Jasper Mining announces more drill results from B.C.

In an interview with The Northern Miner in December 2005, Gordon Dixon, president of Jasper Mining (JSP-V), said the company’s McFarlane property, just east of Kootenay Lake in British Columbia, had the potential to be an excellent molybdenum property.

Today he has some numbers to prove it.

Drill results so far from McFarlane have included values of up to 3.235% molybdenum with composite intervals of more than 7.37 metres.

In results from six drill holes announced today, highlights included Hole 47 containing molybdenite values of 0.948% (from 77.74 metres to 82.15 metres), Hole 53 with molybdenite values of 0.104% (from 25.25 metres to 25.44 metres), and Hole 23 with 0.668% molybdenite (from 47.53 metres to 47.83 metres).

The McFarlane resource is associated with an interpreted Cretaceous age intrusive body, with mineralization occurring as “disseminations and within quartz-pyrite stock-work veins hosted by both sedimentary and intrusive rocks.”

The western boundary of the McFarlane property is about 1 km west-southwest of the drilling area on the Sphinx property owned by Eagle Plains Resources (EPL-V), which has an inferred resource of 62 million tonnes grading 0.035% molybdenum at a cut-off grade of 0.01% for contained metal of 47.84 million lbs. molybdenum.

High grade, narrow molybdenum-bearing veins have been identified and sampled. Generally these have been characterized by sericitic margins, up to about 6 cm thick, on either side of the veins.

Drilling so far has returned a relatively large number of high grade, narrow molybdenum intercepts, with the thickest intercept returning a weighted average value of 0.217 parts per million molybdenum over 7.71 metres, the company notes on its website.

Many of the intervals for which weighted average values were calculated returned high-grade silver as well, to a maximum of 354.24 oz. silver per tonne over 0.74 metres.

The McFarlane property is adjacent and contiguous to Jasper’s Lydy property and together the properties make up about 4,259 hectares.

In Toronto, news of the latest drill results sent Jasper shares up 3 apiece or 12% to 28 a share.

The junior exploration company, headquartered in Calgary, has 61.85 million shares outstanding.