|JASPER MINING CORPORATION
1020, 833 - 4TH AVENUE S.W.
CALGARY, ALBERTA, T2P 3T5
TELEPHONE: (403) 297-9480, FAX: (403) 266-1487
February 9, 2007
Trading Symbol: JSP (TSX-V)
News Release No. 06-150
JASPER MINING CORPORATION DISCUSSION OF
SOIL RESULTS FROM ERIE CREEK PROPERTY
AND THE ADDITION OF 5 MINERAL TENURES
Jasper Mining Corporation (the “Company”) previously announced results from the 2006 field program on its 100% owned Erie Creek property (see Press Release dated Nov. 29, 2006). The Erie Creek property is located north of Salmo and south of Nelson, in southeastern British Columbia. The property lies southwest of the former Second Relief Mine (BC MINFILE Number 082FSW 187), the “... third largest gold-enriched skarn producer in the province”, in an area with abundant previously documented mineralized occurrences. The most significant with regard to the Company’s preliminary evaluation of the property is the description for the Hattie occurrence (BC MINFILE 082FSW 226) along Erie Creek:
“Mineralization on the property occurs roughly in four concentric zones. An inner quartz-molybdenum plus scheelite zone followed by a chalcopyrite zone, a pyritepyrrhotite zone and an outer sphalerite-galena zone. The inner zone is approximately 600 metres in diameter and is centered on the east side of Erie Creek. The host rocks are quartz monzonite dykes, stocks and white rhyolite. The chalcopyrite zone occurs over an area of 1.5 to 2 kilometres and occurs in quartz and sulphide veinlets as fracture coatings and in shear veins with pyrite, pyrrhotite and minor amounts of scheelite. The best copper values obtained, up to 1.3 per cent, were from vein and dump samples mainly from old workings on the west side of Erie Creek (Drum Lummon, Cooper King, Dora, Homestake). Pyrite and pyrrhotite, in an area about 1.5 by 2.5 kilometres, occur finely disseminated and as fracture coatings. Sphalerite and galena with some gold occur in shear veins beyond the inner zone, such as the Arnold (082FSW301) and Ben Hassen (082FSW300) showings.
The inner quartz-molybdenite plus or minus scheelite zone is approximately centered on the Hattie or June 2 claim. Host rocks are quartz monzonite dykes and stock, and white rhyolite. Grades in the zone range from 0.01 to 0.059 per cent molybdenum; 0.0166 to 0.196 per cent copper and 0.005 to 0.14 per cent tungsten (Assessment Report 15510). Best results reported by McIntyre Porcupine Mines were 85 metres of 0.115 per cent MoS2 and 0.05 per cent copper, including 30 metres of 41.14 grams per tonne silver (Assessment Report 15510)”.
The concluding statement from the BC MINFILE report for the Hattie occurrence states: “The mineralization is believed to be part of a zoned porphyry-type deposit which has a central quartz vein stockwork zone containing molybdenum-copper-tungsten mineralization and a peripheral zone with veins containing copper, lead, zinc and silver mineralization. This showing is interpreted as occurring in the central stockwork zone”.
The Copper King MINFILE occurrence is located on the west side of Erie Creek, opposite the Hattie occurrence. Previous work has included limited drilling in an area with 10 adits and two shafts (Assessment Report 15, 510) and has been “... interpreted as occurring in the peripheral zone (to a zoned porphyry), since there is no documented evidence of molybdenum or tungsten mineralization.
The Arnold MINFILE occurrence, as well as five adits and five shafts documented in Assessment Report 15,510, lies on the north side of Grassy Creek, northwest of its confluence with Erie Creek. “Cominco drilled several holes in this area in 1926-1927. Old reports document galena, pyrite, sphalerite and chalcopyrite in a poorly defined "zone" of altered volcanics. In 1987, sphalerite and galena were found in shear veins on the Arnold Reverted Crown Grant. Two samples from a quartz vein in an old adit at elevation 1402 metres assayed 41.4 grams per tonne silver, 0.049 grams per tonne gold and 67.3 grams per tonne silver, 0.032 grams per tonne gold, respectively (Assessment Report 15510)” (MINFILE 082FSW301).
Recent work to evaluate the results of the 2006 soil program is interpreted to clearly delineate the Erie Creek Stock, located predominantly on the east side of Erie Creek, slightly southeast of the confluence of Grassy Creek with Erie Creek. The Hattie MINFILE occurrence lies within the Erie Creek Stock, as defined by the 2006 soil results. The Copper King MINFILE occurrence lies directly to the west, on the west side of Erie creek, while the Arnold MINFILE occurrence lies to the
Molybdenum (between 7 and 86 ppm) and tungsten (between 17 and 100 ppm) results in soils appear to clearly differentiate the intrusive stock from the host Rossland Group, defining a coincident anomaly approximately 1.2 km north-south by 1 km east-west. Relatively high grade copper results (to 1600 ppm or 0.16%) in soils are localized within, and coincident with, the molybdenum and tungsten results. An apparent halo of lower grade copper values (between 54 and 362 ppm) extends up to 2 km from the margin of the geochemically defined intrusive contact. Further, highly anomalous lead (between 312 and 1,884 ppm) and zinc (between 457 and 1,250 ppm) values in soils are evident north of Grassy Creek and west of Erie Creek partly located on the Arnold MINFILE occurrence and workings.
As a result, an apparent metal zonation is evident along Erie Creek. Molybdenum, tungsten and high grade copper values appear to be localized within, or immediately adjacent to, the Erie Creek Stock. Copper decreases outward (presumably away from the Erie Creek Stock) coincident with increasing lead and zinc. These observations support interpretations documented in earlier Assessment Reports (and MINFILE).
In addition, a number of strongly anomalous gold values were documented, with multiple values between 10 and 50 ppb within, and adjacent to, the Erie Creek Stock. These are interpreted to support the interpretations above regarding the presence of a zoned porphyry localized within the Erie Creek Stock, with associated anomalous metals in surrounding host rocks.
Management remains very encouraged by the results of the 2006 soil program, as briefly discussed above, and the 2005 airborne geophysical results. On the basis of the soil results, and interpreted porphyry potential represented by the Erie Creek Stock, the Company recently acquired five additional tenures on either side of the Hattie Creek occurrence, totalling 632.53 ha (1,563 acres), bringing the total area encompassed by the contiguous Erie Creek tenures to 4,340.98 ha (10,727 acres). The resulting property is now approximately 70 square kilometres in size, extending 10.3 kilometres north-south along Erie Creek, and 7.3 kilometres east-west.
The Company intends to initiate a diamond drill program on the Erie Creek property, starting in February, 2007 (weather permitting). This initial drill program is exclusively intended to test the Cu ± Mo porphyry potential of the Erie Creek Stock, with pads proposed on either side of Erie Creek so as to test the interpreted causative intrusion. A total of eight pads have been proposed as part of this initial program to assess the porphyry potential on the Erie Creek property.
Further field work is proposed on the remainder of the property in an attempt to determine the nature of the lead-zinc anomaly and potential for polymetallic to base metal vein potential.
This press release has been prepared by Richard T. Walker, B.Sc., M .Sc., P. Geo., the “Qualified Person” under National Instrument 43-101.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Gordon F. Dixon, Q.C., President, Jasper Mining Corporation
Telephone (403) 297-9480, Fax (403) 266-1487,
email: email@example.com or visit Jasper’s website at www.jaspermining.com