Jaba's East Silver Bell results from Kennecott drilling
Jaba Inc JBA
Shares issued 22,340,336 Aug 4 close $0.06
Fri 6 Aug 99 News Release
JABA Inc. announces that the drilling undertaken by Kennecott Exploration Company as part of its Joint Venture obligation on JABA's East Silver Bell project in the Silver Bell Mining District in Pima county, southeastern Arizona is now complete. A new porphyry copper center has been identified.
The drilling commenced in mid-June, 1999. It was anticipated that one hole would be drilled to a maximum depth of 2,000 feet or 200 feet into the sulfide zone, below the leached capping, whichever was less. Kennecott drilled three holes in total. The first encountered technical difficulties which finally resulted in the loss of the drill bit which blocked off further penetration while still in favorable leached capping. The second hole collared in post mineral volcanics, passed into leached capping and then into a chalcocite blanket from 850 to 1,000 feet. This interval averaged 0.03% copper as chalcocite and enriched silver up to one half ounce per ton. Below 1000 feet essentially only barren pyrite was encountered to the bottom at 1,260 feet the grade decreasing to less than 0.01% copper. A third hole was drilled but was terminated in a post mineral andesite dike at 940 feet, resulting in no new information.
This intersection of enriched copper (chalcocite blanket) identifies JABA's East Silver Bell Project as a bonafide discovery of a new porphyry copper center and extension of the Silver Bell zone - a search that has defied efforts by a variety of major companies over the last 35 or more years.
After deliberation, Kennecott has determined that while technically successful in that copper enriched mineralization was encountered and thus a porphyry copper zone was identified, the permissible area did not
represent a Kennecott size target. Thus they have returned the property to JABA.
JABA is disappointed but understood all along that Kennecott search parameters are for an extremely large porphyry copper deposit. While not meeting their parameters, JABA believes that other companies will find the target attractive. Because no primary (chalcopyrite) copper mineralization was encountered and silver values were elevated, the drilled intercept represents the edge of the copper (chalcocite) blanket and JABA believes that additional drilling will intersect the central portion of the chalcocite blanket and primary chalcopyrite zone similar in grade to the grade of the known ore bodies at Silver Bell. This should lie a short distance north of the hole which intersected the edge of the chalcocite
blanket.
This new porphyry center lies 4.6 miles east of the ASARCO Oxide Pit ore body along what is now known to be the Silver Bell caldera margin. It confirms the potential for additional hidden mineralization northeasterly along the extension of the caldera margin of another 3.8 miles to where it is cut off by a large fault. This distance is controlled by JABA and represents enough space to contain the portion of the caldera occupied by the 3 known ore bodies mined or being mined by ASARCO.
JABA is presenting data on this newly discovered porphyry copper center to a variety of companies who have expressed an interest, and is soliciting interest from others as well.
JABA continues to actively seek Joint Venture partners for its other properties in the Southwestern United States and Northern Mexico.
On behalf of the Board of Directors,
James A. Briscoe, Chief Executive Officer
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
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