Take a look a a isiter claim company they mention that went toward a buck from a 6 cents level...so we should go OVER A BUCK at out level:
NEW RE CAP OUT:
Subject: JABA News Release
NEWS RELEASE 99-1
February 5, 1999
During the past several months, JABA has been working diligently on a
variety of projects and joint venture proposals to other companies.
In Mexico, several companies have been actively evaluating our Niko
polymetallic limestone replacement (silver, zinc, lead, copper, gold,
molybdenum, & tungsten) project. Approximately 200 additional surface
geochem samples as well as proprietary geophysics has been run over the
surface. Positive comments have been received but JABA has yet to
receive the data. Niko is located approximately 24 kilometers (15 miles)
northeast of the producing Naica polymetallic mine, whose production and
reserves amount to approximately $5 to $8 billion in gross metal value.
Niko is also approximately 65 kilometers (40 miles) southwest of the
famous Santa Eulalia mining camp, a polymetallic limestone replacement
deposit also. Santa Eulalia has produced for more than 100 years, and
is still producing from the San Antonio mine whose surface
characteristics, i.e., an abundance of manganese veins and manganese
filled breccias, are very similar to the surface expressions of Naica
and Niko. Just south and contiguous with Santa Eulalia is the Advanced
Projects Limited target developed by Dr. Peter Megaw, in which CSAMT
geophysical survey lines suggest continuation of the Santa Eulalia type
mineralization as well as a target for deeply buried skarn under the
volcanics. This project, the Guigui (pronounced Gee-Gee), suggests
strong similarities to JABA's Niko project and the success of CSAMT
geophysics which has not yet been done at Niko - a much shallower
target, is intriguing to JABA.
Other examinations have been made of the Centauro, Opata, and Seri
projects. Some geophysics has been performed on these. Positive
pronouncements on the projects have been received, but the low price of
copper as well as gold is hindering progress. A major is considering
one of these projects, and JABA is optimistic that a joint venture with
drilling will result.
Over the last three months, 30 years of data has been compiled on JABA's
Hay Mountain project using a computer geographic information system
(GIS) data base. Those who follow JABA's news releases will remember
that JABA had a joint venture with Phelps Dodge on this project,
however, Phelps Dodge dropped out upon their corporate decision to
drastically curtail almost all exploration within the US and Canada.
JABA retained all the property and data generated on the project.
Compilation of this data, as well as new aeromagnetic data purchased by
JABA indicates that older aeromagnetic anomalies were mis-located,
prompting the mis-targeting of all subsequent work. JABA has found
that: 1. There is a substantial aeromag high approximately 3.5 miles
long, probably representing a porphyry copper-gold style intrusive at
relatively shallow depth; 2. This hidden body is surrounded by a
distal, sub-micron gold halo, symmetrically arranged around the magnetic
high (values as high as approximately 1.5 ounces have been obtained from
silicified zones at the surface in the limestone host rock); 3. A
circular structural anomaly is apparent on rectified color photo mosaics
surrounding both the mag high and the gold zone (this appears to be a
structural feature related to the intrusive activity); and 4.
Significant soil anomalies in gold, arsenic, and mercury are also
present in the distal zone. Jim Briscoe has prepared a comprehensive
Power Point slide presentation on the Hay Mountain project encompassing
the geologic, geochemical, and geophysical aspects of the property.
During the last week in January, in conjunction with the Cambridge House
Investment Conference and the Cordilleran Round Up in Vancouver, Jim
presented this information to a variety of major and intermediate
companies. The information was well received, and JABA expects to be
conducting field visits this spring.
The attitude of participants at the conferences in Vancouver was
optimistic. There were few that had not experienced a very grim 1998,
but there seemed to be signs of an upturn in the new year.
Presentations have also been made or are underway for our projects at:
1. East Silver Bell where a new porphyry copper center with thick
leached capping indicating a potentially enriched chalcocite blanket at
greater depth was penetrated by 4 RC holes this summer; 2. Yardley
where a mag low 1.3 miles long by 0.5 miles wide surrounded by four
large mag highs - the entire magnetic anomaly covering approximately 8
square miles - has been defined. This signature suggests a porphyry
copper center surrounded by skarn. One RC hole has encountered
copper-moly anomalous massive magnetite skarn alteration, confirming
that the source of the magnetic highs are originating from skarn; 3.
Tombstone-Walnut Creek where geochemical patterns suggest a porphyry
copper center with skarn copper, gold, silver, zinc, lead replacement
deposits; 4. Beatty, Nevada where a.) the Providence Project forms
the east wall of the Barrick Montgomery open pit now dormant, and b.)
the Tram Ridge property abuts Rayrock's Mother Lode mine property and
lies on the extension of the Mother Lode fault - vein; and 5. At
Randsburg, California where JABA claims abut the Glamis Gold Rand
Project. 6. Apache, Arizona where Drs. Silberman & Armstrong have
identified a several kilometers long gold bearing quartz vein that
appears to be the feeder to previously mapped gold-bearing jasperoids.
We will keep you advised as news of developments occur.
Approximately 100 surface geochem samples have been taken over
extensions of mineralization at the Sullivan project. Metal anomalies
have yet to be interpreted. Negotiations with the underlying property
owner to allow additional metallurgical studies continue.
It is also heartening to note that Excellon, on whose Board of Directors
Dr. Guilbert and Jim Briscoe served until 1997, appears, with their
partner Apex Silver Mines, to have some positive developments on their
Platosa project in Durango State, Mexico. The silver-lead-zinc gold
project which is reported to be of substantial size, has been penetrated
by four drill holes and assays should be available shortly. Excellon
stock has moved from $.06 CDN to as high as $.71 CDN before falling back
a bit to the low $.50 CDN range. This project lies 280 kilometers (170
) miles south of JABA's Niko project along the central Mexico limestone
silver - base metal replacement deposit trend. Congratulations to
Excellon. JABA controls some 324,000 shares of Excellon Resources Inc.
JABA is pleased to announce that Dr. John Guilbert, Chairman of the
Board, will be receiving his prestigious Penrose Gold Medal (News
Release November 13, 1998) on March 2 in Denver at the annual meeting of
the Society of Economic Geologists (SEG). In addition to the Penrose
Medal, John has been selected as SEG International Exchange Lecturer and
will be speaking to more than 20 international audiences comprised of
professionals and academics in Brazil, Argentina, Chile, Peru, and
Ecuador during March and April, focusing his lectures on porphyry copper
deposit geology and exploration, which will bring international
attention to JABA and JABA's portfolio of projects developed by John and
Jim Briscoe.
On behalf of the Board of Directors
James A. Briscoe, CEO
--
Mardee S. Briscoe
Vice President/Business Mgr.
JABA (US) Inc.
2766 N. Country Club Rd.
Tucson, AZ 85716
(520)327-7440 voice
(520)327-7450 fax |
