|JASPER MINING CORPORATION
1020, 833 - 4TH AVENUE S.W.
CALGARY, ALBERTA, T2P 3T5
TELEPHONE: (403) 297-9480, FAX: (403) 266-1487
September 28, 2006
Trading Symbol: JSP (TSX-V)
News Release No. 06-137
JASPER MINING CORPORATION DISCUSSION OF RESULTS FROM DRILL PROGRAM ON ISINTOK PROPERTY
Jasper Mining Corporation (the “Company”) recently reported final results from the initial 2006 diamond drill program on its 100% owned Isintok property (see Press Releases dated August 11, August 28 and September 26, 2006) . The tenures comprising the property cover an area of approximately 60.3 square km (23.3 square miles), or 6,029 ha (14,898 acres) at the height of land between McNulty and Isintok creeks, approximately 27 km west-southwest of Summerland, BC and 20 km north of Hedley.
The Company’s diamond drill results from the property continue to document copper (Cu) +/molybdenum (Mo) +/- gold (Au) +/- silver (Ag) from the area of current interest. This area was previously identified during an initial drill program in 1972, with subsequent holes in 1981 and 1997 (see Press Release dated Mar. 15, 2006 for a tabulation of significant results from the property to that date). A total of 63 percussion and diamond drill holes have been documented on the property, with 28 percussion and diamond drill holes in the area of interest, which extends 960 m north-south by 440 m east-west.
A total of 10 diamond drill holes were completed by the Company on the property as part of the preliminary 2006 exploration program. The Company’s drill holes are within an area approximately 200 m east-west by 565 m north-south. The area currently being drilled is located on the fringe of coincident magnetic and resistivity anomalies identified from a Fugro airborne geophysical survey (see Press Release dated Nov. 16, 2006). This area is characterized by anomalous mineralization as documented in previous programs. The drill program was temporarily suspended in late July due to significant delays in receiving analytical data. The purpose of the delay is to allow sufficient time for receipt of full analytical results from the initial drill program so as to allow identification of any mineralized zones in the sub-surface and ascertain how they lie with regard to adjacent holes. This information was considered sufficiently important to further drilling that the program was temporarily suspended.
In addition, the results of a limited surface soil sampling program have also been received and are being evaluated with regard to the airborne geophysical and sub-surface drill results. The soil data received confirm a spatial association between surface soil anomalies and underlying sub-surface mineralized zones. The data document anomalous geochemical (i.e. copper) results extending both north and south of the area currently being drilled.
On the basis of all results to date, the ongoing objective of the Company’s exploration program is to define a copper-molybdenum +/- silver +/- gold porphyry style deposit similar to the Brenda mine, located approximately 40 km north of the Isintok property, west of Peachland. “The Brenda mine began production in early 1970 with measured geological (proven) reserves of 160,556,700 tonnes grading 0.183 per cent copper and 0.049 per cent molybdenum at a cutoff of 0.3 per cent copper equivalent [eCu = % Cu + (3.45 x % Mo)]” (BC MINFILE 092HNE047) (Note: reported prior to implementation of, and therefore not compliant with, National Instrument 43-101).
Weighted averages have been presented for all holes completed during the initial 2006 drill program to demonstrate the consistent grade of the mineralization in the holes. As a preliminary interpretation of the results, it appears there may be a near surface mineralized zone (possibly representing a supergene effect), with up to two zones of anomalous copper +/- molybdenum +/silver +/- gold at depth. As a generalization, molybdenum values were greater in the holes to the south and bornite appears to be increasing in abundance to the north. Gold has been documented in many of the samples, with some very high grade values (to 3945 ppb) returned. A large proportion of the samples have silver values, allowing a weighted average to be determined for entire holes and select intervals. Finally, a number of high grade tungsten values have been documented, to 0.33% W, from scheelite bearing quartz veins.
Evaluation of drill core suggests there may be a later, barren intrusive phase associated with the strong magnetic anomaly documented immediately to the west, and cored in Hole ISIN-06-09 and the upper part of Hole 10. Anomalous copper mineralization was subsequently documented in the lower part of Hole 10 (see Press Release dated Sept. 26, 2006). On the basis of these results, the Company intends to continue the 2006 drill program by re-entering Hole 09 and deepening it to the second expected mineralized zone at slightly greater depth. The objective of the next phase of drilling is to move northward from the current area of interest so as to extend the area of anomalous mineralization and higher grade mineralized zones farther to the north. The mineralized zones are interpreted to be steeply west dipping, so the optimal angle for drilling is believed to be -45 degrees toward Az 045 degrees.
The Company is currently actively investigating the possibility of having an Induced Potential (IP) survey on the property. The survey proposed consists of 18 east-west lines spaced 100 m apart and approximately 1 km in length. As a result, the survey would extend 1.8 km north from 2006 pad 1 (see Press Release dated Sept. 26, 2006 for location) and entirely cover the area currently being drilled and extend north toward the location of last years Hole ISIN-06-01.
The Company continues to be very encouraged by the results of the 2006 drill program. The results continue to document anomalous copper-molybdenum +/- silver +/- gold porphyry style mineralization. Holes ISIN-06-09 and 10 represent the deepest holes completed on the property to date and documented anomalous mineralization at depth. Mineralization currently identified remains open at depth and in all directions (north/south/east/west).
The Company will be re-mobilizing to continue the diamond drill program on the property on or about October 6 th, 2006.
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