Josephine Mining Corp. ("JMC" or the "Company") (TSX VENTURE:JMC)
is pleased to announce a drilling update on the Turner Gold
Project. The Company continues to fast track its progress with
logging and assaying at its Turner Gold Project in O'Brien,
Oregon.
Significant results include:
-- TJM-82 encountered the Main Lower Zone, with a 53.9 foot continuous
intercept of massive and semi-massive sulfides from 921.1 feet to 975
feet with average grades of 5.50 g/tonne Au, 8.72 g/tonne Ag, 1.3% Cu
and 2.5% Zn, netting a gold equivalent grade of 9.06 g/tonne over 53.9
feet.
-- JMC completed the drilling program with a total of 12,279.4 feet
drilled. The successful summer drilling campaign has come to an end on
schedule.
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/JMC1006.pdf
TJM-82 assays:
TJM-82 is an "HQ" diamond drill core hole with a collar
elevation of 2,809 feet (856.2 meters) located at Northing:
15255814 meters and Easting: 1435235 meters (UTM NAD 83). with an
inclination of 90 degrees from the horizontal (vertical).
The following table gives relevant available assay information
for diamond drill hole TJM- 82, which was completed to a depth of
1,030 feet (313.9 meters) and intercepted zones of semi-massive and
massive sulfides associated with the Main Lower Zone (MLZ). The
assay information has been reported over a specific intercept from
921.1 - 975.0 feet (280.8 - 297.2 meters).
Averaging the intercept from 921.1 - 975 feet (280.8 - 297.2
meters), these data represent average grades of 5.50 g/tonne Au,
8.72 g/tonne Ag, 1.3% Cu and 2.5% Zn, netting a gold equivalent
grade of 9.06 g/tonne over 53.9 feet (reported as intercepted
footage as true widths are unknown at this time). The data were
averaged over that specific interval assuming 100% recovery and
converted to an equivalent gold grade for each interval using the
following metal prices: $1,200 per ounce Au, $30 per ounce Ag,
$3/lb Cu and $.75/lb Zn.
Table 2: TJM-82 Assays (Main Lower Zone intercept)
TJM-82
Interval
Start (ft) End (ft) (ft) Au (g/t) Ag (g/t) Cu % Zn (%)
921.1 925.0 3.9 9.51 22.00 2.42% 3.91%
925.0 930.0 5.0 6.99 19.10 2.54% 2.51%
930.0 935.0 5.0 4.42 10.20 1.15% 1.88%
935.0 940.0 5.0 5.86 10.10 1.10% 1.59%
940.0 945.0 5.0 4.90 8.40 2.90% 2.71%
945.0 950.0 5.0 4.43 6.30 0.69% 1.62%
950.0 955.0 5.0 4.55 5.80 0.64% 2.12%
955.0 960.0 5.0 3.92 4.80 0.80% 2.81%
960.0 965.0 5.0 4.99 4.60 0.71% 4.48%
965.0 970.0 5.0 5.17 4.00 0.62% 2.66%
970.0 975.0 5.0 6.59 3.50 1.29% 1.43%
975.0 980.0 5.0 1.78 2.80 0.49% 1.04%
980.0 985.0 5.0 1.00 1.90 0.30% 1.68%
The TJM-82 intercept has visible pyrite, chalcopyrite and
sphalerite, and is likely connected to the layer zone denoted in
the Company's NI 43-101 report on the property (see www.sedar.com)
as the MLZ - Main Lower Zone. The mineral resource is a
Cyprus-type, ophiolite-hosted volcanogenic massive sulfide (VMS)
gold, copper, and zinc deposit.
Successful Completion of the Summer Drill Program
To date, JMC has completed a total of 12,279.4 feet through the
drilling of eleven (11) holes, ten (10) of which, have been logged,
split, and sampled with five (5) now in the queue for pending assay
results. The drill contractor was successful in meeting the
required 12,000 feet of drill footage planned for this summer's
drill campaign. As of October 3rd the drill rig and crew have
de-mobilized. JMC looks forward to reporting additional assay
results in the near future as complete results become
available.
In summary, the summer drilling program at JMC's Turner Gold
Project has come to a successful completion as planned, with over
12,000 feet drilled. JMC expects to complete a new resource update
by year-end after all assay data have been received. As stated in
previous press releases, JMC is collecting additional data from the
core to be used for developing geotechnical assessments of planned
mining areas, hydrological evaluation of ground water quantity and
quality, geochemical characterization of the mineralized resource
and host lithologies, and metallurgical evaluation of the
prospective ore.
Investors may look forward to further updates on the Turner Gold
Project as management remains committed to maximizing shareholder
value through a focused development, permitting, and acquisition
plan.
Assay Methodology - Metcon Research, in Tucson Arizona has
performed all primary sample prep and ICP lab analyses. Gold fire
assays with AA finish and ICP checks were completed by American
Analytical Lab (AAL) in Sparks, Nevada. Additional details of the
assay procedures have been reported in the Sept 29, 2011 press
release.
Michael Strickler of LithoLogic Resources, LLC, a qualified
person under NI 43-101, has reviewed the contents of this press
release.
Disclaimer for Forward-Looking Information
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events, such as the statements regarding mineralization and
assay results. Forward-looking statements consist of statements
that are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ
materially from those contained in the statements. No assurance can
be given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them.
These forward-looking statements reflect management's current
views and are based upon certain expectations, estimates and
assumptions that may prove to be incorrect. A number of risks and
uncertainties could cause our actual results to differ materially
from those expressed or implied by the forward-looking statements,
such as the current economic conditions and the state of mineral
exploration and mineral prices in general. These risks and
uncertainties could cause actual results and the Company's plans
and objectives to differ materially from those expressed in the
forward-looking information. The Company can offer no guarantee
that the goals and objectives detailed above will be accomplished,
in part or at all.
These forward-looking statements are made as of the date of this
news release and, except as required by law, the Company assumes no
obligation to update these forward-looking statements, or to update
the reasons why actual results differed from those projected in the
forward-looking statements. Additional information about these and
other assumptions, risks and uncertainties are set out in the
"Risks Factors" section in the Annual Information Form of the
Company dated June 14, 2011 and available on www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Josephine Mining Corp. Robert Dumont Vice President
(509) 343-3193 (509) 343-3194
(FAX)info@josephinemining.comwww.josephinemining.com
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