Inspiration Mining Corporation
INSPIRATION MINING CORPORATION: JASPER PROPERTY UPDATE
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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INSPIRATION MINING CORPORATION
130 King St. West, Suite 1800, Toronto, On. M5X 1E3
PRESS RELEASE
JASPER PROPERTY UPDATE
FOR IMMEDIATE RELEASE TSX.V – ISM
October 29, 2004, Toronto, Ontario – Inspiration Mining Corporation
(the “Corporation”) is pleased to announce results from its Phase I
exploration work program on its Jasper Property, located on Vancouver Island,
British Columbia. The Phase I program is directed toward the evaluation of a
number of copper-zinc-lead-sliver-gold bearing massive sulphide showings
hosted in bi-modal felsic and mafic volcanic rocks on the Jasper Property. The
Corporation’s consulting geologist, Arne Birkeland P.Eng. of Arnex Resources
Ltd, supervised the fieldwork and is the designated qualified person for this
release.
The Corporation conducted GPS grid-controlled soil and rock chip geochemical
surveys in order to extend priority target areas established during previous
programs and to find new mineralized areas on unexplored ground. In addition,
stream sediment geochemistry as well as ground based magnetic and VLF
geophysical surveys were completed over selected areas. Data has been
compiled into a GIS system to evaluate and prioritize exploration targets.
Eleven showings were discovered and/or documented in addition to three MINFILE
occurrences. Rock chip sampling was conducted on 14 mineralized showings
hosted in a large alteration zone with a strike length in excess of four
kilometres. Values from 36 samples taken from 13 of the showings range
between 0.4% to 7.8% copper, 2g/t to 37g/t silver with zinc values up to 5.3%
and gold grades of up to 0.35g/t. Selected weighted intervals from continuous
representative rock chip sampling of mineralization in outcrop are as follows:
Selected Rock Chip Intervals
Showing Location Width (m)Cu (%) Ag (g/t)
Upper Pan Showing 5.0 0.43 2.2
Upper Pan Showing 3.0 0.81 3.7
Trail Creek Showing 4.5 0.41 3.1
Upper 4 Mile Creek Log Sort Showing 3.0 0.57 2.8
South Camp Creek Road Showing 1.3 6.86 35.0
Upper 4 Mile Creek Showing 0.9 1.95 5.6
Camp View Showing 0.6 1.36 4.0
Soil geochemical surveys have now been completed over a continuous grid area
of approximately 2.7 kilometres in strike length by 200 to 400 metres in
width. Most of the grid is in high priority areas and sample density is
generally 50 metre line spacing with a 25 metre sample interval.
Highly anomalous copper soil values are present over most of the strike length
of the grid, with high lead and zinc anomalies concentrated in the southern
and central portions. Approximately 25 samples are in the range of 640-15,000
ppm copper; 6 samples range 800 to 10,000 ppm zinc; 10 samples range 900 to
10,000 ppm lead. Sporadic silver and gold anomalies are also present
coincident with the base metal anomalies.
Ground geophysical surveys gave mixed results and are still in the process of
being interpreted. The Corporation is considering the merit of flying a
multi-parameter low-level magnetic-electromagnetic-radiometric airborne
geophysical survey and a quote from a contractor has been requested. Tenders
for Phase 2 diamond drilling have also been requested and are being evaluated
prior to the final selection of a contractor.
In addition, the Corporation wishes to announce that effective October 1st,
2004, the common shares of the Corporation commenced trading through the
facilities of the Berlin Stock Exchange. The Corporation’s common shares trade
through the WKN number 909977. Additionally, the Corporation would also like
to announce that, further to its press release dated September 21, 2004, the
Corporation completed its acquisition of the Barton Syndicate Dry Fork
Property and issued an aggregate of 200,000 common shares to certain arm’s
length parties. Additionally, the Corporation issued an aggregate of 275,000
common shares at a deemed price of $0.25 per share to two (2) arm’s length
parties in consideration of certain services provided to the Corporation in
relation to its listing on the Berlin Stock Exchange. All the common shares
issued are subject to a four (4) month statutory hold period that expires on
February 18, 2005.
Inspiration Mining Corporation is a junior mining company that owns a 100%
interest in athe Jasper claim group. To date, several exploration programs
have been conducted on behalf of the Corporation.. The results of this
exploration work are compiled and discussed in a Technical Report dated
October 28, 2003, which is available from the SEDAR website.
For further information about the Corporation, please contact Randy Miller,
President of the Company, at 905.853.7400.
For further investor relations inquiries, please contact Dan Boase, First
Canadian Capital Corp., at 416.742.5600.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
end of message, (c)DGAP 01.11.2004
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WKN: 909977; ISIN: CA45772J1093; Index:
Listed: Freiverkehr Berlin-Bremen
011019 Nov 04
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