|JASPER MINING CORPORATION
1020, 833 - 4TH AVENUE S.W.
CALGARY, ALBERTA, T2P 3T5
TELEPHONE: (403) 297-9480, FAX: (403) 266-1487
September 29, 2006
Trading Symbol: JSP (TSX-V)
News Release No. 06-138
JASPER MINING CORPORATION ANNOUNCES RESULTS OF AIRBORNE GEOPHYSICAL PROGRAM ON SAWYER PROPERTY
Jasper Mining Corporation (the “Company”) is pleased to announce preliminary airborne geophysical results from the Company’s 100% owned Sawyer property, located east of Kootenay Lake, approximately 70 km west-northwest of Cranbrook, BC. The property comprises approximately 1,566 ha (3,870 acres) located immediately south of the St. Mary’s River. The property is underlain by sediments related to Proterozoic strata of the uppermost Purcell Supergroup and lower Horsethief Creek Group intruded by a small Cretaceous age intrusion related to the Bayonne Magmatic Suite. Previous work completed on these intrusions by the BC Geological Survey Branch suggested they may have intrusion-related gold potential.
An Aeroquest International (“Aeroquest”) airborne geophysical survey was recently completed on the Crawford property and the Company is in receipt of the preliminary data, comprised of electromagnetic, magnetic and radiometric data. Electromagnetic (“EM”) data is expected to identify and delineate possible conductors, which may include faults and/or mineralized veins. Magnetics is expected to allow differentiation of intrusive phases from sedimentary strata hosting the intrusions and, therefore, allow identification of one possible control to mineralization. Finally, the radiometric portion of the survey detects the response of three radioactive elements, specifically, potassium, thorium and uranium. Again, radiometrics may allow the Company to differentiate separate intrusive phases.
The magnetic data documents one large, and several smaller, magnetic anomalies on either side of a small east flowing tributary into Sawyer Creek. Cretaceous intrusions correlated to the Bayonne Magmatic Suite are associated with both strong magnetic anomalies over the corresponding intrusions (i.e Fry Creek Batholith) and magnetic haloes surrounding the intrusion (i.e. White Creek Batholith). Therefore, these anomalies are tentatively interpreted to correlate to the intrusion.
The Electromagnetic data document a number of small EM anomalies on both Z- and X-axis data, although the Z-axis data appears to document several larger anomalies on the south side of the tributary, south of the magnetic anomalies and the interpreted location of the intrusive phases. Of particular interest is the correlation of coincident Z- and X-axis EM anomalies with a UTEM anomaly identified by previous operators in 1997. A ground based UTEM survey identified “... two conductors or conductive zones striking across the small survey grid. The westerly (weak) conductor ... appears to be dipping shallowly to the east ... and has a depth extent of approximately 200 m.
The second conductor ... shallow to the east and appears to have a conductance more than 50 siemens and a depth extent of at least 500 m”. Trenching and/or drilling was recommended to further evaluate these anomalies.
The radiometric data appears to document the intrusive lithologies, with correlation between potassium (K), thorium (Th), uranium (U) and Total Count (TC) data. The data appears to indicate east-northeast trending anomalies, moderately to highly oblique to the mapped trend of the host strata. The radiometric anomalies appear to correlate moderately well with the magnetic data, interpreted to suggest that intrusive lithologies occupy topographic highs on the property, possibly associated with more resistant lithologies.
The preliminary results of the Aeroquest survey are very interesting, particularly with respect to the previous small UTEM survey results. In addition, previous, rather limited, exploration programs resulted in identification of lead-zinc mineralization, from which small hand samples returned grades up to 9.06% lead, 19.87% zinc and 10.05 oz/ton silver. Float “... samples from scree indicate the mineralized horizon is broadly segregated into a lead rich band, combined lead and zinc, and a zinc rich band. The sulphides are contained within well defined bedding planes, with evidence of minor remobilization”.
Initial interpretation of the preliminary airborne geophysical data, together with limited data from previous programs, strongly suggest further evaluation of the property is warranted. The Company is awaiting the final report from Aeroquest with interpretation of results and identification of favourable anomalies from the survey. The final report is expected within the next two to four weeks. A review of the all the Company’s East Kootenay airborne geophysical survey data with representatives of Aeroquest is scheduled in the near future.
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