PASS LAKE, ON, Oct 4 /CNW/ – James R. B. Parres, President & CEO of Jiminex Inc. is pleased to report that Quantec Geoscience Ltd. has identified 2 priority and several secondary target geophysical zones from the Titan 24 survey conducted over a part of the Northern Eagle property, Hemlo gold mining region, Ontario. Quantec has recommended the drilling of 15 holes totaling 8,890 metres into these untested geophysically-interpreted and potentially-mineralized zones. Mr. Parres comments “Jiminex management and that of Beaufield Resources Inc., from which Jiminex is earning a 50% interest, are very excited about these results on the Northern Eagle property. We believe our property to be one of the best targets in the Hemlo region for another discovery of Hemlo-style gold mineralization. We also are aware that 90% of the Hemlo gold deposit is deeper than 500 metres and that less than 2 percent of the historic drilling on the Northern Eagle property reached those Hemlo deposit depths. It is now confirmed that numerous additional untested drill targets exist on the Northern Eagle property, not only at depth but also where gaps occur in the historical drilling. We anticipate launching a major drilling program in the near future. Our exploration strategy is also supported by the fact that there is no greenstone belt worldwide with only one gold deposit. ”
Quoted from the Quantec Geoscience report entitled “Titan-24 DC/IP/MT Survey [direct current/induced polarization/magnetotelluric], Geophysical Report Northern Eagle Gold Project, Hemlo, Ontario, Canada”: “The Titan 24 survey at Northern Eagle Gold Project has successfully identified at least two (2) first priority geophysical anomalies (F1 and F2) in the DC/IP and MT inversion models with potential for gold mineralization from near surface to >500 meters depth. In addition to that, two (2) zones (S1 and S2) are classified as second priority targets for follow up. The second priority zones are interpreted to be weak mineralized and/or alteration zones and potentially associated with secondary mineralization. Two deep MT target zones (MT-1 and MT-2) have been identified from approximately 500 meters to >1200 meters depth. The interpreted MT anomalies [are] below and in the vicinity of the shallower DC and IP zones suggests the presence of significant mineralization and/or alteration zones at depths >500 meters. These deep responses are also expected to be geologically and structurally controlled.”
The deep-penetrating Titan 24 ground geophysical survey completed on the Northern Eagle property by Quantec is a combined DC/IP survey with depth penetration to 700 metres and a MT system with depth penetration to 1,500 metres. The IP/DC consists of chargeability and resistivity components which, respectively, can detect disseminated sulfides and silicified zones both representing good gold targets. The MT uses solar winds and lightning strikes as an electrical current source and detects resistivity in the underlying rock units. The MT can highlight potential gold target zones and provide geological information such as rock unit contacts, faults and folds all assisting in selection of gold targets.
The state-of-the-art Titan 24 survey is labor intensive and expensive. Jiminex and Quantec used an interactive Gocad® computer geotechnical data model created for Jiminex by Caracle Creek International Consulting Inc. to select three best areas to test the favorable barite alteration zone at depth. The total cost for the 14.4 kilometres of Titan 24 surveying completed was $185,000.
Jiminex Inc. was listed as a junior resource company on the TSX venture exchange in late August 2009 and is focused on gold exploration in Canada. The Company has acquired three high potential gold properties located in three separate well-known gold and copper-zinc mining camps. The Northern Eagle property is located in the Hemlo gold mining camp, Ontario close to the 21 million ounce Hemlo gold deposit currently being mined by Barrick Gold Corp. This property is considered one of the best target areas in which to locate another Hemlo-style World-Class gold deposit and Jiminex is earning a 50% interest from Beaufield Resources Inc. The 100%-owned Misehkow River property is located in the Pickle Lake gold mining region of Ontario near to the Pickle Crow Project of PC Gold Inc. and in the same general region as the Musselwhite Mine currently being mined by Goldcorp Inc. Misehkow River presents an opportunity to locate significant iron formation hosted gold deposits over a large target area of approximately 30 kilometres. The 100% owned Parres and Parres Two properties are located in the well-known Snow Lake copper-zinc and gold mining camp of Manitoba where the major new Lalor Lake copper-zinc and gold deposit discovery of HudBay Minerals Inc. is actively being explored and developed.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for the geotechnical content of the Company’s public information.
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This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company’s periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.
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For further information:
Jim Parres, President & CEO
Phone: (807) 977-1679
Fax: (807) 977-1769