Jaba signs U.S. exploration JV with North Mining
Jaba Inc JBA
Shares issued 22,340,336 Oct 1 close $0.075
Tue 5 Oct 99 News Release
Mr. James Briscoe reports
Jaba has announced the signing, as of Sept. 22, 1999, of a new exploration
joint venture with North Mining Inc., the U.S. subsidiary of North Limited
of Australia.
The intent of this joint venture is to further evaluate the potential of
and to define drill targets within what Jaba and North believe to be a
highly prospective area for the occurrence of large polymetallic carbonate
replacement deposits -- that is, combinations of base (copper, zinc, lead,
molybdenum, etc) and precious (gold and silver) metals in veins, mantos and
disseminations in limestone host rocks. The term of this phase of the
project is until June 30, 2000, and the objective of the project is to
define targets for drill testing that would take place after that date.
The project could result in the definition of multiple target areas that
would become subprojects of a minimum of 20 square miles each. On each
target subproject, North can earn a 51-per-cent interest by expending
$1-million (U.S.) and defining a resource equivalent to one million ounces
of gold regardless of metal type. They can earn another 24-per-cent
interest on that subproject by expending a further $1-million (U.S.) on
exploration and definition drilling within four years. Jaba would retain a
25-per-cent interest in each defined subproject area.
North will manage the project, with Jaba providing assistance in various
geologic details.
Jaba considers this joint venture to be a very favourable development.
North Mining has significant expertise in exploring for this type of
mineral environment (large, polymetallic carbonate replacement deposits).
Another Jaba prospect is under consideration by a large production company.
Should negotiations proceed favourably, a positive decision may be made
within 60 days.
Jaba continues to actively seek joint venture partners for its other
properties in the Southwestern United States and Northern Mexico.
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