FOR IMMEDIATE RELEASE
|November, 01 2004||TSX - ISM Frankfurt- OI8|
TORONTO, Oct. 29 /CNW/ - 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-silver-gold bearing massive sulphide showings hosted in -bi 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
|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|
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 the 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.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.