TSX.V: JAU
VANCOUVER, July 13, 2011 /PRNewswire/ - 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
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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.
SOURCE Jet Gold Corp.