Nice, I did some math, that is 475,000 acres there:
jaba.com
Worth Posting again, nice PGMs surprise:
Message #953 from Alex at Dec 18, 2000 2:28 PM
12/18/00 - CONSOLIDATED JABA INC - Makes Application to Acquire Mineral Exploration Rights - or Concessions to Explore for Platinum Group Metals
Vancouver, BC, Dec. 18, 2000 (Market News Publishing via COMTEX) -- Consolidated JABA Inc. ("the Company") is pleased to announce that it has made application to acquire mineral exploration rights or concessions to explore for platinum group metals on 191,800 hectares, (473,938 acres or 740 Square miles) located in Argentina. This is believed to be one of the largest unexplored layered ultramafic intrusive complexes in the world. Incidental to this the Company has entered into a letter agreement with Southwestern Gold Corp. ("Southwestern") to joint venture the exploration and development of this new property. Southwestern has advanced US$210,000 for acquisition and related costs to initially earn a forty-five per cent interest in all lands acquired. In addition Southwestern has agreed to a private placement of 150,000 common shares in the capital of the Company at a price of Cdn $0.40 per share. The proceeds of this placement will be used for general corporate purposes and working capital and is subject to Canadian Venture Exchange approval.
The terms of the joint venture call for Southwestern to expend US $3, 000,000, in addition to the initial payment, to earn up to a seventy-one per cent interest in the project. The earn-in period of three years will commence on the date of the award of concessions on the property.
During the first eighteen months Southwestern may contribute US $1.15 million to earn an additional six per cent, bringing their interest to fifty-one per cent. During the next six months and within the first twenty-four month period Southwestern may contribute a further US $850, 000 to increase its interest to sixty-one per cent. During the last twelve months of the three-year period Southwestern may contribute a further US $1,000,000 to increase its interest to seventy-one per cent Notwithstanding the foregoing, after Southwestern has earned a fifty-one per cent interest the Company may elect to contribute its pro rata share of the ensuing years' budgets and thereby maintain its interest.
If the Company chooses not to contribute as previously outlined and its interest is diluted to twenty-nine per cent at the end of the third year, its interest will be further diluted in the normal fashion, based on additional contributions by Southwestern. Upon being diluted to twenty-five per cent, the Company's interest will be converted to a twenty-five per cent carried interest with no further contributions required. Should another source of financing for mine development be sought and a binding agreement entered into by Southwestern, the Company's carried interest would be further reduced on a mine-by-mine basis to a twenty per cent carried interest, when a bankable feasibility study is completed for each mine.
In connection with the foregoing the Company intends to pay a finders fee of 50,000 shares to an individual.
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Chucka so we get 69% and FREE DEVELOPMENT costs, not a bad JV atall. Mininum. Max is 75% to JABA, not bad , a great clause for an ULTRMAFIC like up in Montana:
""the Company's interest will be converted to a twenty-five per cent carried interest with no further contributions required. ""
Montana Style - click on GEOLOGY ONN THE LEFT bar side of the SW Homepage:
stillwatermining.com
""..
The J-M Reef is a highly mineralized zone containing platinum group metals (PGMs), which has been identified over a 28-mile (45 km) long strike length, approximately a mile (1.6 km) downward and remains open at depth. Geologists of Johns Manville discovered the deposit in the early 1970s. The J-M Reef is an assemblage of basic and ultra basic rocks formed in an early Precambrian igneous intrusion, approximately 2.7 billion years ago. During formation, the magma body was fluid allowing individual minerals to crystallize first, sinking to the bottom. Over time, the original horizontal orientation of the Reef was changed and tilted at an angle of 50 to 90 degrees to the north. The upper portion of the Reef eroded to produce the lenticular-shaped exposure evident today.
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Basic abd Ultra Basic ( volcanics ) are AKA Ultramafic Rocks.
I wonder what the "age" is in Argentina:
""..The J-M Reef is an assemblage of basic and ultra basic rocks formed in an early Precambrian igneous intrusion, approximately 2.7 billion years ago. ..""
Why do I think it may be similar....just the ULTRA WORDS and the PGMs wordings. A new PT specialist on board ( see 2 posts back, also re read the Nevada Claim Area PR on Tram Ridge, for what it is worth. Jerimia was a bullfrog, Argentina just might have started out as a tadpoll. Bullrog Mine( Barrick ) is in the Nevada mining district of Jabas' Tram Ridge claims CLICK ON BEATTY, NV. Limonites are there. Can't wait to read the intrusions in Argentina some day after more explored.
P.S.- Congrads all longs. Add up the MONEY we don't have to DILLUTE again on EXISTING SHAREHOLDERS to spend to PROOVE UP THIS NEW MINE!!! ! They protected us this time, thank you JABA. We are a low float company poiseed for....growth.
Chuca/Chucka/Chucaupt...PGMs, finally. |
