Wednesday, May 4, 2011

This junior gold explorer has potential for some good upside

Jiminex (TSXV:JIM) is a Canadian junior explorer with a very attractive portfolio of properties. In the Snow Lake area of Manitoba they have Parres One and Parres Two, just west of Barrick Golds Hemlo project they have the Northern Eagle project, and the Misehkow property in the Pickle Lake region.

Northern Eagle Gold Property,

Hemlo Gold Area, Ontario
Summary:

The 44 square kilometre Northern Eagle Gold Property is situated in the well-known Hemlo gold mining camp located in Northwestern Ontario, Canada. The property is only 15 kilometres west of the world class 21,000,000 mega-ounce Hemlo gold deposit currently being mined by Barrick Gold Corporation. Infrastructure is excellent for exploration and gold mining operations.

The Northern Eagle geology is highly similar to that occurring at the Hemlo gold deposit and represents the best target area for the discovery of another Hemlo-style mega-ounce gold deposit. Northern Eagle is essentially untested by diamond drilling to Hemlo gold deposit depths; 90% of the Hemlo deposit occurs below 500 metres depth.

In March of 2010, Caracle Creek International Consulting Inc. completed a Gocad® computer geotechnical data model for the Northern Eagle gold property. Jiminex has used this model to plan target areas for deep-penetrating ground geophysical surveys and will be using it to plan a subsequent deep diamond drilling program. The deep-penetrating geophysical program , the Titam 24 system of Quantec Geoscience Ltd., Toronto, Ontario was completed in August 2010 and the results received in September. Quantec recommends 15 holes totalling 8,890 metres to test target zones never before drilled. A diamond drilling program began November 7, 2010.

Misehkow River Gold Property

Pickle Lake Gold Area, Ontario
Summary:

The Misehkow River Gold Property is located in the famed Pickle Lake gold region of Northwestern Ontario, Canada near to the Pickle Crow Project of PC Gold Inc. The Misehkow River property consists of two closely spaced claim blocks. The west block consists of 47 claims covering an area of 7.5 square kilometres and the east block consists of 213 claims with an area of 34.1 square kilometres. A total of 22.5 kilometres of under-explored iron formation occur on the claim blocks. Iron formation is favourable for gold mineralization in the Pickle Lake and Musselwhite gold mining camps where approximately 7 million ounces of gold has been produced. This is the link to view the location of Misehkow River gold property and the regional geology map.
http://www.jiminex.com/docs/001misehkow%20corr%20reg%20geol%20lr1%20sept30-10.pdf
The Misehkow River Gold Property is located in the Uchi geological sub-Province, Superior Province of the Canadian Shield. In the Pickle Lake mining camp, located 55 km to the northwest, three mines have produced 2.5 million ounces of gold from very similar geological environments to that occurring at Misehkow. Also, Goldcorp’s operating Musselwhite Mine located about 200 km north of Pickle Lake has a similar geological environment to the Pickle Lake region and has production plus reserves totaling about 4.7 million ounces.

On the Misehkow River Gold Property assay value intercepts of up to 12.4 grams per tonne gold over 0.71 metres (0.362 ounces/ton over 2.2 feet) and value/width intercepts of up to 3.84 grams per tonne over 6.4 metres (0.11 ounces/ton over 21.0 feet) have been noted in historical drill logs for the property. The gold target iron formation extends for about 20 kilometres across the Misehkow Gold Property. Iron formation-hosted gold mineralization is a very important exploration target for the Pickle Lake and Musselwhite mining camps. A three kilometre long significant rock alteration zone, which averages roughly 100 metres in width, is closely associated with the iron formation and gold mineralization on the property.


The Misehkow River Gold Property was flown with an airborne Versatile Time Domain Electromagnetic (VTEM) and high sensitivity cesium magnetic state-of-the-art geophysical survey in the fall of 2009. The original property and the eastern-third of the west block are covered by this survey. A base camp has been established in April 2010, and a number of iron formation target areas have been picked for ground and diamond drill follow-up. Condor Consulting Inc., Lakeview, Colorado have interpreted the VTEM results and are recommending testing 5 target zones across the 30 kilometres of iron formation with a 16 drill hole, 3,000 metre program.
 
