NEWS: In case this isn't already posted:
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Canadian Corporate News --- Hot Off The Wire
News Release for "JABA INC"
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*** As of January 1, 1997, many Canadian public companies are*** required to electronically file their disclosure documents.*** Visit tefa.com for more information.
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: JABA INC.
ASE SYMBOL: JBA
APRIL 15, 1997
Jaba Inc. Reports Drill Results from Silver Bell, Yardley Programs
VANCOUVER, BRITISH COLUMBIA--JABA Inc. (ASE - JBA) announced today
the results from the first phase of drilling at its wholly owned Silver Bell and Yardley projects in Arizona.
Silver Bell Project, Pima County, Arizona
JABA's Silver Bell project consists of 20 targets in three distinct areas: East Silver Bell, Mammoth Wash, and Gap Tank. These projects are generally targeted at the offset extension of the main Silver Bell producing zone (2 billion pounds of copper with subordinate molybdenum and silver). Only the Gap Tank area has been tested to date. In the Gap Tank area, ten Reverse Circulation holes averaging 750 feet deep were completed for a total of 7,515 feet on March 26, 1997. This program was designed to locate large, buried copper-molybdenum targets identified from geochemical soil sampling. The drill program did not intercept economic copper values, but Hole GT-97-8 encountered 700 feet of anomalous copper (to 145 ppm) and molybdenum. These results will be integrated into JABA's geologic model prior to Phase 2 drilling at Gap Tank and Phase 1 drilling at Mammoth Wash and East Silver Bell.
Yardley Project, Santa Cruz County, Arizona
The Yardley project is located along the major copper producing trend of southern Arizona and northern Mexico. A strong magnetic high anomaly, originally discovered by the U.S. Geological Survey and subsequently staked by JABA, is supported by high copper and molybdenum values in soil sampling. Such magnetic highs in the area are normally skarn-related and part of porphyry copper systems.
A single hole drill program was completed to 1400 feet on April 2, 1997. Based on the encouraging results from this hole, further drilling is planned for the second quarter of 1997.
JABA's Reverse Circulation Hole Y-97-1 cut 590 feet of alluvium and tertiary conglomerate, 380 feet of variably argillized siltstone, and then 400 feet of actinolite-magnetite-pyrite amphibolite skarn. Within the actinolite-magnetite zone, there are 390 feet with copper values 3 times higher than background (to 150 ppm Cu) and 400 feet with molybdenum values to 10 times higher than background (22 ppm Mo). The hole bottomed in anomalous material. This actinolite-magnetite interval explains the magnetic anomaly, and combined with the kaolinization, indicates this drill hole is within the outer portion of a porphyry copper system. The Mineralogy of Arizona, 1995, reports that only porphyry copper zones have this combined mineral association. Within the Arizona-Mexico copper trend, actinolite-magnetite skarns are reported from several large porphyry copper deposits, including Morenci, Johnson Camp, Twin Buttes, Helvetia-Rosemont, and Globe, all in Arizona, and at Cananea in Mexico. Yardley lies halfway along a line from Cananea to Twin Buttes.
Management is extremely encouraged by the results at Yardley to date. A detailed magnetic survey to define step-out drill locations will proceed immediately, with further drilling as early as June 1997. Donald A. Sharpe, President
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FOR FURTHER INFORMATION PLEASE CONTACT:
Jaba Inc. Donald A. Sharpe President (604) 602-9002
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
INDUSTRY: NFR
SUBJECT: DRM
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