Guatemala

[Tackler]

Jaguar JNI provides more assays from Sechol project

2004-08-19 16:14 ET - News Release

Mr. John Yates reports

SECHOL PROJECT DRILLING UPDATE

Jaguar Nickel Inc. has released assay data for an additional 39 holes in its continuing drilling program on the Sechol nickel-cobalt laterite project in Guatemala.

Well-mineralized nickel laterite continues to be intersected in the El Inicio area. Nickel assays from the mineralized zones are in line with or exceed expectations based on previous work. Of the 39 holes reported, 27 have intercepts of nickel-bearing laterite exceeding a 1-per-cent nickel cut-off. Of these, two holes have intercepts exceeding 2 per cent nickel, that is, holes 008A and 175 with intercepts of 2.02 per cent nickel over 21.3 metres and 2.20 per cent nickel over 9.5 metres, respectively. Another 14 holes have intercepts exceeding 1.50 per cent nickel. The results from the holes suffixed with A or B represent the successful redrilling of earlier holes which had unacceptable core recovery.


TABLE OF INTERCEPTS IS GREATER THAN OR
EQUAL TO 1.00 PER CENT NICKEL CUT-OFF

Hole No. From To Ni Co
(m) (m) (%) (%)

JNI-04-007A 1.00 15.60 1.63 0.08
JNI-04-008A 2.00 23.30 2.02 0.08
JNI-04-010A 1.35 14.70 1.96 0.05
JNI-04-015A 0.00 7.70 1.88 0.05
JNI-04-018A 0.65 6.84 1.21 0.12
JNI-04-023B 0.00 5.40 1.67 0.04
JNI-04-024A 0.50 14.30 1.33 0.08
JNI-04-025A 2.00 5.35 1.53 0.08
JNI-04-039A 3.10 14.55 1.83 0.05
JNI-04-151 2.15 13.60 1.46 0.10
JNI-04-152 1.00 12.60 1.42 0.07
JNI-04-154 1.10 3.20 1.52 0.02
JNI-04-157A 13.90 16.20 1.18 0.05
JNI-04-159 1.00 6.80 1.23 0.06
JNI-04-161 3.50 6.30 1.30 0.21
JNI-04-162 2.80 8.90 1.34 0.12
JNI-04-163 6.70 11.30 1.16 0.07
JNI-04-164 3.10 6.10 1.86 0.08
JNI-04-168B 4.10 6.70 1.21 0.05
JNI-04-169 2.90 17.60 1.85 0.05
JNI-04-170 0.60 17.90 1.98 0.06
JNI-04-171 0.00 7.20 1.78 0.09
JNI-04-173 0.00 9.20 1.97 0.03
JNI-04-174 2.50 4.50 1.12 0.22
JNI-04-175 0.00 9.50 2.20 0.04
Incl. 11.50 15.50 1.76 0.02
JNI-04-179 1.00 6.20 1.26 0.14
JNI-04-180 1.50 4.10 1.04 0.13


Sample preparation was undertaken by BSI Inspectorate laboratory in Guatemala city and assay by SGS Lakefield Research Analytical Services laboratory in Canada.

The compositing of the nickel and cobalt grades in the individual holes was done using a nickel cut-off of 1.00 per cent, a minimum intercept length of two metres and a maximum length of internal waste of two metres. The compositing was done across geological boundaries. It has not yet been determined what cut-off grade should be used in an economic model.

Core recovery in the mineralized zone in two additional holes for which results are available (156A and 160) fell below an acceptable standard, are not reported and are scheduled for redrilling.

Since the start of the drilling program in March, 2004, 252 HQ core holes with acceptable core recoveries, totalling 3,676 metres, have been completed on the El Inico and the El Segundo grids. Drilling is on a regular 100-metre-by-100-metre grid and is continuing with approximately 212 more holes planned in this phase of this program. Additional drilling will be planned and executed as warranted by results. Four drill rigs are now actively drilling on this program.

The data were validated and the intersections calculated by the designated qualified person for the project as defined in National Instrument 43-101, H. Andrew Daniels, PGeo, of GeoVector Management Inc. of Nepean, Ont.