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Naskeena Update
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September 24, 2009 - Robert L. Card, President of Jet Gold Corp. (the
"Company") (TSXV.JAU), is pleased to report that the Company has
received an updated report and recommendations on its Naskeena Coal
Project from its geological consultant, Alex Burton, P.Eng., P.Geo.
During the 2008 field season, the Company drilled nine (9) HQ holes for
a total of 1,310 meters. This work followed on the 2007 drilling of
sixteen (16) NQ holes for 1,215 meters. The drilling encountered
several coal beds of variable thickness. For example, DDH#2 intersected
a 2.43 meter coal bed which was followed up with a "step out" pattern
of seven (7) holes to try to establish connectivity and continuation
thickness. These additional holes could not determine this as the coal
beds appeared to be discontinuous and lens like. While the intersection
had viable coal thickness, the surrounding holes returned poor coal
results. The specific gravity tests undertaken by the Company did not
demonstrate that the recovery of coal collected in the drill core could
be upgraded adequately to make it economic.
In early 2009, the Company decided to review the data and consider
viability of the as yet undrilled southern portion of the tenure.
Burton Consulting Inc. ("Consultants") was instructed to assess the
ground to locate, if possible, areas that might contain economic coal
deposits.
The consultant's report concluded that, although there may be a large
coal deposit in the untested areas, the costs of further drilling and
development would likely exceed the economic value of the resource. The
southern portion of the tenures is covered with deep gravel and the
cost of drilling through to establish a resource is cost prohibitive.
In addition, any coal beds would likely be too deep for open pit mining
and require a more costly shaft and underground mining for production.
As a result, the consultants have recommended that the Company give up
the tenures as uneconomic. Upon Mr. Burton's recommendation, the
Company has decided to relinquish the coal tenures.
The Company plans to expand and develop its gold assets in North
America. The Kshish molybdenum property is very promising and the
company plans to continue its work program scheduled for October. Part
of recommended exploration program will further review the property and
existing samples for precious metals and exotic minerals.
This news release has been reviewed and approved by Alex Burton,
P.Eng., P.Geo., a qualified person as defined in National Instrument
43-101.
On behalf of the Board of Directors
Jet Gold Corp
"Robert L. Card"
Robert L. Card
President
Investor Contact:
Robert L. Card, President
604-687-7828
Jetgoldcorp@shaw.ca
www.jetgoldcorp.com
This News Release may contain certain forward-looking statements.
Actual events or results may differ from the Company's expectations.
Certain risk factors may also affect the actual results achieved by the
Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release
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Copyright (c) 2009 JET GOLD CORP. (JAU) All rights reserved. For more
information visit our website at http://www.jetgoldcorp.com/ or send
mailto:info@jetgoldcorp.com
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Jet Gold Corp
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EXPLORATION STAGE |
CODE : JAU.V |
ISIN : CA47712W3075 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
JetGold is a gold exploration company based in Canada. JetGold holds various exploration projects in Canada. Its main exploration properties are VIRGINIA in USA and KSHISH in Canada. JetGold is listed in Canada. Its market capitalisation is CA$ 1.6 millions as of today (US$ 1.2 millions, € 1.1 millions). Its stock quote reached its highest recent level on May 25, 2007 at CA$ 97.55, and its lowest recent point on September 04, 2015 at CA$ 0.03. JetGold has 13 069 728 shares outstanding. |