Jasper Mining Corporate Update
CALGARY, Aug. 19, 2011 /CNW/ --
Trading Symbol: TSX-V: JSP
CALGARY, Aug. 19, 2011 /CNW/ - Jasper Mining Corporation ('the Company')
(TSX-V:JSP) disclosed current resource or reserve estimates at its
Isintok, B.C. mineral property in several news releases, during 2006
and 2008. As a result, since February 2009, the Company has been on the
BCSC default issuers list for failure to file a technical report
supporting mineral resource disclosure. The Company issued a
clarification news release on March 11, 2009 indicating previous
resource or reserve estimates, extracted from BC Minfile, are
comparable to a potential mineral deposit requiring further
exploration, and not to a resource estimate. The Company did not have
sufficient data and information at that time to disclose a range of
tonnes and grade for a potential exploration target in a manner
compliant with NI 43-101.
The Company also disclosed its intention to prepare and file a technical
report. For example, a CEO interview dated January 16, 2009 available
on the Company's website, the Company's MD&A dated December 31, 2010,
and the news releases of December 21, 2010, March 18, 2011, and April
20, 2011 all refer to a technical report under preparation for the
Isintok Property. The Company clarifies that it has not prepared a
report meeting the definition of a NI 43-101 technical report.
A July 14, 2011 report by AMC Mining Consultants (the AMC Report),
referred to in the Company's July 19, 2011 news release, supports grade
and tonnage ranges of a 'potential exploration target' at Isintok. The
Company disclosed its exploration target in the July 19, 2011 news
release, as quoted from the AMC Report and as set out in the Company's
news release of July 19, 2011, as follows:
The potential quantity and grade has been determined from the
construction of a block model encompassing the lithologic and assay
data from 56 of the 58 drillholes completed by Jasper. An inverse
distance squared (ID2) block model was populated by a successively
larger 3 stage spherical search with a maximum search of 200 metres
constrained by a lithology wireframe. A copper equivalent value (CuEq)
was determined for each block in the model based on the copper,
molybdenum, gold and silver assays. An estimate was made based on this
value and the results are summarized in the Table below. It should be
noted that this CuEq is a gross value and does not take cognizance of
the metal recoveries and hence real contributions of the additional
metals.
Table - Potential Quantity and Grade of a Mineral Deposit
_____________________________________________________________________
| Tonnes | Cu(%) | Mo(%) | Au(g/t) | Ag(g/t) |CuEq Average|
| (000) | | | | | Grade |
|_________|_______|____________|____________|____________|____________|
|50,000 to|0.08 to|0.01 to 0.02|0.02 to 0.03|0.80 to 1.10|0.20 to 0.30|
|110,000 |0.12 | | | | |
|_________|_______|____________|____________|____________|____________|
Notes 1 The contribution to the CuEq by copper is approximately 40%
2 The CuEq does not take cognisance of the recoverability of
the additional metals
The potential quantity and grade in the Table above is conceptual in
nature, there has been insufficient exploration information collected,
documented or utilized to define a mineral resource. It is uncertain
if further exploration will result in the Isintok Deposit being
delineated as a mineral resource.
Although qualified persons (QPs) prepared the exploration target, the
AMC Report is not a NI 43-101 report, and did not complete data
verification, site visits, descriptions of assay procedures, and
omitted other information about the property required by NI 43-101. The
Company also clarifies that cross sections appended to the AMC Report
illustrating a grade block-model are not a resource estimate and the
Company was unable to provide enough data and information for the AMC
Report to undertake a resource estimate.
In the event that the Company receives a material resource estimate on
any of its mineral properties, it will promptly disclose the results
and file a supporting technical report as required by NI 43-101.
The Company has cooperated with regulators in preparation of this news
release and has applied for removal from the BCSC default issuers list.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/19/c5015.html
Gordon F. Dixon, Q.C., President, Jasper Mining Corporation, Telephone: (403) 297-9483, Fax (403) 266-1487, email: gdixon43@telus.net Investor relations inquiries: (403) 668-4880