Jonpol on track in Garrison Twp

The shaft will ultimately reach a target depth of 500 ft, and will allow extraction of bulk samples for metallurgical testing. The company hopes to complete t he current underground exploration program by next February at a cost of nearly $3 million.

Drill-indicated reserves total 1.31 million tons grading 0.231 oz gold per ton. The company will be keeping a close eye on the bulk sampling results,

because some of the gold mineralization is known to be refractory. Pollock said gold recoveries have been as low as 60% in some of the previous metallurgica l tests.

Toronto-based LAC Minerals (TSE) has an option to earn a 50% interest in the property and is contributing $700,000 to the present underground progra m.

Jonpol is also preparing a prospectus to raise an additional $1.27 million by way of a public offering of flow-through shares. A previous financing, involving NIM and CMP, raised $1.7 million for the current underground program. “We’re hoping this will be the last share-dilution Jonpol will have

to experi ence in order to complete the shaft at Garrison Twp.,” Pollock said. With the underground work well under way, a 10,000-ft surface drilling

campaig n has been started by LAC on property situated to the west. The objective of tha t drilling is to probe for westerly extensions along strike from the shaft area. In other news, Jonpol recently optioned its Dalqueir

Twp., Que., property to A ur Resources (TSE). Previous drilling has outlined four mineralized zones on tha t copper- zinc property. One zone contains an estimated 815,000 tons of 3.21% zi nc, 1.25% copper, 3.55 oz silver and 0.012 oz gold per ton. Another copper zone hosts 2.15 million tons grading 1.5% copper and 0.2 oz silver. Aur can earn a 60 % interest in the property by spending $1 million on exploration over three year s and paying Jonpol $25,000.

In a separate agreement, Jonpol and Perrex Resources (ASE) have entered into an exploration agreement with Gowest Amalgamated Resources (ASE) for pr operty in Douay and Vezza twps., Que. Gowest can earn a 50% interest in the property by pa ying Jonpol and Perrex 330,000 Gowest shares and expending $500,000 on explorati on.

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