Jet Gold Receives Big Hammer Gravity Testing Results
05 Marzo 2013 - 4:03PM
Marketwired Canada
Jet Gold Corp. (TSX VENTURE:JAU) (the "Company") announced today progress of
exploration of its Big Hammer Gold Silver Tellurium property located 13
kilometers southeast of Terrace, BC. Canada.
Jet Gold has completed filing and reporting of allowable work expenditures for
the amount of $467,637 (event 5399022), allowing the Big Hammer tenures to be
carried through in good standing to December 2022. Also in 2012/13, a permit
amendment was received which increases the current drill sites (12) at its Big
Hammer property to a total of 47 sites (amendment letter MX-2-235 1650573). This
will allow significant drilling to be undertaken without delay. In January, a
small-scale gravity testing pilot commenced to determine feasibility of low cost
gravity separation of potential concentrate from gangue (waste). The on-going
small-scale gravity concentration test has been undertaken to determine the
suitability of potential ore grade material from Big Hammer for 4 key aspects;
-- Suitability for free gold separation by a low cost gravity system;
-- Crushing/grinding requirements to free sulphides and gold;
-- Determination of the ratio of gangue (waste) to concentrate;
-- Determine the chemical content of the gangue.
Phase one of the testing is focused on basic system design and protocol prior to
running larger samples. With the positive success of the first phase of this
trial, further work will include collection and processing of large samples from
the 380 and 625 veins.
A summary of the initial results returned from a random composite sample of
various quartz vein material from Big Hammer is provided in the following
tables. To date, this testing has determined that an inexpensive gravity system
can easily concentrate potential ore at a minimum of 2:1 ratio, with a milling
target of approximately 80 mesh (.180 mm).
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Table 1 - Summary of 2013 Gravity Testing Results (Fire Assay) Jan 25, 2013
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Au-Grav
Sample Sample weight (kg) Au (ppm) (g/tonne)
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E5395025 Control 4.95
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E5395026 less than 100 mesh greater than 10 15.7
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E5395027 less than 50 greater than 10 34.1
greater than 100 mesh
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E5395028 less than 20 greater than 10 10.5
greater than 50 mesh
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Table 2 - Summary of 2013 Gravity testing Results (Aqua Regia) Jan 25, 2013
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Sample Au (ppm) Ag (ppm) Te (ppm)
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E5395025 4.18 56.5 13.9
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E5395026 11.2 79.8 39
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E5395027 5.28 83.9 34.2
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E5395028 7.00 94.0 39.4
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This work is being undertaken in-house at Jet Gold's Terrace facility.
In reviewing the update of the Big Hammer property, CEO Peter Hogendoorn stated,
"We are excited to be entering this phase of our operation as we are encouraged
by the assay results of the preliminary concentration test which sets the stage
for testing the high grade 380 and 625 vein. Coupled with previous significant
drill core assays, we now anticipate further exploration will produce a number
of excellent results given that it has been demonstrated that high value gold
recoveries are indeed possible from our Big Hammer property. We are extremely
pleased with the Company's progress to date."
The concept of a small scale, high grade mine at the Big Hammer property is of
considerable interest due to the fact gold grades found in the 2011 surface
trenching program were significant and there is a history free gold extraction
from adjacent properties. There is excellent road access to the Big Hammer
property and is in close proximity to abundant power, water, CN Rail lines, and
to the deep water container port at Prince Rupert.
Recap of Successful Big Hammer 2011 Drill Program:
JetGold's October, 2011 drilling program was the first modern exploration
program attempted at the Big Hammer gold-silver-tellurium prospect. Phase One
exploration at Big Hammer was initially planned as a 1,500-meter program but
logistical considerations forced truncation of HQ core drilling after the first
half (767 meters) of the program was completed. The remaining 733 meters of
core, when drilled, should significantly expand the known volume of mineralized
rock.
Drill holes BH11-001 through BH11-007 were all drilled into the projected
hanging wall of, and through, the 380 Vein to depths between 36.0 meters and
81.7 meters. All were drilled at a -65 degrees angle from horizontal along a 150
degrees (SSE) azimuth, with the intent of piercing the projected vein at a 90
degrees angle to the projected dip. Drill holes 003, 004, 006 and 007
encountered Au-Ag-Te mineralization on the 380 Vein at depths of less than 39
meters.
