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J.A.G. Mines Ltd.: Exploration Work on Conventional Natural Gas and Condensate Deposits in Temiscouata/Update on JAG-OLITRA Activities
|By Marketwired .
|May 6, 2014 02:09 PM EDT
MONTREAL, QUEBEC -- (Marketwired) -- 05/06/14 -- J.A.G. MINES LTD (JAG) (TSX VENTURE:JML) and its subsidiary OLITRA Inc. announce that the discovery of natural gas by companies Ressources et Energie Squatex and Petrolympic has been very well received. JAG wishes to publish an update concerning the progress of its exploration work in the Bas-Saint-Laurent region, particularly on its vast Temiscouata property that extends from Riviere Bleue, near the border with Maine, up to the Rimouski reserve, an area of 89,147 hectares (222,868 acres).
Following a thorough exploration campaign lead by geologist Marc R. Lafleche from the Institut national de la recherche scientifique (INRS), JAG has identified on the Temiscouata property three highly abnormal domains of soil gas, characterized by very high concentrations of methane, ethane, propane and butane, and molecular ratios revealing the presence of thermogenic hydrocarbon sources (within rock), probably hosted in the Ordovician and Silurian sedimentary rocks of the region. These units are overlain by the Devonian shale of Temiscouata which forms an impervious barrier. Numerous showings of variably dolomitized reefal limestone, as well as sandstones similar to Gaspe sandstones (ZEC Owen sector), occur and will be investigated by JAG in 2014. Consequently, the Company intends to complete a number of core drill holes similar to those of the mining industry in view of documenting the presence of reservoirs and locate host rock units responsible for hydrocarbon generation. From west to east, priority targets to be investigated through geophysics and drilling are the St-Eusebe and Lake Ango in ZEC Owen sectors, and the vicinity of the wildlife reserve of Rimouski bordering the Squatex-Petrolympic property, host of the conventional natural gas discovery in Bas-Saint-Laurent.
As part of its funded works for gas and oil exploration, JAG should be able to present by June 2014 the initial results of a large-scale pedogeochemical and radiometric study conducted on the whole area of its Pohenegamook property. Said property is located in Bas-Saint-Laurent, west of the Temiscouata property, and encompasses an area of 133,459 hectares (333,648 acres). It is important to note that the Pohenegamook property is in close proximity to the Parke wells site, whose potential for natural gas storage is being evaluated by Intragaz.
In other respects, JAG is pursuing its gold exploration activities on its Belleterre property in Temiscamingue. From October to November 2013 and in March 2014, JAG had a high- resolution gravimetric survey performed in order to refine geometry and relative importance of the main auriferous and intrusive structures located west of the old Belleterre mine. The gravimetric data are added to the new high-resolution audio- magnetotelluric sections executed on the Aubelle, Castor, Village and Boudrias prospects.
From September to November 2013, a team of geologists proceeded to a study and channel sampling from the Boudrias and Village showings and prospected new showings (JAG-1, JAG-2, JAG-3, JAG-4 and JAG-5) that reveal the presence of polymetallic porphyritic mineralisation located in the eastern part of the property. A wide-ranging lithogeochemical study of volcanic, sedimentary and intrusive rocks, as well as iron and chert formations, was completed during the 2013-14 winter. This study strongly suggests the presence of high-temperature volcanogenic hydrothermalism during the orogeny of the Belleterre volcanic rocks. This conclusion implies a strong potential for the discovery of volcanogenic polymetallic massive sulphides.
A mineragraphic study is ongoing at INRS in order to characterize gold distribution in the main zones of auriferous mineralisation on the property. This study aims at providing data on granulometry and degree of gold liberation with the objective of optimizing metallurgical work to be performed on bulk samples that will be gathered in early summer and early fall of 2014, and improving resource estimation models.
The geological portion of this press release was reviewed by Marc Richer-Lafleche, geologist and professor at the Institut de la Recherche Scientifique de Quebec, qualified person as required by NI 43-101, and approved its publication.
J.A.G. Mines Ltd is a public corporation, incorporated in April 1976 under the Canada Business Corporations Act. JAG is engaged in the exploration and development of mining projects, all located in the province of Quebec, aiming at their eventual commercial exploitation. JAG and its subsidiary Olitra are also active in the search for gas and oil in the province of Quebec.
Cautionary Language and Forward-Looking Statements
All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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