discovers high grade lead and silver

35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksonminerals.com.au
ABN 44 099 574 991
1
ASX Release
12 February 2008
JACKSON DISCOVERS HIGH-GRADE LEAD AND SILVER AT
BOOLALOO PROJECT, PILBARA
Highlights:-
• Prospecting and rock-chip sampling of the “Eagles Rest” copper-gold
anomaly has discovered new high lead and silver mineralisation in quartz
veins. Better assays recently returned include:-
􀂃 20% Lead + 30.4 g/t Silver
􀂃 6.6% Lead + 11.0 g/t Silver
􀂃 10 m @ 1.13% Copper + 0.3 g/t Gold
• A new copper discovery was made at the “Green Rock Prospect”. This
outcrop is entirely mineralised and returned:-
􀂃 1 m @ 14.1 % Copper
􀂃 1 m @ 12.3 % Copper
􀂃 1 m @ 9.34 % Copper
􀂃 1 m @ 6.06 % Copper
• A drilling programme is planned on priority targets this year following the
northern Australian wet season.
• Ground geophysical surveys are planned to continue in May/June 2008, and
will test for mineralisation in areas of cover at Boolaloo.
Australian-based uranium and precious metals exploration company Jackson Minerals
Limited (“Jackson” of the “Company”) (ASX: JAK) has discovered the presence of high
grade silver and lead mineralisation in quartz veins at its 100% owned Boolaloo Copper-
Gold Project in the Pilbara region of Western Australia.
Work at Boolaloo has centred on the Minga Bore area, a new discovery which has
numerous exposures of high-grade copper and gold mineralisation. Most of these
anomalies have yet to be drill tested.
The Company’s discovery at the “Eagles Rest Prospect” is 5 kilometres to the east of the
discovery area at K15/K16 and is the result of exploration focussing on regions of
geochemical and structural complexity. Eagles Rest is a two kilometre long open-ended
coincident copper/gold and lead/silver/manganese soil anomaly. The size and intensity
of alteration and mineralisation at this prospect indicates it is a priority target for the
Company.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksonminerals.com.au
ABN 44 099 574 991
2
Exploration at the Green Rock Prospect, a new copper discovery, has also displayed the
most intense copper mineralisation at the project to date. Green Rock is located in the
northern part of the Minga Bore prospect and is an isolated exposure of mineralisation
up to one metre wide and 15 metres long. Due to cover, the true width and strike of this
mineralisation is unknown.
The results of exploration undertaken in late 2007 identified more intense areas of
surface mineralisation and alteration than those previously tested in the inaugural drilling
programme in March 2007.
The Company proposes to drill selected targets subsequent to the end of the 2007/2008
northern Australian wet season.
Boolaloo Project
Jackson Minerals Limited is a diversified explorer of uranium, copper and precious
metals in Australia and Argentina. The focus of exploration in Australia is the Boolaloo
Copper-Gold Project.
The Boolaloo Project is located in the Pilbara region of Western Australia and contains
the newly discovered Minga Bore copper-gold prospect (Figure 1). The region is
remote, difficult to access and hence has attracted very little historical exploration.
Drilling, surface sampling, prospecting and geophysics by Jackson have continued to
confirm and expand the extensive copper-gold footprint at Minga Bore. The defined
mineralisation at Minga Bore to date covers an area of 10 km by 8 km.
Current Work Programmes
The work programme completed in the second half of 2007 focussed on understanding
the extents of the mineralisation at Minga Bore and defining favourable drilling targets.
This exploration included mapping, outcrop sampling, soil geochemistry and geophysics.
The results have identified better areas of surface mineralisation than the discovery K15
and K16 prospects which were drilled in the inaugural drilling programme in March 2007.
To date, more than 20 outcropping zones of mineralisation and geochemical anomalism
have been defined (Figure 2). Results of much of this work have been released over the
last 6 months. Mineralised structures can be traced over several kilometres, with drilling
providing evidence that the copper and gold are consistent at depths of more than 100
metres.
The current exploration is designed at defining priority drill targets for 2008.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksonminerals.com.au
ABN 44 099 574 991
3
Recent Results
Eagles Rest Prospect
The Eagles Rest Prospect consists of copper-gold mineralised quartz veins and shears
mapped over 2 kilometres. This mineralisation is also highlighted by the recent lag
sampling and is anomalous in copper and lead, open and unexplored to the east.
Outcrops are small and provide only glimpses of the extents of this mineralisation.
However, it appears there are at least three parallel mineralised zones over a width of
120 metres. The potential size and geological setting of this anomaly suggests it will be
a priority drill target.
