News Column

Jet Gold Receives Big Hammer Gravity Testing Results

Mar 5 2013 12:00AM



VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/05/13 -- Jet Gold Corp. (TSX VENTURE: JAU) (the "Company") announced today progress of exploration of its Big Hammer Gold Silver Tellurium property located 13 kilometers southeast of Terrace, BC. Canada.

Jet Gold has completed filing and reporting of allowable work expenditures for the amount of $467,637 (event 5399022), allowing the Big Hammer tenures to be carried through in good standing to December 2022. Also in 2012/13, a permit amendment was received which increases the current drill sites (12) at its Big Hammer property to a total of 47 sites (amendment letter MX-2-235 1650573). This will allow significant drilling to be undertaken without delay. In January, a small-scale gravity testing pilot commenced to determine feasibility of low cost gravity separation of potential concentrate from gangue (waste). The on-going small-scale gravity concentration test has been undertaken to determine the suitability of potential ore grade material from Big Hammer for 4 key aspects;

-- Suitability for free gold separation by a low cost gravity system;-- Crushing/grinding requirements to free sulphides and gold;-- Determination of the ratio of gangue (waste) to concentrate;-- Determine the chemical content of the gangue.

Phase one of the testing is focused on basic system design and protocol prior to running larger samples. With the positive success of the first phase of this trial, further work will include collection and processing of large samples from the 380 and 625 veins.

A summary of the initial results returned from a random composite sample of various quartz vein material from Big Hammer is provided in the following tables. To date, this testing has determined that an inexpensive gravity system can easily concentrate potential ore at a minimum of 2:1 ratio, with a milling target of approximately 80 mesh (.180 mm).

---------------------------------------------------------------------------Table 1 - Summary of 2013 Gravity Testing Results (Fire Assay) Jan 25, 2013--------------------------------------------------------------------------- Au-GravSample Sample weight (kg) Au (ppm) (g/tonne)---------------------------------------------------------------------------E5395025 Control 4.95---------------------------------------------------------------------------E5395026 less than 100 mesh greater than 10 15.7---------------------------------------------------------------------------E5395027 less than 50 greater than 10 34.1 greater than 100 mesh---------------------------------------------------------------------------E5395028 less than 20 greater than 10 10.5 greater than 50 mesh------------------------------------------------------------------------------------------------------------------------------------------------------Table 2 - Summary of 2013 Gravity testing Results (Aqua Regia) Jan 25, 2013---------------------------------------------------------------------------Sample Au (ppm) Ag (ppm) Te (ppm)---------------------------------------------------------------------------E5395025 4.18 56.5 13.9---------------------------------------------------------------------------E5395026 11.2 79.8 39---------------------------------------------------------------------------E5395027 5.28 83.9 34.2---------------------------------------------------------------------------E5395028 7.00 94.0 39.4---------------------------------------------------------------------------

This work is being undertaken in-house at Jet Gold's Terrace facility.

In reviewing the update of the Big Hammer property, CEO Peter Hogendoorn stated, "We are excited to be entering this phase of our operation as we are encouraged by the assay results of the preliminary concentration test which sets the stage for testing the high grade 380 and 625 vein. Coupled with previous significant drill core assays, we now anticipate further exploration will produce a number of excellent results given that it has been demonstrated that high value gold recoveries are indeed possible from our Big Hammer property. We are extremely pleased with the Company's progress to date."

The concept of a small scale, high grade mine at the Big Hammer property is of considerable interest due to the fact gold grades found in the 2011 surface trenching program were significant and there is a history free gold extraction from adjacent properties. There is excellent road access to the Big Hammer property and is in close proximity to abundant power, water, CN Rail lines, and to the deep water container port at Prince Rupert.

Recap of Successful Big Hammer 2011 Drill Program:

JetGold's October, 2011 drilling program was the first modern exploration program attempted at the Big Hammer gold-silver-tellurium prospect. Phase One exploration at Big Hammer was initially planned as a 1,500-meter program but logistical considerations forced truncation of HQ core drilling after the first half (767 meters) of the program was completed. The remaining 733 meters of core, when drilled, should significantly expand the known volume of mineralized rock.

Drill holes BH11-001 through BH11-007 were all drilled into the projected hanging wall of, and through, the 380 Vein to depths between 36.0 meters and 81.7 meters. All were drilled at a -65 degrees angle from horizontal along a 150 degrees (SSE) azimuth, with the intent of piercing the projected vein at a 90 degrees angle to the projected dip. Drill holes 003, 004, 006 and 007 encountered Au-Ag-Te mineralization on the 380 Vein at depths of less than 39 meters.

Big Hammer Shows Positive Mineralization:

Significant Au, Ag, and Te assays have been received from samples taken in quartz-pyrite-telluride-chalcopyrite veins hosted in Paleocene granite. Highest gold values have come from surface grab samples of the 380 Vein and the 380 Extension Vein.

