|JASPER MINING CORPORATION
1020, 833 - 4TH AVENUE S.W.
CALGARY, ALBERTA, T2P 3T5
TELEPHONE: (403) 297-9480, FAX: (403) 266-1487
November 29, 2006
Trading Symbol: JSP (TSX-V)
News Release No. 06-144
JASPER MINING CORPORATION ANNOUNCES SOIL RESULTS FROM ERIE CREEK PROPERTY
Jasper Mining Corporation (the “Company”) is pleased to announce preliminary results from the 2006 field program on its 100% owned Erie Creek property. The property consists of eight mineral tenures comprising 3,708 ha (9,163 acres), located north of Salmo and south of Nelson. The claims are located 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 point 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 MoS 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”.
In 2005, the Company undertook a Fugro Airborne Surveys (“Fugro”) geophysical survey of the property (see Press Release dated Mar. 7, 2006), resulting in “... a total of 15 high priority (Grade 5 to 7) geophysical anomalies, with an additional 51 moderate and 161 low grade anomalies. Of a total of 332 geophysical anomalies identified in all categories, fully 224 were interpreted to represent discrete Bedrock Conductors. In general, the results are interpreted to support the possibility of a buried porphyry in the southern part of the property, localized at, or near, surface in the vicinity of the Hattie MINFILE occurrence, as well as possible vein- and/or skarn-type potential similar to that associated with the former Second Relief Mine (BC MINFILE Number 082FSW 187), located immediately to the northeast”.
Of considerable interest to the Company is the fact that the range in conductivity varies from 25 to in excess of 40,000 ohm-m on the 56,000 Hz (i.e. near surface) Resistivity map. This range of greater than 40,000 ohm-m (or three orders of magnitude) is large and considered very unusual.
During the 2005 field season, a total of 583 soil samples were recovered from the property. Individual samples were collected along seven separate contour soil lines ranging from 3 to 9 km in length, located along the major drainages throughout the property, with sample sites spaced 50 m apart. Samples were collected from the “B” horizon, placed in kraft bags and submitted to Acme Analytical Laboratories Ltd. for Group 1DX (39 element ICP) analysis, using SS80 sample preparation.
Preliminary results are very encouraging with regard to continued evaluation of porphyry potential. Tungsten (less than 100 ppm) and molybdenum (greater than 84.8 ppm) appear to clearly delineate the informally named Erie Creek Stock, which straddles Erie Creek and hosts the Hattie MINFILE occurrence. Copper values between 100 and 1600 ppm also appear to be preferentially localized within the Erie Creek Stock, as defined above. Copper values decrease outward toward strongly anomalous lead / zinc values to the west and northwest. The Copper King MINFILE occurrence is located on the west side of Erie Creek, opposite the Hattie occurrence, coincident with a moderate copper anomaly having values between 20 and 400 ppm. 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.
Lead and zinc returned background to low within the Erie Creek Stock and the immediately adjacent host rocks, however, a strongly anomalous zone was delineated on two contour lines west of Erie Creek and north of Grassy Creek. The two lines define a coincident lead-zinc anomaly 3 km long x 2 km wide, oriented north-northwest - south-southeast. The anomaly is defined by lead values greater than 50 ppm and zinc greater than 150 ppm. A higher grade core is evident, defined by lead greater than 150 ppm and zinc greater than 500 ppm (maximum values of 1882.7 Pb and 1245 Zn),.
This area broadly coincides with the location of the Arnold MINFILE occurrence, as well as five adits and five shafts documented in Assessment Report 15,510. “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).
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, spatially associated with a pyrite-pyrrhotite zone. 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 the surrounding host rocks.
Of particular interest is the presence of 9 gold values exceeding 50 ppb, with 4 between 1000 and 1500 ppb, immediately west of Erie Creek at the northeastern margin of the prominent lead-zinc anomaly surrounding the Arnold occurrence. The values are at the northern end of a soil line and may, therefore, extend farther north. Weakly anomalous gold values were documented on the east side of Erie Creek, directly to the east, however, only background values were returned on the next (topographically higher) line to the west. Further work is proposed for 2007 to further evaluate this gold anomaly.
The Company is very encouraged by the results of the 2006 soil program, which appears to have successfully delineated both a zoned porphyry intrusion and a large base metal geochemical anomaly. A third, highly anomalous gold anomaly will require further work to evaluate in 2007.
The Company has a permit approved for diamond drilling on the Erie Creek property, which will be amended on the basis of the soil results (discussed above) for the 2007 field season. The proposed diamond drill program will initially emphasize evaluation of the Erie Creek Stock and possible Cu-Mo+/- Au +/-W potential. Further field work is proposed in an attempt to determine the nature of the lead-zinc anomaly and, therefore, the optimal orientation for subsequent drill testing.
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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For further information contact:
Gordon F. Dixon, Q.C., President, Jasper Mining Corporation
Telephone (403) 297-9480, Fax (403) 266-1487,
email: firstname.lastname@example.org or visit Jasper’s website at www.jaspermining.com