jackson posts good drilling results, page-5

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JACKSON GOLD LIMITED 2003-05-23 ASX-SIGNAL-G

HOMEX - Perth

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HIGHLIGHTS

* Twenty of twenty one RC drill holes intersect significant gold
mineralisation

* Discovery of two new mineralised zones at Redbrook prospect

* Redbrook resource estimations underway

* Preliminary metallurgical testwork commenced

Significant results have been received from a 21 hole, 1,791m Reverse
Circulation (RC) drilling programme completed at the Wallbrook
Project, located in the eastern goldfields region of Western
Australia.

Twenty of the twenty one holes returned significant results and
better intersections included:

* 4m @ 5.77 g/t from 28m
* 7m @ 3.38 g/t from 53m
* 5m @ 3.22 g/t from 8m
* 57m @ 1.43 g/t from 0m (including 15m @ 2.03 g/t from 42m)

The Company is extremely encouraged by these results in that they
confirm the continuity of gold mineralisation at the Redbrook
prospect and also define two new zones of open-ended mineralisation.

The program included resource definition and exploration drilling on
the Redbrook prospect located at the southern end of a 2.5 km strike
length of mineralisation.

WALLBROOK PROJECT

The Wallbrook project is located 125 km north-east of Kalgoorlie and
only 20 km north of Sons of Gwalias 2.5 Moz Carosue Dam Operation
(See Figure 1). Total resources for the Wallbrook project are
currently 2.18 Mt @ 2.12 g/t for 148,000 ounces of gold.

The Company has completed initial resource definition drilling on its
three most advanced prospects; Crusader, Eleven Bells and Redbrook
(see Figure 2.). The latest results confirm the presence of
widespread gold mineralisation, and all three prospects remain open
in all directions and have the potential for further resource
expansion.

These results suggest the Wallbrook project may be a much larger
mineralised system than originally thought.

REDBROOK PROSPECT

The drilling program was designed to ensure a sufficient density of
drilling to enable a resource estimation as well as testing adjacent
targets. The total area of mineralisation now extends over 400m in
length and over 200m in width and remains open in all directions and
at depth. (See full drill results in Tables 1 and 2 attached).

The most exciting aspect of these results is the discovery of two new
continuous zones of mineralisation. (See Figure 3.)

The first new zone extends over a 300m strike length and is located
to the north of the old Redbrook workings. Mineralisation coincides
with minor surface workings on north-west trending structures and
extends to within 100m of the Eleven Bells resource.

Significant results include;

* WBRC098 5m @ 3.22 g/t from 8m

* WBRC099 3m @ 3.69 g/t from 34m
2m @ 4.43 g/t from 40m

* WBRC100 6m @ 3.54 g/t from 19m

* WBRC101 7m @ 3.38 g/t from 53m

* WBRC102 4m @ 5.77 g/t from 28m

The second new extensive zone of mineralisation is hosted by granite
to the south of the old Redbrook workings. This mineralisation
includes

* WBRC088 14m @ 2.04 g/t from 37m

* WBRC092 12m @ 1.60 g/t from 0m
44m @ 0.95 g/t from 20m
12m @ 1.19 g/t from 76m

* WBRC093 19m @ 1.23 g/t from 86m

* WBRC094 57m @ 1.43 g/t from 0m

This extensive mineralisation is related to outcropping quartz
veining and shearing. Inspection shows the presence of similar
veining, alteration and minor workings extending for at least another
500m to the south east.

RESOURCE ESTIMATION

The company is now calculating a resource for the Redbrook prospect,
which is expected to be available within two to three weeks.

METALLURGY

Six composite ore samples have been submitted for preliminary leach
amenability and gravity gold testwork. Results from this work, which
is on RC bulk reject samples, will indicate the characteristics of
the ore with regard to gravity, CIL and heap leach recovery, and are
expected in the next two weeks.

REGIONAL ASSESSMENT

The general Crusader-Redbrook area (refer Figure 2) is interpreted to
be one large mineralised system, focussed around the margins and
within the 7 km long and 3 km wide Wallbrook granite. The central and
southern areas of the granite remain under-explored and limited
historical drilling (13 RC holes and two lines of RAB drilling) has
returned encouraging results, such as;

* 4m @ 7.70 g/t from 80m

* 2m @ 7.0 g/t from 0m

* 24m @ 1.09 g/t from 29m

* 13m @ 1.15 g/t from 12m

These results demonstrate the potential for further new discoveries.
The previously stated resource target of 5 Mt for the Wallbrook
Project now appears very achievable, and the Company is confident
this target can be substantially increased with further drilling.


Andy Viner
MANAGING DIRECTOR

For further information contact:

Tel: +61 8 9388 3226
Fax: +61 8 9380 4067
Web: www.jacksongold.com.au
Email: [email protected]


A copy of the Tables and Maps is available in PDF format on
www.asx.com.au. Alternatively it is available for purchase from ASX
Customer Service on 1 300 300 279.