VANCOUVER, Oct. 19, 2011 /CNW/ - JBZ Capital Inc. (TSX-V: JBZ) ("JBZ" or the "Company") is pleased to announce that it has now completed the Phase 1 field work at its Mornington, Collison and Tickalara phosphate projects in Australia. In addition, all analytical results for the three projects have now been received and interpreted. JBZ is pleased to announce that the results of the Phase 1 field program at Tickalara are promising and further follow up, in the form of drilling, is warranted.
Nigel Gellard, CEO and Director of JBZ said "I am very pleased that we have been able to deliver what we said we would. The initial selection process generated conceptual targets and it is very rewarding to see at least one of these targets progress to the next stage. We continue to maintain our focus on Australia with its proximity to the rapidly growing region of South East Asia. Our existing portfolio, together with additional potential opportunities, place us in good stead to realize our vision of turning JBZ into a significant player in the agricultural nutrients sector. I am particularly pleased with how the sector has performed in the recent volatile markets and I believe this demonstrates the robustness and continued maturity of this important sector."
Tickalara Project
The Phase 1 exploration results are encouraging and confirm the existence of consistent levels of anomalous phosphate mineralization on the Tickalara tenements. The tenements comprise two granted mineral exploration permits covering over 670 km2 and are held 100% by Strata Minerals Limited ("Strata"), JBZ's wholly owned Australian subsidiary. The tenements are located in the Bulloo Shire of South Western Queensland, Australia with access from a well developed road system used to service oil and gas facilities in the area. Regionally, the tenements overlay the southern-central part of the Jurrasic to Cretaceous Eromanga Basin. The phosphate-bearing rocks at the surface are from the Cretaceous Winton Formation and consist of sandstones, siltstones, and mudstones, which are commonly iron altered and locally contain abundant fossils, including vertebrate bone casts.
Of the 157 rock samples collected from the Phase 1work on the Tickalara tenements, 104 samples (66%) returned phosphorous values greater than 700 ppm phosphorous, 54 samples (34%) were greater than 1400 ppm phosphorous, 21 samples (13%) were greater than 2100 ppm phosphorous, and 7 samples (4%) were greater than 2800ppm phosphorous. The most phosphorous-rich sample was 11KMP175C at 4700 ppm phosphorous. Anomalous samples (greater than 1400 ppm phosphorous) occur throughout the sampled area of the tenement and are closely correlated with the Winton Formation.
For comparison purposes, the Earth's continental crust contains approximately 1050 ppm phosphorous and typical global values for sandstone and shale are 170 ppm phosphorous and 700 ppm phosphorous, respectively (see Krauskopf and Bird, 1995; Faure, 1998).
JBZ will now focus on planning a number of shallow follow-up drill holes. The exact number of holes, depth and their locations will be subject to further interpretation and analysis of the Phase 1 field work. Strata will mobilize a drilling crew once it has obtained the necessary regulatory approvals and native title clearances. We expect these to be in-hand prior to the end of 2011.
Mornington, Collison and Savory Basin Projects
Final land access and native title agreements for the Savory Basin project have been drawn up and are scheduled to be executed in the next week. It is anticipated that this will then clear the way for the project to be officially granted and in turn will allow field crews to be mobilized to complete the Phase 1 field program.
Results from the Mornington and Collison projects were less encouraging and further interpretation and analyses of the results will be undertaken ahead of any decision to proceed further with these projects.
Mr. Dean Besserer, B.Sc., P.Geol. is a qualified person as defined by National Instrument 43-101 and reviewed the preparation of the scientific and technical information in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Nigel Gellard"
President, CEO
About JBZ and Strata
JBZ, through its wholly-owned subsidiary, Strata Minerals Limited, is an
emerging, Australasia focused, agricultural nutrient company exploring
for commercial scale phosphate rock mineralization deposits. Armed with
the objectives of becoming a supplier to the global fertilizer industry
and generating wealth for its shareholders, Strata is currently
advancing five phosphate exploration projects in Western Australia and
Queensland and intends to broaden its focus to other agricultural
nutrients including potash and lime. For further information, please
refer to the Company's website at www.strataminerals.com.
Forward-Looking Statements
Certain statements included herein constitute forward-looking
statements. The words "will", "expect", "intend", "anticipate",
"propose" and "may" and similar expressions identify forward-looking
statements. Forward-looking statements include, among other things,
statements regarding the Company and its subsidiary. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions. While such estimates and assumptions are considered
reasonable by the management of the Company, they are inherently
subject to significant business, economic, competitive and regulatory
uncertainties and risks, including the Company and its subsidiary being
satisfied with its due diligence on the Project, the Company's working
capital availability, and approval by the TSX Venture Exchange of any
shares issued by the Company and accordingly may not occur as described
herein or at all. Investors are cautioned that forward-looking
statements are not guarantees of future performance or events and,
accordingly are cautioned not to put undue reliance on forward-looking
statements due to the inherent uncertainty of such statements.
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