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JASPER MINING CORPORATION November 3, 2008 NEWS RELEASE JASPER MINING CORPORATION - FURTHER HIGH GRADE Hole IS-08-54 was the final hole drilled for the Company’s highly successful 2008 exploration program, bringing to 38 the total number of diamond drill holes completed to date as part of the 2008 exploration program, in addition to the intial16 hole drill program completed during the 2006 field season. The holes continue the Company’s evaluation of sub-surface mineralization corresponding to coincident surface soil and Induced Potential anomalies. Hole 36 was drilled along the west flank of the coincident anomaly, oriented eastward into mineralization controlled by steeply, generally west dipping structures. As a result, it is interpreted to have been drilled at a moderate angle to the controlling structures. Results for holes 19 and 20 were previously released (see News Release dated September 18, 2008), however, additional sampling has been completed so as to sample the complete mineralized intervals reported herein. Holes 19 and 20 were drilled on the east flank of the coincident anomaly, with the holes directed to the west. Management also wishes to emphasize the point that while 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 3.985% Mo (6.647% 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 (IS-08-19, 20 and lower part of 36). |
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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 values greater than 0.3% were reported for Hole 19 in the table above. The additional sampling for holes 19 and 20 allowed determination of thicker mineralized intervals, as reported above. In addition, the results for Hole 36 are only those for the lower portion of the hole, as the results for samples 1 to 85 remain outstanding. The intent of the 2008 drill program was to document a mineralized deposit having bulk tonnage potential returning an average grade in excess of 0.2% copper. This represents a 200% increase over the objectives of the 2006 program, which reported composite intervals having an average minimum grade of 0.1% Cu. Furthermore, given the significant increase in the relative proportion of molybdenum identified in each hole, together with multiple high grade intercepts and composite intervals reported, in future management will be including a copper equivalent value and reporting intervals having a grade in excess of 0.2% copper equivalent. An initial copper equivalency calculation utilizes current prices and assumes 100% recovery for all metals. As a result, the resulting copper equivalency values are presented herein solely for initial discussion purposes. Further work will be undertaken on the copper equivalency equation so as to produce more meaningful values in future releases. Preliminary copper equivalency (Cu. EQ.) results are presented in the following table: |
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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. The final holes of the 2008 program were intended as a preliminary test of the northwestern IP anomaly, having approximate dimensions 300 m north-south by 200 m east-west. The northwestern IP anomaly is separated (in map view) by an area approximately 120 m wide characterized by a low grade IP from the southern IP anomaly, which has been the focus of the 2008 drill program to date. The southern IP anomaly has a 50 m wide tail, extending approximately 400 m north-south, at which point it flairs outward to the east-northeast for approximately 150 m, resulting in an overall appearance like an inverted “L”. Hole 52, collared midway between the two IP anomalies expressed at surface, documented a near surface dyke swarm that apparently cut out near surface mineralization. At greater depth, the hole documented mineralization visually similar to that documented to the southeast. Holes 53 and 54 represent the first holes drilled by the Company in the northwestern anomaly and both documented similar mineralization (on a visual basis) to that documented in the southern IP anomaly. Qualitatively, there appears to be a lower proportion of bornite, with similar proportions of chalcopyrite and molybdenite, in these first two holes testing the northwestern anomaly. Hole 52 is considered to be a very important hole in that, by intersecting similar mineralization, it is interpreted to suggest sub-surface continuity in mineralization between the two IP anomalies and, therefore, significantly increase the potential size. On the basis of this interpretation, the area potentially underlain by higher grade copper + molybdenum + silver + gold +/- tungsten mineralization, as documented to date and, in particular by the 2008 results, is approximately 1.06 km north-south by up to 350 m east-west. Management is very excited by continued high grade (Cu +/- Mo) results from drill 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 coincident surface soil and IP survey results, together with high grade, sub-surface mineralization. Drilling on the property as part of the 2008 field season 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. |