The highest grade drilled interval encountered thus far occurs in a 0.5-meter length of networked sulfide-telluride in white vein quartz. Sulfide-telluride clots within this network are up to 3 cm across. Other significantly mineralized drill intervals occur in BH11-006 at 22.9m, 26.7m, and 37m, and in BH11-007 at 37.9m. Veinlets with similar mineralogies as the above vein intercepts have been encountered in the younger diorite (Td) core. Favorable vein widths in Td were not encountered in drill hole or observed on the surface in 2011.

Surface veins with the similar mineralogies and textures to those intercepted in the core provided the discovery samples at Big Hammer. Nine well-mineralized grab samples returning the highest grades, as listed in Table 3 below, range from 11 to 94 ppm Au, 105 to 522 ppm Ag, and 119 to 946 ppm Te.

---------------------------------------------------------------------------Table 3 - A Summary of the Highest Grade Surface and Drill CoreAssays (ppm) - 2009 to 2011--------------------------------------------------------------------------- Location:Sample Type Length Description Au Ag Te As Bi Cu---------------------------------------------------------------------------E5210890 trench hi-grade 380 vein 93.9 105 946 2 44 6,500 grab QSxTe---------------------------------------------------------------------------E5210889 trench hi-grade 380 vein 48.3 118 331 3 55 532 grab QSxTe---------------------------------------------------------------------------90927.01 roadcrop hi-grade 380 vein 41.0 522 0 40 2,909 grab QSxTe---------------------------------------------------------------------------E5217560 trench hi-grade 380 Extension 29.9 429 314 2 107 3,460 grab vein QSxTe---------------------------------------------------------------------------E5217561 trench hi-grade 380 Extension 20.9 284 213 2 101 1,920 grab vein QSxTe---------------------------------------------------------------------------E5217562 trench hi-grade 380 Extension 17.1 335 145 1 342 775 grab vein QSxTe---------------------------------------------------------------------------90927.03 roadcrop hi-grade 380 vein 14.5 343 0 361 7,482 grab QSxTe---------------------------------------------------------------------------E5210883 trench hi-grade 380 vein 12.7 202 119 15 127 917 grab QSxTe---------------------------------------------------------------------------E5210881 trench hi-grade 380 vein 11.3 186 140 5 33 2,070 grab QSxTe---------------------------------------------------------------------------E5217565 core 0.6 m BH11-003 at 13.3 112 69 1 17 2,340 sample 35.0 m: QSxTe---------------------------------------------------------------------------E5217575 core 0.6 m BH11-006 at 7.3 16 73 6 7 273 sample 37.0 m: QSxTe---------------------------------------------------------------------------E5217568 core 0.4 m BH11-007 at 6.0 47 71 2 11 1,840 sample 37.9 m: QSxTe---------------------------------------------------------------------------E5217573 core 0.8 m BH11-006 at 2.7 40 30 2 10 772 sample 26.7 m: QSxTe---------------------------------------------------------------------------E5217572 core 0.3 m BH11-006 at 3.0 17 21 4 7 13 sample 22.9 m: QSxTe---------------------------------------------------------------------------E5391165 core 0.2 m BH11-004 at 2.0 16 14 3 3 37 sample 25.1 m: QSxTe---------------------------------------------------------------------------

The property is 100% controlled by Jet Gold subsequent to an option agreement (the "Option") dated February 12, 2010. The option stipulates total cash payments of $250,000, 200,000 shares & $1.0m in works costs over 5 years. As of the date of this release the company has $130,000 remaining in cash consideration, all share distributions have been made and approximately $500,000 remains in work expenditures which the Company anticipates completing during the highly anticipated summer 2013 phase II drill program. The vendor holds a 2% NSR which the Company can purchase 1% for $1.0m upon commencement of commercial production.

In addition, the Company closed a unit private placement previously announced Nov 26, 2012. Total proceeds raised were $146,000 on issuance of 1,460,000 units which included one half of one share purchase warrant exercisable $0.15 for a period of two years. The proceeds are for working capital, no finder's fees were paid and closing is upon final exchange approval. The Company anticipates the announcement of additional funding and more information will be provided as it materializes.

Jet Gold is a Canadian resource exploration company strategically investing in the Terrace and Smithers region of British Columbia and is actively developing gold, silver, iron ore, zinc, and tellurium mineral resource properties located in the Skeena and Omineca mining districts of British Columbia, Canada.

Additional information can be found at:

On behalf of the Board of Directors,

Jet Gold Corp. (TSX VENTURE: JAU)

Peter Hogendoorn, Chairman & CEO

Jet Gold Corp.
Brad Moynes

Source: Marketwire

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