azimuth 050 degrees at an inclination of -45
degrees. Drilling in late 2005 and 2006 appears to support this conclusion in
the area under current evaluation. However, management believes the
mineralization documented to date may represent the eastern portion of a
mineralized annulus. A review of the airborne geophysical data with regard to
all available drill results from the immediate area of the Company's 2005 and
2006 drill holes are interpreted to support the possibility that the results
define a mineralized annulus. This annulus (and several other possible annuli
tentatively identified on Jasper's Isintok property) represent interpreted
porphyry style potential. Further drilling on the most clearly defined annulus
is expected to increase the volume of known mineralization, while representing
potential to define higher grade mineralization within the annulus itself.
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.