The Misehkow River project seen drilling start about the end of March this year and has reportedly drilled 4 of the 16 holes that management has proposed to drill. A news release today may take this company to new heights quite quickly as the share float is very low. JIM has just over 39 million shares issued and outstanding. Below is the news release from today.
 
JIMINEX INC. SIGNIFICANT PRELIMINARY RESULTS FOR PICKLE LAKE, ONTARIO DRILL PROGRAM
5/4/2011 5:49 PM - Canada NewsWire

PASS LAKE, ON, May 4, 2011 (Canada NewsWire via COMTEX News Network) -- Shares outstanding: 39,230,228
James R. B. Parres, President & CEO of Jiminex Inc. is pleased to report that visible gold has been encountered in diamond drill Hole No. 3 at the Misehkow River property located in the Pickle Lake gold area of Ontario. Core samples are being delivered to the Activation Laboratories Ltd. (Actlabs) branch in Thunder Bay, Ontario today for rush gold assaying. Mr. Parres comments "Having visible gold in our Pickle Lake drill core has the JIM team very excited as this is the first time that visible gold has ever been noticed on the Misehkow River property. We are asking Actlabs to rush the gold analysis on the samples where the visible gold was noted. The results with more details on geology and sample widths will be published as soon as possible".
The visible gold has been noted in at least 8 smoky-grey quartz veins spread across a quartz vein stockwork having a width of 15-20 metres. The stockwork occurs at a depth of approximately 278 metres in Hole 3. Four holes have been completed on the Misehkow River property and Hole No. 5 is currently being drilled. The gold mineralization appears to reflect a typical gold mineralization style occurring in the Pickle Lake-Musselwhitemineralized zone.
Shareholders please note that the Jiminex Inc. Annual and Special Meeting of Shareholders will be held at 130 King Street West, Suite 1800, Toronto, Ontario M5X1E3, at the hour of 4:00 p.m. on Thursday, May 12, 2011. As indicated in the Circular, Mr. Edward Ierfino will be resigning from the Jiminex Inc. Board of Directors to pursue new business ventures. The Jiminex Inc. management would like to thank Mr. Ierfino for his service on the board and to the company, and wish him well on his new endeavours.
Jiminex Inc. was listed as a resource company on the TSX venture exchange in 2009 and is focused on gold exploration in Canada. The Company acquired three high potential gold properties located in three well-known gold camps. The 100%-owned Misehkow River property is sited in the Pickle Lake gold mining region of Ontario near to the Pickle Crow Project of PC Gold Inc. and in the same general region as the Musselwhite Mine currently being mined by Goldcorp Inc. Misehkow River presents an opportunity to possibly locate more than one gold deposit within a large target area. The Northern Eagle property is located in the Hemlo gold mining camp, Ontario close to the 22 million ounce Hemlo deposit being mined by Barrick Gold Corp. The property is considered one of the best target areas in which to locate another Hemlo-style gold deposit and Jiminex has earned a 50% interest from Beaufield Resources Inc. The 100% owned Parres and Parres Two properties are located in the Snow Lake copper-zinc and gold mining camp of Manitoba where the major Lalor Lake copper-zinc and gold deposit discovery of HudBay Minerals Inc. is actively being explored and developed.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex Inc. is the qualified person responsible for the geotechnical content of the Company's public information.
If you would like to be added to Jiminex's news distribution list, please send your name (optional) and email address to info@jiminex.com .
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
 
Considering the potential of these properties and now with the news just released I expect this small explorer may realize significant added value, and upon assay results that corroborate this, could quite quickly find itself with a much higher market cap. The market cap at present would indicate this company is indeed undervalued. This could see possible significant share price movement first thing tomorrow so I would suggest to all those who are interested to go to the companies website at wwwjiminex.com and do your due diligence.
 
For disclosure purposes I have received no compensation of any kind for this post. I do own shares in JIM and have intentions to add to my position.

1 comment:

  1. The Misehkow River Gold Property was flown with an airborne Versatile Time Domain Electromagnetic and high sensitivity cesium magnetic state-of-the-art geophysical survey in the fall of 2009.

    ReplyDelete