Trading Symbol: JSP (TSX-V)
CALGARY, Aug. 3 /CNW/ - Jasper Mining Corporation (the "Company") is
pleased to announce the latest results from the Company's 100% owned McFarlane
property, located immediately west of Kootenay Lake near the community of Gray
Creek, BC. The property lies approximately 1 km west of the Company's Lydy
property. The McFarlane property is interpreted to have similar potential for
molybdenum+ copper +/- gold mineralization.
The property is located 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. Furthermore, the property is located approximately 1 km
west-southwest of the 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 (Eagle Plains 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 McFarlane 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 a strong magnetic signature, interpreted
to represent the Crawford Stock, extending from Kootenay Lake into the western
portion of the claims, consistent with interpretations from previous limited
mapping in which intrusive lithologies were identified at surface on the
property. Prominent magnetic and EM anomalies are evident, oriented
north-south, sub-parallel to the previously mapped geology. There is a strong
association between magnetic and corresponding EM anomalies, although
generally not coincident, which is interpreted to reflect anomalies within
individual stratigraphic formations underlying the property. At this time, it
remains uncertain whether these anomalies are inherent to the strata or if
they reflect anomalies associated with alteration and/or mineralization due to
proximity to Cretaceous intrusive bodies correlated to the Bayonne Magmatic
Belt.
A total of seven drill holes were completed from 3 separate pads for a
total of 1821 m (see Press Release dated July 26, 2006). Upon review of the
drill hole data with regard to the airborne geophysical results, the seven
holes were collared along the eastern fringe of the magnetic signature
interpreted to correspond to the Crawford Stock, a Cretaceous age biotite
granite. There appears to be a strong eastward trending magnetic response
which terminates in the vicinity of the Ben Derby (MINFILE 082FNE125)
molybdenite occurrence. The seven holes comprising the 2006 drill program were
drilled along the eastern and southeastern fringe of an apparent donut-shaped
magnetic low along the eastern margin of the Crawford Stock. Finally, the best
drill results from the 2006 program were documented along the western edge of
a moderate magnetic band which may represent the mineralized fringe of the
Crawford Stock. This general area constitutes an area of interest for further
review and evaluation, particularly with regard to the 2006 soil sampling
program, for which results are expected in the near future.
The remainder of the property is characterized by curvilinear, broadly
coincident magnetic and EM anomalies, many with apparent hook-shaped
terminations. In detail, the magnetic and EM anomalies are slightly displaced,
and may even be slightly oblique, to one another. This may reflect changes in
the respective responses with depth and/or the effects of alteration, and
perhaps mineralization, due to fluids sourced from the intrusion. The
hook-shaped terminations are interpreted to represent fold closures in which
the eastern limb has been truncated due to faulting. Juxtaposition due to
faulting has been documented within the upper Purcell Group along the east
shore of Kootenay Lake, so this speculative interpretation is consistent with
previous regional mapping, but has not been confirmed on the property. If
correct, such fold closures may represent favourable locations for
mineralization.
The Company is awaiting a 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.
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