J.A.G. Mines Ltd.: Exploration Work on Conventional Natural Gas & Condensate Deposits in Temiscouata/Update on JAG-OLITRA Act...
May 06 2014 - 2:09PM
Marketwired
J.A.G. Mines Ltd.: Exploration Work on Conventional Natural Gas and
Condensate Deposits in Temiscouata/Update on JAG-OLITRA Activities
MONTREAL, QUEBEC--(Marketwired - May 6, 2014) - 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 Témiscouata property that extends from Rivière 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. Laflèche from the
Institut national de la recherche scientifique (INRS), JAG
has identified on the Témiscouata 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
Témiscouata which forms an impervious barrier. Numerous showings of
variably dolomitized reefal limestone, as well as sandstones
similar to Gaspé 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-Eusèbe 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 Pohénégamook property. Said property is located in
Bas-Saint-Laurent, west of the Témiscouata property, and
encompasses an area of 133,459 hectares (333,648 acres). It is
important to note that the Pohénégamook 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 Témiscamingue. 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 Québec, qualified person as required by NI 43-101,
and approved its publication.
ABOUT JAG
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.
Pierre GevryPresidentJ.A.G. Mines
Ltd514-849-7336g.m.st.jacques@gmail.comwww.minesjag.com