Big Hammer Shows Positive Mineralization:
Significant Au, Ag, and Te assays have been received from samples taken in
quartz-pyrite-telluride-chalcopyrite veins hosted in Paleocene granite. Highest
gold values have come from surface grab samples of the 380 Vein and the 380
Extension Vein.
The highest grade drilled interval encountered thus far occurs in a 0.5-meter
length of networked sulfide-telluride in white vein quartz. Sulfide-telluride
clots within this network are up to 3 cm across. Other significantly mineralized
drill intervals occur in BH11-006 at 22.9m, 26.7m, and 37m, and in BH11-007 at
37.9m. Veinlets with similar mineralogies as the above vein intercepts have been
encountered in the younger diorite (Td) core. Favorable vein widths in Td were
not encountered in drill hole or observed on the surface in 2011.
Surface veins with the similar mineralogies and textures to those intercepted in
the core provided the discovery samples at Big Hammer. Nine well-mineralized
grab samples returning the highest grades, as listed in Table 3 below, range
from 11 to 94 ppm Au, 105 to 522 ppm Ag, and 119 to 946 ppm Te.
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Table 3 - A Summary of the Highest Grade Surface and Drill Core
Assays (ppm) - 2009 to 2011
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Location:
Sample Type Length Description Au Ag Te As Bi Cu
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E5210890 trench hi-grade 380 vein 93.9 105 946 2 44 6,500
grab QSxTe
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E5210889 trench hi-grade 380 vein 48.3 118 331 3 55 532
grab QSxTe
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90927.01 roadcrop hi-grade 380 vein 41.0 522 0 40 2,909
grab QSxTe
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E5217560 trench hi-grade 380 Extension 29.9 429 314 2 107 3,460
grab vein QSxTe
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E5217561 trench hi-grade 380 Extension 20.9 284 213 2 101 1,920
grab vein QSxTe
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E5217562 trench hi-grade 380 Extension 17.1 335 145 1 342 775
grab vein QSxTe
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90927.03 roadcrop hi-grade 380 vein 14.5 343 0 361 7,482
grab QSxTe
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E5210883 trench hi-grade 380 vein 12.7 202 119 15 127 917
grab QSxTe
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E5210881 trench hi-grade 380 vein 11.3 186 140 5 33 2,070
grab QSxTe
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E5217565 core 0.6 m BH11-003 at 13.3 112 69 1 17 2,340
sample 35.0 m: QSxTe
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E5217575 core 0.6 m BH11-006 at 7.3 16 73 6 7 273
sample 37.0 m: QSxTe
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E5217568 core 0.4 m BH11-007 at 6.0 47 71 2 11 1,840
sample 37.9 m: QSxTe
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E5217573 core 0.8 m BH11-006 at 2.7 40 30 2 10 772
sample 26.7 m: QSxTe
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E5217572 core 0.3 m BH11-006 at 3.0 17 21 4 7 13
sample 22.9 m: QSxTe
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E5391165 core 0.2 m BH11-004 at 2.0 16 14 3 3 37
sample 25.1 m: QSxTe
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The property is 100% controlled by Jet Gold subsequent to an option agreement
(the "Option") dated February 12, 2010. The option stipulates total cash
payments of $250,000, 200,000 shares & $1.0m in works costs over 5 years. As of
the date of this release the company has $130,000 remaining in cash
consideration, all share distributions have been made and approximately $500,000
remains in work expenditures which the Company anticipates completing during the
highly anticipated summer 2013 phase II drill program. The vendor holds a 2% NSR
which the Company can purchase 1% for $1.0m upon commencement of commercial
production.
In addition, the Company closed a unit private placement previously announced
Nov 26, 2012. Total proceeds raised were $146,000 on issuance of 1,460,000 units
which included one half of one share purchase warrant exercisable $0.15 for a
period of two years. The proceeds are for working capital, no finder's fees were
paid and closing is upon final exchange approval. The Company anticipates the
announcement of additional funding and more information will be provided as it
materializes.
Jet Gold is a Canadian resource exploration company strategically investing in
the Terrace and Smithers region of British Columbia and is actively developing
gold, silver, iron ore, zinc, and tellurium mineral resource properties located
in the Skeena and Omineca mining districts of British Columbia, Canada.
Additional information can be found at: www.jetgoldcorp.com
On behalf of the Board of Directors,
Jet Gold Corp. (TSX VENTURE:JAU)
Peter Hogendoorn, Chairman & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jet Gold Corp.
Brad Moynes
President
604-336-8138
www.jetgoldcorp.com
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