Vancouver — Shares of J-Pacific Gold (Jpn-V, JPNJF-O) posted good gains following the release of drill results from the Elizabeth property, in southwestern B.C., that returned a wide, high-grade gold intercept.
Hole 43, the first of the company’s 2007 campaign, cut 11.2 metres (from 84.4 metres down-hole) grading 37.5 grams gold per tonne in the Southwest vein area. Within the intersection a 1-metre interval ran over 330 grams gold, indicating the high-grade nature of the mineralization. J-Pacific estimates true widths are about 70-80% of core lengths.
The main lithology on the project is an ultramafic ophiolite complex consisting of an upper harzburgite unit and an underlying serpentinite sequence. The ultramafics were subsequently intruded by dioritic stocks.
Gold mineralization occurs in mesothermal quartz veins that cut both the ultramafics and porphyry intrusives, but more significant vein development and mineralization is in the diorites.
J-Pacific has identified several gold-mineralized veins on the Elizabeth property. The Main, West and No. 9 veins have been explored by underground and surface drilling while the Southwest vein has only seen surface drilling.
The company’s latest drill program consisted of 14 holes totalling about 1,725 metres focused on infilling the Southwest zone and generating sufficient data for a resource estimate. Results from the remaining drill holes are pending.
The Elizabeth project is located about 220 km north of Vancouver, in the Lillooet mining district, northeast of Goldbridge and Bralorne. The property is about 30 km south of J-Pacific’s Blackdome gold mine, which has historic production of over 4 million oz. gold.
Blackdome has a permitted mill capable of processing Elizabeth’s vein-hosted gold mineralization.
J-Pacific stock gained 58% on the news to close at 95 each. The stock has a 52-week range of 31-$1.00.
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