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
"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.
SOURCE Jet Gold Corp.
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