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JASPER MINING CORPORATION December 17, 2008 NEWS RELEASE JASPER MINING CORPORATION - FIVE MORE DRILL HOLES HAVING IN EXCESS OF 0.2% COPPER EQUIVALENT, INCLUDING 212.43 M GRADING 0.265% CU.EQ. FROM DIAMOND DRILL PROGRAM ON ISINTOK PROPERTY A total of 54 drill holes have been completed by the Company on the property to date, with 38 of those holes completed as part of the Company’s highly successful 2008 exploration program. Of the 2008 holes, full or partial results have now been released from only 15 of these holes to date. Three of the five holes released today (Holes 31, 38, 42 and 43) were drilled from the west flank of the coincident anomaly, and again, were oriented east to northeast into mineralization, controlled by steeply, generally west dipping structures. Therefore, they are interpreted to have been drilled at moderate to high angles to the controlling structures. Hole 50 was drilled between the coincident surface soil and IP anomaly tested by holes 1 through 49 and Hole 54, which was the first hole drilled to test a second IP anomaly identified on the Company’s ground IP survey in 2006. Holes 50 and 54 were again drilled to the east at an inclination of -45 degrees and are, therefore, interpreted to have been drilled at a moderate angle to the controlling structures. Management wishes to emphasize that although the project is currently being evaluated as a Cu - Mo porphyry deposit, numerous very high grade molybdenum intercepts have been documented, with single sample intervals to 4.985% Mo (8.315% MoS2) over 0.32 m and composite intervals grading 0.055% Mo (0.092% MoS2) over 44.58 m. Local high grade values for silver (40.30 g/t over 1.18 m), Au (2.591 g/t over 1.18 m) and tungsten (0.25% over 1.12 m) have also been documented. The following table is a compilation of high grade analytical results for copper +/- molybdenum +/- silver +/- gold for holes 31, 38, 42, 50 and 54. Note: In contrast to previous News Releases, only results for individual intervals greater than 1.00% copper or 1.00% MoS2 have been tabulated below. |
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*The angle between the core axis and veins were all at an inclined angle and so widths are not true widths Core in each of the sampled intervals was split, 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 returning in excess of 10,000 ppm copper were re-submitted for Group 7AR analysis. Samples that returned Mo results greater than 2,000 ppm were re-submitted for Group 7KP - 0.50 gm analysis. 1 - Only single sample intervals having copper and/or molybdenum values greater than 1.0% were reported in the table above. 2 - Conversion factor from Mo to MoS2 is 1.6681. As announced in the previous News Release (dated Dec. 12, 2008) the Company has reviewed metal prices used for the purposes of a copper equivalency (“Cu. EQ.”) calculation. Company management has revised metal prices used in the Cu. EQ. calculation to reflect current prices. Note: the resulting copper equivalency is, essentially, a qualitative number in that it is not based on metallurgical studies and does not address metal recovery and a host of other considerations. Preliminary copper equivalency (Cu. EQ.) results for Holes 26 and 39 are presented below: |
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1 - The equation used to calculate the copper equivalent is as follows: Cu. EQ (%) = ((Cu(%)*20* $Cu) + ((Mo%*20*1.5*$MoO3)) + ((Ag*($Ag/34.2857)) + (Au*($Au/34.2857))) ÷ (20*$Cu) where $Cu = $3.26/lb, $MoO3 = $33.75/lb, Ag = $13.18/oz and Au = $802.50/oz. Note: The resulting Cu. EQ. value assumes 100% recovery of all metals. Furthermore, the values utilized for the metals was taken from the September 8 - 14, 2008 Northern Miner and so does not address expected trends in metal prices. Management wishes to emphasize: 1. that the holes document mineralization from immediately below a thin cover of overburden to depths up to 215.48 m down-hole or approximately 153 m vertically below surface, and 2. There are many high grade copper +/- molybdenum +/- silver +/- gold sample intervals in the five holes reported herein and only those exceeding 1.0% copper and/or 1.0% molybdenum are tabulated above. Management is very encouraged by continued high grade (Cu +/- Mo) results from the majority of drill results released to date from those holes completed in 2008 to test the coincident IP - soil anomaly. Management is unreservedly encouraged by continued results returned from the 2008 field program, confirming high grade, copper +/- molybdenum +/- silver +/- gold +/- tungsten subsurface mineralization spatially coincident with, and underlying, surface soil and IP survey results. The 2008 drill program has been completed, however, further analytical results will be reported as received. This news release has been prepared by Richard T. Walker, B.Sc., M.Sc., P. Geo., the “Qualified Person” under National Instrument 43-101. For further information contact: - 30 - The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |