Vancouver – Shares of J-Pacific Gold (JPN-V, JPNJF-O) posted good gains following results from its Elizabeth property in southwestern B.C. returned a wide, high-grade gold intercept in the company’s first drill hole of its 2007 campaign.
Hole E07-43 cut 11.2 metres (from 84.4 metres down-hole) grading 37.5 grams gold per tonne in the Southwest vein area. Within the intersection a 1-metre interval ran over 330 grams gold indicating the high-grade nature of the mineralization. J-Pacific estimates true widths of the intervals are about 70-80% of core-lengths.
The main lithology on the project is an ultramafic ophiolite complex comprised of an upper harzburgite unit and an underlying serpentinite sequence. The ultramafics were subsequently intruded by dioritic stocks.
Gold mineralization occurs in mesothermal quartz veins that cut both the ultramafics and porphyry intrusives but more significant vein development and mineralization is in the diorites.
J-Pacific has identified several gold-mineralized veins on the Elizabeth property. The Main, West and No.9 veins have been explored by underground development and surface drilling while the Southwest vein has only seen drilling form surface.
The company’s latest drill program consisted of 14 holes totaling about 1,725 metres focused on infilling the Southwest zone and generating sufficient data for a resource estimate. Further results from the remaining drill holes are pending.
The Elizabeth gold project is located about 220 km north of Vancouver in the Lillooet Mining District and is northeast of Goldbridge and Bralorne. The property is also about only about 30 km south of J-Pacifics Blackdome gold mine that has historic production of over 4 million oz. gold.
Blackdome also has a permitted mill capable of processing the vein-hosted gold mineralization from Elizabeth.
Shares of J-Pacific gained 58% on the September 13th news to close up 35 at 95 apiece on trading volume of almost 1.5 million. The stock has a 52-week trading range of 31-$1.00.
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