Jade Leader Completes Successful Drill Program on the DJ Property and Exercises Earn-in Option Early
CALGARY, AB / ACCESSWIRE / November 29, 2018 / Jade Leader Corp. (TSX.V: JADE) ("Jade Leader" or "the Company") is very pleased to announce that the first ever drilling program to test both Jade bearing targets identified on its DJ project in Washington State, has now been completed. The results of the program were deemed so successful that, after careful consideration by the Board of Directors, the Company exercised an accelerated buy-out of the Earn-In Option for the property and now owns 100% interest free and clear of any further obligations, subject to certain underlying royalties.
A total of 13 holes, varying in length from 15.55 to 68.3 meters for a total of 513.5 meters were drilled during this initial phase before inclement weather set in. Drilling was accomplished on both the Lode 1 and Lode 2 Jade bodies identified in outcrop in 2017-2018.
All 13 drill holes intersected their anticipated targets, with Nephrite Jade field identified in core in 12 of the 13 drill holes. Nephrite Jade, varying from ornamental, to carving/jewelry, near gem to gem and cat's eye quality were recovered in intervals ranging from 10-15 centimeters to over 5 meters in length. Confirmatory analytical work is underway, as further detailed below.
In addition, a further 77 kilos (170 pounds) of surface material from Lode 2, where both near gem/gem and chatoyant (cat's eye) material was identified in 2017 was recovered for processing.
Two new occurrences of a red to pink to white semi-precious gemstone identified as rhodonite were found near the Jade zone and were test hand mined for potentially marketable raw material from the property. The first load of approximately 3,500 pounds has been warehoused with a second load, unweighed but roughly equivalent in size in transit to the company's secure off-site storage facility.
"The success rate for this first drill testing of our proprietary Jade exploration model so greatly exceeded our expectations that we decided to immediately exercise our Option giving us a clean 100% interest in the DJ project, which clearly has the potential to be one of the Company's key Jade projects going forward," stated Mr. Jean-Pierre Jutras, President and a Director of Jade Leader. "The drilling shows that both DJ Jade lodes are consistent, with respect to quality and continuity over significant extents. With a 100% ownership, the Company is now free to harvest, process and test market the more desirable materials recovered to date such as the chatoyant or cat's eye Nephrite Jade as well as the nearby rhodonite. The lessons of this first drilling phase are most encouraging and as we continue studying the Jade in our core we will begin planning our next drilling program and begin the permitting processes for work at DJ in 2019."
Lode 2 Results
The Lode 2 target was drilled with 7 holes along 33 meters of its previously identified 50+ meters of strike length, to a maximum vertical depth of 30 meters below the main surface outcropping/trench. All drill holes into Lode 2 intersected continuations of the Jade units identified at surface: either continuous intervals of massive to locally foliated nephrite, or as zones of thin veins 0.5 to 8 cm in thickness or stockworks of typically finer grained, highly translucent Jade in a serpentinite matrix.
Significant Nephrite Jade intervals were field identified in core in drill holes L2 DD1 (massive 0.85 meters and additional stockwork 0.40 meters), L2 DD2 (5.05 meters of dominantly massive to locally foliated nephrite Jade with minor bands of diopside), L2 DD3 (massive to foliated 0.9 meters, additional stockwork zone, 1.5 meters), L2 DD4 (1 meter, massive to foliated), L2 DD5 (0.60 meters massive to foliated and 0.20 meters stockwork zone), L2 DD6 (2.6 meters, massive to foliated) and L2 DD7 (2 distinct stockwork zones of 3.45 meters and 1.2 meters). Colors of the various materials varied from dark to light green as well as blue-green to light blue. Based on textures, colors and translucency observed in the core, Jade types included ornamental, carving/jewelry, near gem/gem as well as some potentially chatoyant (cat's eye) material. All identifications are subject to final determination after polishing of the materials from key sections.
The Lode 2 target remains open in all directions along strike and at depth.
Lode 1 Results
The Lode 1 target was tested with 6 drill holes along three sections along 80 meters of its 170+ meter strike length. Holes were drilled to vertical depths ranging up to 30 meters. Significant Nephrite Jade intervals were field identified in core in L1 DD1 (1.95 meters), L1 DD2 (1.68 meters), L1 DD3 (0.65 meters), L1 DD4 (0.92 meters) and L1 DD6 (0.50 meters). While the productive Jade zone was also intercepted in drill hole L1DD5, pervasive overprinting quartz veining and hydrothermal alteration obliterated all Jade textures in the zone. All Jade identified from Lode 1 drill core from Lode 1 was ornamental; typically mottled, dark to light green; potentially suitable for commercial carvings and ornamental uses. The target remains open along strike in both directions, as well as at depth.
All intervals quoted are based on core lengths, and information collected to date suggests that true widths may range from 60-80% of core length. All core has been stored off site in a secure facility for further study.
On a forward-looking basis, critical intervals remain to be fully logged and photographed in detail over the next few weeks, and specific representative sections will be selected for further polishing to test the workability and final appearance of finished products. Select representative samples will also be collected for mineralogical analysis to confirm the field identifications made based on texture, color and hardness tests.
Mr. Jean-Pierre Jutras, P.Geol., President of the Company, is the Qualified Person for the Company's Jade projects as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
On Behalf of the Board of Directors,
"Jean-Pierre Jutras", President/Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Jade Leader's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Jade Leader. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Jade Leader's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Jade Leader's filings with the Canadian securities authorities. Accordingly, holders of Jade Leader shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Jade Leader disclaims any responsibility to update these forward-looking statements.
SOURCE: Jade Leader Corp.
