Jasper Mining Corporation Net Smelter Returns Royalty Agreement Affected by Imperial Metals Corp's Discovery on Ruddock Creek
Trading Symbol: TSX-V: JSP
CALGARY, Sept. 27, 2018 /CNW/ - Jasper Mining Corporation ("Jasper") (TSX-V:JSP) advises that on September 19, 2018 Imperial Metals Corporation ("Imperial") issued a News Release titled "Imperial Reports Drilling Intersects 21.7 metres grading 16.99% zinc and 3.44% lead and 2.41 g/t silver at Ruddock Creek". The News Release reported in detail the drilling on the Ruddock Creek massive sulphide horizons.
Following are the assays from the mineralization intersected in RD-18-V41 contained in the Imperial News Release:
"Hole # | Total Length (m) | Interval from (m) | Interval To (m) | Interval Length (m) | Estimated | Zinc (%) | Lead (%) | Silver (g/t) |
RD-18-V41 | 828.8 | 751.5 | 784.4 | 32.9 | 32.7 | 12.01 | 2.47 | 1.74 |
Including | 751.5 | 773.2 | 21.7 | 21.5 | 16.99 | 3.44 | 2.41 | |
and | 756.9 | 767.3 | 10.4 | 10.3 | 25.70 | 5.41 | 3.44" |
The drill sections and other important information may be viewed on Imperial's website at https://www.imperialmetals.com/projects/ruddock-creek/maps-and-diagrams
By Agreement dated March 17, 2014 Jasper conveyed to Selkirk Metals Corp., ("Selkirk") a subsidiary of Imperial, 6,028.83 hectares comprising 16 tenures in the Ruddock Creek area adjoining the properties of Selkirk on the Ruddock Creek property for the consideration of $100,000 cash and a 1.5% net smelter royalty to Jasper. The Agreement contains a provision that 1% of the net smelter return can be purchased by Selkirk from Jasper for the consideration of $1,000,000, leaving Jasper with a .5% net smelter return. (See Jasper News Release dated March 31, 2014).
The size of the Ruddock Creek discovery by Selkirk and its partners is unknown at this time, but the Imperial news release indicates that it may be extensive. It is possible that some of this deposit may be on the former Jasper Ruddock Creek tenures and subject to the net smelter royalty.
Jasper urges interested parties to review the Imperial news release of September 19, 2018.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Jasper Mining Corporation
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