CALGARY, Oct. 18 /CNW/ - Jasper Mining Corporation (the "Company") has
completed its preliminary diamond drill program on its 100% owned Irony
property, located approximately 94 km northwest of Revelstoke, BC and
southwest of Mica Dam. The property consists of sixteen mineral tenures,
comprising a total of approximately 6,028 ha (14,895 acres), located at the
headwaters of Oliver and Ruddock Creeks.
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 number of Press Releases and 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 extensive mineralized zone. 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).
To provide an initial evaluation of the property, the Company completed
an Aeroquest airborne electromagnetic and magnetic survey of the entire Irony
property earlier this year (see Press Release dated May 31, 2006). The final
data confirms the apparent geophysical signature believed to correlate to the
western extension of the RCMSH (as identified from Aeroquest geophysical data
released by Selkirk) extending west into the Oliver Creek valley.
The final geophysical report and maps were not received by the Company
until late in the diamond drill program and did not, therefore, have a
meaningful influence on the program. The drill program was concluded as all
holes proposed on the basis of the preliminary data were completed and are
interpreted to have adequately tested the intended magnetic anomalies. Further
drill testing has been postponed to 2007 due to deterioration of the weather,
particularly with respect to the high elevation holes required on the
property, and to allow for detailed evaluation of the geophysical data.
The first two pads drilled, comprising a total of four holes, were
positioned to test a prominent pair of magnetic anomalies located immediately
south of the "E Zone". The extensive pair of relatively thick, iron-stained
horizons previously described were associated with pyrrhotite, interpreted to
explain both the iron staining and the magnetic signature identified on the
airborne geophysical survey.
The prominent linear magnetic anomaly described on the west side of
Oliver Creek is interpreted to represent one (or more) obliquely cross-cutting
mafic dykes and/or faults. Two of the three holes completed intersected
basaltic to gabbroic lithologies interpreted to have produced the long, thin
magnetic anomaly tested.
The drill program was proposed to undertake initial evaluation of the
property on the basis of the preliminary airborne geophysical data, with a
strong emphasis on the magnetic anomalies. Drilling was intended to rapidly
test three of the more prominent magnetic anomalies before the end of the
season. Due to the high elevation of the property, poor weather was
anticipated for early September when helicopter support for drilling was
expected to be strongly compromised by weather. The intent was to provide a
means of quantitatively evaluating and prioritizing the numerous geophysical
anomalies evident on the property for subsequent drill programs. The program
demonstrated that magnetic anomalies, while abundant and compelling throughout
the property, are not independently indicative of the RCMSH. Initial review of
the final data subsequent to the drill program indicates the magnetic
anomalies tested did not have meaningful corresponding EM anomalies. Several
other, moderately strong magnetic anomalies have very strong, associated EM
anomalies and comprise probable targets for drill testing in 2007.
In addition, a large number of soil samples were recovered from the
property in 2006. The results of analysis are still being received by the
Company and initial review of the data indicates elevated zinc and lead values
are present which, once compiled together, are expected to result in
identification of surface anomalies. Ideally, these anticipated soil anomalies
will be associated with both magnetic and EM anomalies.
With Selkirk Metals having traced the mineralized horizon, distinguished
by a prominent geophysical (predominantly magnetic) signature and surface soil
geochemistry, westward into Oliver Creek, management believes there is
geophysical and/or geochemical evidence suggesting the RCMSH extends onto the
Irony property. Furthermore, the RCMSH is stratigraphically positioned between
the semipelite amphibolite and a pelitic unit, localized within the middle
marble unit.
Identification of marble lithologies along a new road through the core of
the Irony property may indicate the presence of the middle marble unit.
Management remains confident that considerable potential exists for
identification of mineralization associated with the RCMSH on the Irony
property.
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.