Recent results of sampling have returned best copper and gold intersections of:-
􀂃 10 m @ 1.13 % Cu and 0.3 g/t Au
In addition to copper and gold, sulphide rich quartz veins in altered sandstones returned
anomalous lead and silver results including:-
􀂃 20.6 % Pb + 30.4 g/t Ag - Grab sample
􀂃 6.60 % Pb + 11 g/t Ag - Grab sample
􀂃 2.40 % Pb + 5 g/t Ag - Grab sample
􀂃 1.10 % Pb + 1 g/t Ag - Grab sample
The lead mineralisation is coincident with manganese anomalism, which is typical of
many primary lead-silver deposits throughout the world. This style of mineralisation has
not previously been identified in the Minga Bore area.
Although more work is required, the lead/silver mineralisation appears to be related to
sulphides within quartz veining, as opposed to the copper/gold mineralisation that
overprints and brecciates the quartz veining. If this is the case, it is positive evidence of
multiple phases of mineralisation in the Minga Bore area.
Lead mineralisation has previously been discovered within the Boolaloo Project. In the
northeast of the tenement holding, exploration more than 10 years ago by Geographe
Resources discovered lead and zinc mineralisation at Hardy Junction (Figure 1). This
ground has yet to be explored by Jackson. Limited wide-spaced exploration drilling
returned anomalous results in quartz vein breccias in dolomites, cherts and shales.
Better results included:-
􀂃 3 m @ 1.44 % Pb from 24m
􀂃 18 m @ 0.22 % Pb from surface
􀂃 20 m @ 0.20 % Pb from 44m
This mineralisation is a much lower tenor of mineralisation than observed at Minga Bore,
however exploration has not been sufficient enough to discount the prospect.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksonminerals.com.au
ABN 44 099 574 991
4
Green Rock Prospect
The newly discovered Green Rock Prospect is unique in its intensity of mineralisation
(malachite – a copper secondary oxide mineral - at plus 50%) and orientation (trending
northwest compared to the usual east-west). Green Rock is a small completely
mineralised exposure measuring approximately 1 metre wide and 15 metres long. The
true extents of mineralisation are not defined due to cover and slope scree. Channel
sampling at regular intervals along the outcrop have returned:-
􀂃 1 m @ 14.1 % Copper
􀂃 1 m @ 12.3 % Copper
􀂃 1 m @ 9.34 % Copper
􀂃 1 m @ 6.06 % Copper
Outlook
The Company is committed to progressing the Boolaloo Copper-Gold Project in Australia
and the Rio Colorado Uranium-Copper-Silver Project in Argentina.
Boolaloo
At Boolaloo it is expected the definition of the mineralised system at Minga Bore will
continue via further drilling programmes within the project area. The approval processes
for this drilling is currently underway. Ground geophysical surveys that could not be
completed in 2007 are proposed for May/June 2008. This geophysics proposes to
define mineralised trends under cover, highlighting sulphide rich areas for possible
drilling.
Rio Colorado Uranium Project, Argentina
In Argentina, the Company has received all necessary approvals for drilling at Rio
Colorado, which was originally scheduled to commence in late October 2007.
Due to some community concern regarding mining and uranium, the company delayed
drilling in favour of completing a community awareness programme. The programme
has been designed by the Company in conjunction with Argentinean consultants to
demonstrate to the local people that Jackson has safe and environmentally responsible
exploration practices; and that successful exploration can deliver sustainable flow-on
benefits for the region and its’ inhabitants. It is anticipated this programme will be
completed in the coming months.
Drilling will commence subsequent to this community awareness programme. The
inaugural drill programme for the project will be small (approximately 1,000 to 1,500
metres) and test strongly anomalous uranium-copper-silver mineralisation that outcrops
along the 16 kilometre mineralised trend. Access and drill site preparation has been
completed, with the drilling proposed to commence in the first quarter of 2008.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksonminerals.com.au
ABN 44 099 574 991
5
For further information please contact:
Brett Smith, Managing Director John Williams
Jackson Minerals Limited Professional Public Relations
Ph: 08 9211 5777 Ph: 08 9388 0944 / 0412 422 636
The information in this report to which this statement is attached that relates to Exploration Results, Mineral Resources or
Ore Reserves is based on information compiled by Mr Brett Smith who is a Member of the Australasian Institute of Mining
and Metallurgy. Mr Smith is a full-time employee of the Company. Mr Smith has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Smith consents to the inclusion in the report of the matters based on their information
in the form and context in which it appears.
Jackson Minerals Limited - Project Summary
Argentina
Rio Colorado (Uranium, Copper, Silver) - JAK earning 92.5%.
Australia (Jackson as manager)
Boolaloo (Copper, Gold) - JAK 100%.
Boddington North (Gold, Copper) – JAK 100%.
