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Jackson shares surge on discovery
18-October-06 by AAP
Latest News
Shares in junior explorer Jackson Gold have surged over 90 per cent after the company announced a new copper-gold discovery in Western Australia.
Jackson discovered the one kilometre mineralised zone at its Boolaloo project in the Western Pilbara of Western Australia.
Shares in Jackson gained 73 per cent to hit an intra-day high of 20 cents on the opening price of 11.5 cents.
Managing director Andy Viner said the mineralisation was identified following field reconnaissance work last month.
"It is almost unheard of to walk through the bush and find a one kilometre long mineralised structure," Mr Viner said.
Shares in Jackson were 10.5 cents or 90 per cent higher at 22 cents by close of trade today
The full text of a company announcement is pasted below
Australian based mineral exploration and development company Jackson Gold Limited (ASX:JAK) has discovered new copper-gold mineralisation at its 100% owned Boolaloo Project, located within the Western Pilbara region of Western Australia.
Results indicate the area to be highly prospective with extensive copper-gold mineralisation existing over at least a four square kilometre area at the Minga Bore Prospect. Of particular note are two new mineralisation zones, K15 & K16 that were identified following field reconnaissance in September.
Outcropping mineralisation at prospects K15 and K16 occurs over approximately one kilometre in length with two parallel east-west structures situated 200 metres apart averaging over 4% Copper and 1g/t Gold (refer to attached figure).
The K16 discovery is a copper-oxide rich siliceous breccia structure;
- outcropping over at least 900 metres strike and width from 0.5m to 6 metres.
- Rock chip sampling returned average results of 4.0 % Copper and 1.01 g/t Gold.
- The structure is open along strike to the east and west.
The K15 discovery is a similar structure to K16 with some wider cross-cutting quartz veined zones;
- outcrops for at least 250 metres.
- Rock chip sampling returned average results of 7.8 % Copper and 2.35 g/t Gold.
- The structure is open along strike to the east and west.
Jackson Managing Director, Andy Viner said "We are obviously very happy to have received such promising results from this initial exploration work. It is almost unheard of to walk through the bush and find a one kilometre long mineralised structure like K16."
"This is a virgin discovery in an area where only minimal historical activity has previously occurred."
"The valley at K15/16 extends for many kilometres east and west along the mineralised trend and is a priority target for future exploration."
Jackson intends to send an exploration team to the project shortly to soil sample the trend and continue other related mapping and sampling reconnaissance work.
"From our research the western Ashburton Basin is grossly under-explored and our discoveries highlight the potential of the area which is remote and is difficult to access. There is a good chance that new aerial electro-magnetic survey techniques combined with excellent high resolution satellite photography, will enable us to quickly generate the most prospective targets," he said.
"It is quite possible the better mineralisation will be found under cover which makes it all the more encouraging."
"Whilst we are aware of the significant work that has to be done to further define the mineralisation, we believe that the region has the potential to become a newly recognised mineralised province. With the Company holding over 1,700 square kilometres of ground, an exciting new project may well be emerging."
JAK
jackson minerals limited
