Trading Symbol: JSP (TSX-V)
CALGARY, Aug. 1 /CNW/ - Jasper Mining Corporation (the "Company") is
pleased to announce the latest results from the Company's 100% owned Lydy
property, located west of Kootenay Lake near the community of Gray Creek, BC.
The property lies approximately 1 km east of the Company's McFarlane property
(see Press Release dated July 27, 2006). The Lydy property is interpreted to
have similar potential for molybdenum + copper +/- gold mineralization.
The property is located east 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. Furthermore, the property
is located immediately south of, and contiguous with, Eagle Plains Resources
Ltd's ("Eagle Plains") Sphinx property, for which an Inferred Resource of
62,005,615 tonnes grading 0.035% Mo, using a cut-off grade of 0.01% Mo, was
recently announced (see their Press Release May 9, 2006). The resource is
associated with an interpreted Cretaceous age intrusive body, with
mineralization occurring as "disseminations and within quartz-pyrite stockwork
veins hosted by both sedimentary and intrusive rocks".
An Aeroquest International ("Aeroquest") airborne geophysical survey was
recently completed on the Lydy property and the Company is in receipt of the
preliminary data, comprised of electromagnetic and magnetic data.
Electromagnetic ("EM") data is intended to identify and delineate possible
conductors, which may include faults, mineralized veins and/or porphyry-style
mineralization. Magnetics is expected to allow differentiation of intrusive
phases within sedimentary strata hosting the intrusions and, therefore, allow
possible identification of at least one possible control to mineralization.
The preliminary data documents prominent magnetic and EM, generally
elongate to linear anomalies within the north-trending mapped geology. Eagle
Plains has reported their Inferred Resource to be associated with a quartz
monzonite having a very small surface exposure approximately 1,300 m north of
the Lydy property. The sub-surface projection of the mineralized quartz
monzonite and surface geochemistry, as documented on Eagle Plains web-site,
extends south-southwest along the west side of Baker Creek toward the Lydy
property.
A prominent and very strong magnetic anomaly is evident on the Aeroquest
data, extending essentially north-south and appears it may have a sharply
faulted eastern termination. Underlying the majority of the property is a
broad magnetic low, sub-parallel to the geology as previously mapped. However,
a spatially coincident EM high is oriented slightly oblique to the magnetic
anomaly and has a subtle anomaly trending south-southwest which may represent
a response to the mineralized Cretaceous intrusive.
The preliminary results of the Aeroquest survey are very interesting and
initial interpretation of the data suggest further drilling on the property is
warranted. The Company is awaiting the final report from Aeroquest with
interpretation of the results and identification of favourable anomalies from
the survey. The final report is expected within the next four to six weeks.
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.