South Laverton (Gold) – JAK 80-100%.
Kalgoorlie Regional Gold Project (Gold) – JAK 70-100%.
Australia (non-contributing joint ventures and other interests)
Kalgoorlie Regional Nickel Project (Nickel) - JAK 70-100%, BRW earning 60%.
Wallbrook Resources (Gold) – Mining commencement payment of SAR shares and royalty.
Crossroads Resource (Gold) – Barrick right to earn 75%.
Northcote Resources (Gold) – JAK 15% retained interest.
Peak Hill Regional Gold Project (Gold) – JAK 20% retained interest.
Investments
Saracen Mineral Holdings Ltd (Gold resources in Australia) – 2,500,000 Saracen shares.
Leopard Minerals Plc (unlisted UK company – Uranium, Copper, Gold assets in Kyrgyzstan) – JAK
22%.
35 Richardson Street West Perth WA 6005 PO Box 1916 West Perth WA 6872
Ph 08 9211 5777 Fax 08 9211 5700 [email protected] www.jacksonminerals.com.au
ABN 44 099 574 991
6
Prospect North East Type Width (m) Au ppm Cu%
Another 7466866 408876 ROCKCHIP 0.78 6.22
Eagles Rest 7465130 409275 ROCKCHIP 0.64 4.20
Eagles Rest 7465152 409180 ROCKCHIP 0.29 0.89
Eagles Rest 7465120 409290 CHANNEL 10.00 0.30 1.13
Eagles Rest East 7465150 409723 ROCKCHIP 0.76 1.12
Green Rock 7468705 404887 CHANNEL 1.00 0.47 6.06
Green Rock 7468702 404893 CHANNEL 1.00 0.77 12.30
Green Rock 7468697 404897 CHANNEL 1.00 0.40 9.34
Green Rock 7468696 404899 CHANNEL 1.00 1.10 14.10
Green Rock 7468537 405043 ROCKCHIP 0.04 0.42
Lag Anomaly 7466740 405195 CHANNEL 1.20 0.86 4.99
Lag Anomaly 7467020 405830 ROCKCHIP 0.13 3.05
Isa's Creek 7466962 407055 CHANNEL 4.00 0.06 2.44
Isa's Creek 7466962 407055 ROCKCHIP 0.18 1.44
Isa's Creek 7466952 407069 CHANNEL 0.50 0.10 0.76
Isa's Creek 7466956 407046 ROCKCHIP 0.05 0.78
Isa's Creek 7466952 407042 ROCKCHIP 1.24 11.00
Isa's Creek 7466985 406910 ROCKCHIP 0.10 2.62
Isa's Creek 7466985 406910 ROCKCHIP 0.12 11.30
Isa's Creek 7466990 406895 CHANNEL 0.30 0.16 4.00
K16 West 7465447 403541 ROCKCHIP 4.98 41.20
K16 West 7465447 403541 ROCKCHIP 2.02 9.62
K16 West 7465428 403555 ROCKCHIP 1.16 1.83
K16 West 7465407 403569 ROCKCHIP 0.67 2.12
K16 West 7465425 403576 ROCKCHIP 1.58 1.85
Nora 7468300 402056 ROCKCHIP 0.06 0.72
Resurrection East 7468916 403808 ROCKCHIP 0.14 2.05
Prospect North East Type Ag ppm Pb %
Eagles Rest 7465168 409160 Rock Chip 30.40 20.60
Eagles Rest 7465660 410260 Rock Chip 11.00 6.59
Eagles Rest 7465152 409180 Rock Chip 5.00 2.43
Eagles Rest 7465700 410170 Rock Chip 1.00 1.14
Eagles Rest 7465120 409290 Rock Chip 4.30 0.12
Gold Assayed by Fire-assay. Copper, Silver, Lead via 20g ICPMS
Significant Results (+ 0.3% Cu and 0.3g/t Au)
Significant Results (+ 0.1% Pb)
Boolaloo Project: June - December, 2007
Rockchip Geochemistry Samples
Hardy Junction
Figure 1:- Boolaloo Project Location
Resurrection
K15
K15 -West
Minga North
K18
Nora
Green Rock
K16
Minga
Pauly
LAG
Anomaly
Green Hat
Isa’s Creek
Rattler
Another
Eagles Rest
Minga
West
Eagles Rock
Figure 2:- Minga Bore Prospect Locations
And Lag Sampling Results
K16 Prospect Name
Outcrop – Mineralisation & Alteration
Interpreted Copper Anomaly Outline
+ 100 ppm Cu
75 – 100 ppm Cu
50 – 75 ppm Cu
25 – 50 ppm Cu
0 -25 ppm Cu
Lag Sampling