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JASPER MINING CORPORATION September 18, 2008 NEWS RELEASE JASPER MINING CORPORATION - FURTHER HIGH GRADE RESULTS FROM DIAMOND DRILL PROGRAM ON ISINTOK PROPERTY Hole IS-08-45 is currently being drilled, bringing to 30 the total number of diamond drill holes completed to date as part of the 2008 exploration program, in addition to the intial 16 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. The results from the four holes released herein are from holes drilled along the east flank of the coincident anomaly, all of which were drilled toward the west into mineralization controlled by steeply, generally west dipping structures.. As a result, they are interpreted to have been drilled subparallel to the controlling structure which has the result of diluting the vein density but exaggerating the thickness of any mineralized interval. Management believes the overall result has been essentially a trade-off as visual results from multiple holes drilled on the western side of the coincident anomaly are tentatively interpreted to indicate similar (and potentially better) overall grades. However, management would like to emphasize that this is an entirely empirical observation at this point, subject to confirmation through analytical results expected over the next several weeks. 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, 21 and 25B). |
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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 - Several composite widths include short intervals that have not been sampled yet. Values of zero were assigned for all metals over these intervals. Therefore, they represent minimum values as of this writing. 2 - Only single sample intervals having copper values greater than 0.3% were reported for Hole 18 in the table above. 3 - Conversion factor from Mo to MoS2 is 1.6681. To date, core sampling has emphasized both high grade intervals and thicker higher grade zones within holes evaluated to date. Further sampling will be undertaken on the holes reported in the future so as complete sampling over the entire length of the core recovered. As such, the relatively short, high grade intercepts documented to date will be incorporated into thicker composite intervals, with both a reduction in overall grade and a corresponding increase in mineralized thickness. The intent of the 2008 drill program is 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 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 utlized for the metals was taken from the September 8 -14 Northern Miner and so does not address expected trends in metal prices. Initial visual observations of the drill core returned from the 2008 program continues to document greater proportions of both molybdenum and bornite relative to the 2006 program. Trace to locally minor bornite was noted in the core from the 2006 program, with copper mineralization represented virtually exclusively by chalcopyrite. (Note: chalcopyite contains approximately 33% copper by mass whereas bornite contains approximately 63% copper by mass, therefore, the presence of bornite represents a significant increase in copper content relative to chalcopyrite). In contrast, bornite has been documented in virtually every hole completed in 2008, with a subordinate population of mineralized veins dominated by bornite and a minor proportion comprised exclusively of bornite. The apparent increase in bornite content, particularly the presence of veins comprised dominantly to exclusively of bornite, is interpreted to indicate proximity to a relatively high grade copper-bearing portion of the host porphyry. In addition, moderately to very highly anomalous molybdenum continues to be visually and analytically documented in the 2008 drill holes. Molybdenum grades 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 Results from the 2008 surface soil sampling program have documented a significant increase in the size of the surface soil anomaly previously reported (see News Releases dated December 14, 2006 and July 2, 2008). Initially, results from surface soil sampling defined a relatively high grade core, oriented north-south, having minimum dimensions of 1.3 km north-south by 400 m east-west and open to the south. Further sampling in 2007 was intended to “close” the anomaly. As a result, the surface soil anomaly was extended a further 400 m south. In addition, a prominent linear defined by coincident Cu - Mo - W was identified, extending to the northwest from the southernmost portion of the initial anomaly. The 2008 sampling program extended the linear soil anomaly approximately 3 km northwest, with a second linear soil anomaly extending approximately 1.5 km west. As a result, the overall surface soil anomaly defined is approximately 4.2 km in length, generally oriented northwest - southeast, and up to 1 km in width. A second 1.5 km long linear surface soil anomaly extends to the west from the area of current drilling, localized in the southern third of the overall soil anomaly. The Chargeability anomaly defined by the 2006 Induced Potential survey, coincides with the initial surface soil anomaly defined in 2006. This coincidence of the surface soil and Chargeability anomalies, together with sub-surface mineralization subsequently confirmed through diamond Management is very excited with the high grade results from an additional four drill holes completed in 2008 to test the IP anomaly. Management is very encouraged by these results as they continue to confirm sub-surface mineralization, at higher grades, documented by previous drill programs. Management is unreservedly encouraged by continued results of the 2008 field program, confirming the coincident surface soil and IP survey results, together with high grade, sub-surface mineralization. Drilling continues on the property as part of the 2008 field season and will be reported as further results are 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. |