JETGOLD FILES SILVER BAY NI 43-101 TECHNICAL REPORT

Deemed “Property of Merit” – Full Scale Exploration Program Planned

                                                                                                                                                           

For Immediate Release

 

February 23, 2012 – Vancouver, BC – Jet Gold Corp. (TSX-V: JAU) today announced the filing of the Silver Bay NI 43-101 Technical Report with appropriate exchange and regulatory bodies.

 

Following are key points from the Technical Report:

 

1.       The Silver Bay property is located 29 km south of the Huckleberry open pit copper mine in the prolific Tahtsa Ranges of central British Columbia.

2.       The property is comprised of eleven mineral claims that cover 5313.61 hectares in the Omineca Mining Division.

3.       The property is underlain primarily by thick sequences of volcaniclastics, intermediate to mafic flows, and lesser sedimentary rocks of the Jurassic Hazelton Group, a succession of interlayered volcanic and sedimentary rocks and related intrusions that are correlated with the Cretaceous Kasalka Group, and a quartz monzonite to granite stock of Tertiary age.

4.       Nearby porphyry copper-gold and/or molybdenum deposits include Berg, Lucky Ship, Poplar, Red Bird and Whiting Creek all within 70 km of the Silver Bay property.

5.       Nearby polymetallic vein deposits include Emerald Glacier, Deer Horn and Silver Queen.

6.       Past exploration and small scale underground development on the Silver Bay property focused on two principal polymetallic silver-lead-zinc+/-gold veins, Roosevelt and Nickel Plate, and identified skarn copper mineralization and a broad hydrothermal alteration system with associated disseminated copper mineralization.

7.       The Roosevelt polymetallic vein system crops out in a north-trending shear zone that has been traced for more than 1500 m along strike; individual chip and grab samples collected in 2011 from the Chikamin Adit dump graded up to: 17.3 g/t Au, 1570 g/t Ag, 0.59% Cu, >20% Pb and 6.61% Zn. 

8.       The Nickel Plate polymetallic vein has been traced for at least 600 m along its northwesterly trend; chip samples across the vein and selected grab samples collected from the Ruby Adit dump graded up to: 4.90 g/t Au, 551 g/t Ag, 1.0% Cu, 11.2% Pb and 7.7% Zn.

9.       The Deuce skarn copper prospect (not observed in 2011) occurs within a 3-10 m thick, altered limestone and has been traced for 300 m along strike.

10.   The Ace prospect includes an impressive alteration system that reportedly covers a 3000 m by 500 m area in the eastern part of the property, more than 3 km from the closest known vein occurrence.   Alteration consists of intense, pervasive limonite and locally intense jarosite coatings on pyritic volcanic rocks that form steep spires and canyon walls along a creek gulley.  The volcanics are cut by a pyritic granite breccia stock.  Sampling of the gossanous rock over a length of approximately 700 m produced anomalous values of copper, lead and zinc.  Previously recorded work identified magnetite-chalcopyrite-bornite skarn mineralization along shear zones ‘beyond the pyritic’ rocks, and disseminated hematite, pyrite and chalcopyrite in a range of volcanic lithologies rocks approximately 1 km southwest of the canyon examined.

11.   Literature review of the three known mineral occurrences on the property that were not located in 2011 (Dad’s Surprise, Deuce and Chikamin Group) are also regarded to be porphyry-related.

12.   The intense alteration at Ace is consistent with the upper levels or flank of a porphyry (Cu-Au) system.  The polymetallic veins that comprise the Roosevelt and Nickel Plate prospects may be distal components of, and directly related to, the Ace porphyry system.  The veins have been traced from the south shore of Whitesail Lake to the south-southeast, resulting in additional discoveries beyond the peak of Chikamin Mountain - giving the vein system an overall strike length of more than 4 km and a vertical dimension of approximately 1 km. 

13.   The Silver Bay property is a Property of Merit and warrants a large scale, multi-faceted exploration program to further assess its potential to host economic polymetallic vein, skarn and porphyry mineral deposits.

In commenting on the Report, JetGold President, Brad Moynes stated, “We are very encouraged by the positive results of the Silver Bay Technical Report. It fully supports our commitment to a major exploration program to assess the property’s polymetallic vein, skarn and porphyry mineral deposits. We will be issuing our exploration plans shortly.”

The following table displays the range of values and assay results from the Roosevelt, Nickel Plate and Ace mineral occurences at Silver Bay:

 

Sample ID

Type

Easting

Northing

Au (ppm)

Ag (ppm)

Cu (ppm)

Pb (ppm)

Roosevelt

1411652

0.5 m chip

626068

5920100

0.025

5

20

1090

1411653

0.55 m chip

626068

5920100

7.65

239

1490

44200

1411654

grab

626057

5920117

2.65

93

780

15200

1411655

grab

626064

5920090

0.214

51

470

9760

1411656

float

626065

5920137

17.3

1570

5920

>20.0 %

1411657

grab

626058

5920169

0.019

4

40

600

1411658

grab

626054

5920178

6.63

279

7090

46800

1411659

grab

626064

5920090

0.03

6

80

960

1411679

grab

626068

5920100

14.6

1110

7880

>20.0 %

1411680

grab

626061

5920103

8.88

1360

5740

>20.0 %

Nickel Plate

1411660

0.3 m chip

627589

5919174

0.364

274

1000

49300

1411661

grab

627578

5919185

0.771

255

5110

28400

1411662

0.2 m chip

627693

5919071

1.68

274

4540

61900

1411663

grab

627634

5919124

4.90

551

10000

11.2%

1411664

grab

627578

5919185

0.631

999

28100

63000

1411665

grab

627578

5919185

0.467

599

29000

40000

1411666

grab

627688

5919078

0.709

262

7780

58300

1411675

grab

627578

5919185

0.436

176

4960

24500

1411676

grab

627578

5919185

1.30

467

9050

58100

1411677

grab

627693

5919071

0.429

76

3120

5910

1411678

grab

627693

5919071

0.639

150

7310

9900

Ace

1411668

grab

631746

5923111

0.007

5

190

540

1411669

grab

631886

5922977

0.004

2

150

250

1411670

grab

631930

5922852

0.004

<1

50

230

1411671

grab

632016

5922624

0.001

<1

30

70

1411672

grab

631991

5922629

0.002

<1

20

50

1411673

grab

632163

5922563

0.001

<1

30

40

1411674

grab

631852

5922865

<0.001

<1

30

50

 

 

The independent Qualified Person who reviewed and approved the contents of this news release is Bob Lane, MSc, PGeo, from the consulting firm of Plateau Minerals Corp.  The Siver Bay Technical Report was prepared by Mr. Lane and adheres to the disclosure requirements of NI 43-101.