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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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Company Information
Vancouver, BC (euro adhoc) - Brad J. Moynes, President of Jet Gold Corp. ("Jet
Gold" or the "Company") (TSX-V: JAU) is pleased to announce that the Company has
signed an option agreement with Guardsmen Resources Inc. to acquire up to a 75%
interest in the Zinc Bay property located in northwestern British Columbia. A
50% interest in the Zinc Bay property will be acquired upon Jet Gold having
expended $5,000,000 in work expenditures on the property within 5 years. After
Jet Gold acquires its 50% interest in the Zinc Bay property, an additional 25%
interest may be acquired upon the Company paying the costs required to bring the
property into commercial production.
The Zinc Bay property totals 5,413 hectares and is located 29 kilometers south
of the operating Huckleberry Mine which is 50% owned by Imperial Metals
Corporation (TSX: III). Directly to the west is the Deer Horn property which is
optioned by Deer Horn Metals (TSX.V: DHM). Zinc Bay is surrounded by and on
trend in an extremely economical mining region.
In addition, the Company has entered into a program management agreement with
Mountainside Exploration Management Inc. The Company has planned a summer/fall
2011 work program that will include airborne geophysics, mapping and ground
exploration. The specific target is a potentially high impact location; the
previously identified Roosevelt Vein. In 2009, rock samples taken on behalf of
Guardsmen Resources by Inspectorate, Richmond, BC provided above normal
detection thresholds for these elements: 670.1, 1302.8 ppm silver, 15770, 16082
ppm lead, 100462, 40019 ppm zinc and 11.24% iron. The Company will have a
National Instrument 43-101 technical report prepared in accordance with TSX
Venture Exchange ("TSXV") policy.
Mr. Brad Moynes, President of Jet Gold stated, "We are excited about the
optioning of this impressive British Columbia property and believe that it may
have the potential to become an exceptional asset for our Jet Gold shareholders
and investment partners."
This transaction is subject to TSX.V approval.
About Zinc Bay:
The Zinc Bay property comprises 5,413 hectares of mineral tenure and is located
on the south shore of Whitesail Lake, 29 kilometers south of the Huckleberry
Mine, in west central British Columbia. Access to the permanent camp is gained
by barge and a 3km access road from the shores of Whitesail Lake. The earliest
recorded work at Zinc Bay was carried out in 1916 on the Mentor, Sunset and
Cariboo group of claims along the south shore of Whitesail Lake. The
exploration went underground along a shear zone mineralized with galena,
sphalerite, pyrite and chalcopyrite with high zinc values. In 1945 a sample was
taken by S. Holland (BC Department of Mines) that assayed 0.29oz/t gold, 17.9
oz/t silver, 14.3% lead and 15.8% zinc. Guardsmen Resources repeated similar
results over a true width of 6.0 feet in 1999. The Company believes that at this
location, the vein hosted shear not only demonstrates spectacular poly-metallic
grades at mineable widths, it also appears that an offset splay is responsible
for the extraordinary geochemical response that remains untested by drilling or
trenching. Additional chip samples by Guardsmen Resources, in a 2005 report,
returned the following: 174, 175, 302, and 1530 g/t Ag, Au ranging from 7.49 to
13.87 ppm and one sample returned 1.25% Cu, lead values were 2.17%, 2.21%,
3.52%, and 20.6%. Zinc values returned from three samples were 6.26%, 10.1% and
13.9%. The above mentioned samples (taken by Guardsmen President, Scott
Gifford), are non NI 43-101 compliant.
About Jet Gold:
Jet Gold Corp. is a Canadian resource exploration company focused on the
development of Gold, Silver, and other industrial metal properties in British
Columbia, Canada. Our exceptional stature is based on the aggressive but prudent
and insightful exploitation of its unique precious metals' holdings - the Big
Hammer, Kshish and Zinc Bay properties. Big Hammer Gold is a
gold-silver-tellurium (Au-Ag-Te) discovery located 13 kilometers southeast of
Terrace, BC. The Kshish is a molybdenum (Mo) property located 15 kilometers
northeast of Terrace, BC and covers an area of 4,082 hectares, ranging in
elevation from 400 metres to 1,500 metres. The Company recently optioned the
Zinc Bay property in northwestern, BC and is anticipating, through a planned
summer/fall 2011 work program, to begin to provide technical information
indicating that a potential world class, high-grade gold, silver and zinc
deposit exists. The Company has made the strategic decision to invest in British
Columbia, Canada, specifically the Terrace and Smithers mining districts where
road access, power and water supply is abundant and the proximity to the
Fairview Terminal deep water container port in Prince Rupert is unprecedented.
The Prince Rupert port is an important part of the Government of Canada's
"Asia-Pacific Gateway and Corridor Initiative" and the Province of British
Columbia's "Pacific Gateway" strategy.
For more information about the Company, please visit www.jetgoldcorp.com or
On behalf of the board of directors,
Jet Gold Corp.
"Brad J. Moynes"
Brad J. Moynes
President & CEO
"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."
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.
Further inquiry note:
Brad J. Moynes
Tel: 604.484.5761 x31
info@jetgoldcorp.com
end of announcement euro adhoc
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company: Jet Gold Corp.
Suite 900 925 Georgia Street
CA-V6C 3L2 Vancouver, BC
phone: +1-604-687-7828
mail: info@jetgoldcorp.com
WWW: http://jetgoldcorp.com
sector: Gold & Precious Materials
ISIN: CA47712W2085
indexes:
stockmarkets: stock market: Frankfurt
language: English
