Jet Gold announces that it has entered into an agreement to acquire 30% of Haib Minerals (PTY) ("Haib Minerals") in exchange for 45 million common shares of Jet Gold to be issued to the shareholders of 1054137 BC Ltd ("BC"). BC holds 100% of the share capital of Deep-South Mining Company (Pty) Ltd ("Deep-South"), which holds 30% of Haib Minerals.
The remaining 70% of Haib Minerals is held by Teck Namibia (Pty) Ltd ("Teck Namibia"), a wholly owned subsidiary of Teck Resources Limited ("Teck"). Haib Minerals holds the Exclusive Prospecting Licence 3140 ("EPL 3140"), which hosts the large Haib copper project ("Haib") situated in the south of Namibia.
About the Haib copper project:
The Haib project is a large copper-molybdenum porphyry deposit located in the Karas region of southern Namibia, 8 km from the Orange River and the South African border.
The deposit, discovered in the 1950’s, has seen over 50,000 metres of drilling in the 1970’s by companies such as Rio Tinto and Falconbridge Ltd.
Since 2010, Teck Namibia completed over 14,000 metres of drilling with results such as: 121 m @ 0.5% Cu, 494 m @ 0.36% Cu and 30 m @ 0.81% Cu.
GFM and Behre Dolbear models used the Kriging method as the basis for their estimate calculations. Kriging is a statistical estimation technique widely used for porphyry deposits. The other methods used by Behre Dolbear were used for validation of the estimates.
Behre Dolbear report was produced from a geostatistical block model completed 1996 by Great Fitzroy Mineral by ("GFM"). The Historical Estimate comprised principally the compilation and verification of the all drillhole data incorporating all available data to the end of the Rio Tinto Zinc programme completed in 1975 and comprising over 50,000 metres of drilling.
The estimates of tonnages and grades quoted in this report were prepared prior to publication of National Instrument 43-101 in 2001 and are considered as Historical Estimates. The historical grades and resources terminology from the original historical reports are to be used only as a reference and should not be considered as a current mineral resource under NI 43-101 but are to be considered as Historical Estimates as per the NI 43-101 Rules and Policies.
Mr. Tim Fernback, CEO of Jet Gold, stated, "We are delighted with this transaction. Haib is the largest known porphyry copper deposit in Africa situated in an ideal location adjacent to modern infrastructure and in one of the best mining countries in Africa.
"Teck has one of the best teams of porphyry exploration specialists in the world and also brings strong shareholder support to the company. Haib has substantial exploration potential and is a quality asset, which adds serious value for our shareholders."