Assay Results From Big Hammer -- Gold-Silver-Tellurium
Big Hammer's Au-Ag-Te mineralization was first discovered in 2007 when new logging roads revealed a thick series of sheeted, low-angle quartz-pyrite veins. Assays from 2008 and 2009 returned significant results. Chip samples across a one-meter-thick vein in the "380 Zone" (at 380 meters elevation) assay up to 26.2 gpt Au (0.77 opt Au) and 264 gpt Ag (7.77 opt Ag). A single grab sample (sample #G073029) returned 50.2 gpt gold (1.48 opt), 522 gpt silver (15.4 opt) and 451 gpt Te. Tellurium is an industrial mineral with a limited supply and a growing demand. Demand for tellurium in solar energy cells is starting to define the demand side of the market. It has been estimated that tellurium will remain somewhere above $250 US/kg.
Big Hammer property consists of six tenures totaling 1,617 hectares (3,996 acres) located 13 km southeast of Terrace B.C. on the south side of Thornhill Mountain. Big Hammer is serviced by a paved public road and is accessible in all seasons. Permitting for 2010 exploration was submitted in early February. Surface exploration activities planned for 2010 and 2011 include sequential programs of mapping, surface sampling, trench sampling, drilling, and bulk sampling.
The newly-recognized "625 Zone" (625 m elev.) is a group of five veins within a zone approximately 40 meters wide. The thickest of these veins is two meters in roadcrop. Grab samples have returned values of up to 14.6 gpt Au (0.42 opt Au).
Up to 380 ppm bismuth (Bi) is associated with Au-Ag-Te in samples from the "380" Zone. Anomalous trace elements from veins in higher roadcrops (to 625 meters elevation) at Big Hammer include bismuth (to 140 ppm Bi) and tungsten (to 1,900 ppm W).
Deposit analogs, given Big Hammer is in the early stages of exploration, are the reduced intrusion-related gold systems at Fort Knox and Dublin Gulch. These deposits include sheeted, often low-angle, quartz veins with Au-Bi-Te-W mineralization.
Results stated in this report are non-NI 43-101 compliant and as such are subject to change as further work is undertaken on the property.
The information contained in this news release has been reviewed and approved by Donald G. Strachan, MSc., CPG, Geologist, a Qualified Person as defined by 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.
Caution Regarding Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Jet Acquires Rare Metals - Gold-Silver-Tellurium (Au-Ag-Te)
The terms of the option agreement calls for the payment of $250,000, the issue of one million common shares and the expenditure of one million dollars for exploration work over a four year period. The option agreement is subject to the approval of the TSX Venture Exchange.
The property consists of six tenures with a total area of 1,617 hectares (3,996 acres) and is located 13 kilometers southeast of Terrace B.C. on the lower elevations of Thornhill Mountain. It is situated on the western flank of the Intermontane Belt and bounded on the west by the Coast Crystalline Belt. The Big Hammer's Au-Ag-Te mineralization was first discovered on new logging road cuts in 2007 within a thick series of sheeted, low-angle quartz-pyrite veins. Host rocks are Tertiary granitics and possibly altered basement. The multiple Big Hammer Au-Ag-Te showings are also anomalous in lead (Pb), copper (Cu), zinc (Zn), cobalt (Co) and tungsten (W).
Intrusive associations and extensional structures combined with good assays and trace geochemical returns make the Big Hammer a target for gold and the byproduct tellurium. The significant extent, greater than 1,000m horizontal and 300m vertical, of the known Big Hammer mineralization suggests additional veins may be found with mapping, surface trenching and diamond drilling.
Tellurium is one of the rarest elements found on earth and is a significant and relatively new semiconductor. It is used in a wide range of uses with medical, solar cell, metallurgical and computer memory applications. Cadmium telluride solar panels have achieved some of the highest efficiencies for solar power generation. Tellurium sub-oxide is used in several types of rewritable optical discs. Much of this new technology, Blu-Ray discs for example, are critically dependant on tellurium. Due to low production and high demand the value of tellurium has gone up 500% since 2004.
Results stated in this report are non National Instrument 43-101 compliant and as such are subject to change as further work is undertaken on the property. A further description of the property, previous assay results, etc., will be released shortly.
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
Caution Regarding Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Private Placement
The non brokered private placement is subject to the approval of the TSX Venture Exchange.
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
This News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
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.
Director Resignation
The Board wishes to thank Dr. Kaplan for his contribution to the affairs of Jet in the past and wish him well in his new endeavours.
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
This News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
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.
Jet Gold Acquires Gold Property in Well Known Gold District
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