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 | | | Thu Oct 1, 2009
Jet Gold Acquires Gold Property in Well Known Gold District
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| | Robert L. Card, President of Jet Gold Corp., (the "Company") (TSXV: JAU) is pleased to report that the Company has entered into an option agreement to acquire the Virginia gold property (the "Property") located in the Sheep Tanks Mining District in La Paz County, Arizona (the "Acquisition") a well known gold producing area.
The property is located about two miles northwest of the former producing Verdstone gold mine which was mining grades of 0.5oz/T gold and 5oz/T silver when it was in production.
The Virginia gold property is an epithermal type of deposit typical of the Verdstone and former producing Sheep Tanks mines in the District. The Virginia has a well developed epithermal alteration system around it. The previous owner reported gold and silver values in the vein at surface, as well as a 0.6 opt sample in a shaft. These reports are anecdotal and therefore not to be relied upon. The possibility of finding and proving a mineable oreshoot close to the surface as well as at depth makes this property an attractive geological exploration target.
The property has excellent infrastructure in place, located about 100 miles west of Phoenix and 14 miles south of Highway I-10, and serviced by all-weather roads from the nearby towns of Quartzite and Salome, AZ.
The terms of the acquisition include a payment of US$5,000 upon signing, additional annual payments of US$5,000 for the next three years, or after the expenditure on the property of US$100,000 per year, for an aggregate of US$300,000. In addition, the Company will issue 100,000 common shares after the expenditure of each US$100,000 in the above three years. A 2% NSR is payable on production which the Company may acquire by the payment of one million US dollars.
A work program of trenching, sampling and geological reconnaissance along with an IP survey to develop drill targets is planned for November/December 2009.
The Company is reviewing several gold properties with plans to expand and develop gold assets in North America. The Kshish molybdenum property is very promising and the Company plans to continue its work program scheduled for October. Part of the program is to complete testing of the property samples for precious, rare earth and exotic minerals.
This news release has been reviewed and approved by Alex Burton, P.Eng., P.Geo., a qualified person as defined in National Instrument 43-101.
On behalf of the Board of Directors
Jet Gold Corp
"Robert L. Card"
Robert L. Card
President
Investor Contact:
Robert L. Card, President
604-687-7828
Jetgoldcorp@shaw.ca
www.jetgoldcorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release |
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