Nitinat Minerals Corporation: Jasper Property Shows Extreme Promise
May 07 2018 - 4:30PM
Nitinat Minerals Corp. (the “Company”) (TSX.V:NZZ) (Frankfurt:04U1)
is pleased to announce that the work on its 100% owned Jasper
Property is underway and is more exciting than ever.
The Jasper Property is located in west-central Vancouver Island,
BC, Canada. The Property consists of nine contiguous claims which
cover 3978 hectares and is 100% owned and operated by Nitinat
Minerals Corporation.
The Jasper Main Grid area is underlain by apparently conformable
lithological horizons including an eastern felsic volcanic (dacite
or rhyodacite) horizon and a western mafic volcanic (basalt)
horizon separated by a central intermediate volcanic horizon.
Lithological contacts strike N-S and are offset by cross faults
which strike NW-SE. Fifteen polymetallic sulphide zones have been
discovered in outcrop over a 2.75 km. strike length within the Main
Grid area. Select outcrop sampling of these zones has yielded
values up to 20% Lead, 25% Zinc, 15% Copper, 61 g/t Silver and 0.21
g/t Gold from separate samples taken from different zones. A 2.25
km. length by 0.5 km wide polymetallic soil geochemistry anomaly is
coincident with the area of polymetallic zones, and roughly
coincident with the central intermediate volcanic
horizon.
The Jasper Property is hosted in a belt of rocks mapped as upper
Triassic to lower Jurassic Bonanza group. The belt trends
southeasterly from Nitinat Lake through Gordon River, south of
Cowichan Lake. The Bonanza belt is flanked to the west and
east by Paleozoic Sicker Group rocks which host the economically
important Myra Falls Massive Sulphide district located
approximately 120 kilometres to the northwest, and the Lara Massive
Sulphide district located approximately 50 kilometres to the
east.
A north trending gossanous alteration zone with a strike length
greater than four kilometers underlies the Jasper Property from
Caycuse Creek in the south to the Nitinat River in the north.
The alteration zone is characterized by argillization,
silicification and pervasive pyrite flooding. The alteration
zone is generally concordant with the foliation and stratigraphy
throughout its strike length. The Jasper Main Grid area is
partially underlain by the intense alteration zone.
Modeling and 3-D inversion of the 2008 airborne magnetic and
electromagnetic data was completed for a portion of the Jasper
Property during late 2017. Magnetic inversion established low
susceptibility bodies coincident with polymetallic zones surrounded
by narrow, vertical high susceptibility pipes. Preliminary
electromagnetic inversion established a 2 Layer resistivity model
consisting of a thick high resistivity layer from surface to
300-600 m. depth overlying a thin, sub-horizontal to undulating low
resistivity (high conductivity) layer. The deep high
conductivity layer could represent a sedimentary, replacement,
epithermal or metallic sulphide horizon, and has never been tested
by drilling.
Two to four deep (750 m.) diamond drill holes are proposed to
test the sub-horizontal conductive layer where it is coincident
with the area of low magnetic susceptibility and underlies
polymetallic soil geochemical anomalies and 14 of 15 known
polymetallic mineral occurrences. Downhole EM surveys should
be included as part of the drilling program.
A property-wide isopach map of the conductive horizon is being
generated by a qualified and experienced geophysicist to better
interpret the lateral extent, depth and varying thickness of that
horizon for optimization of drilling targets. The exploration
permit for the Jasper Property allows for up to 4,000 metres of
drilling and is being maintained in good standing.
The selected grades for each element are from different
showings. The details are contained in 3 assessment reports
31908, 32906 and 35671 from 2010, 2011 and 2015, all publicly
available on http://aris.empr.gov.bc.ca/
The Qualified Person for the Jasper Property is
Jacques Houle, B.A.Sc.,University of Toronto–Geological Engineering
–Min. Ex. Option P.Eng. since 1989 Association of
Professional Engineers and Geoscientists of B.C.
The Qualified Person has approved the scientific
and technical disclosure in this news release.
Corporation Contact:
Herb Brugh, President and
DirectorTel: 416.216.0964
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
“plans”, “anticipated”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. Nitinat is subject to
significant risks and uncertainties which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward looking statements contained in this
release. Nitinat cannot assure investors that actual results will
be consistent with these forward-looking statements and Nitinat
assumes no obligation to update or revise the forward-looking
statements contained in this release to reflect actual events or
new circumstances.
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