CALGARY, June 28, 2017 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ ) (MQSB:GR:FRANKFURT) is pleased to report that Phase 1 fieldwork is now underway at the Daylight and neighboring Toughnut gold properties, located near Nelson, British Columbia.
Collectively, the 1550 ha Daylight and the 1010 ha Toughnut properties strategically cover a 5-km strike-length of the central and eastern segments of the >1 km wide Silver King shear system. The overall purpose of the Phase-I field program this summer is to refine the locations and geochemical and geophysical signatures of known historical workings on the properties. Prize will use this information to spearhead upcoming Phase-II trenching and Phase-III drilling programs later in 2017.
Feisal Somji, president and chief executive officer of Prize Mining, commented: "With the recent acquisition of the Toughnut gold property and an oversubscribed $6mm funding, Prize is well positioned to undertake a discovery focused exploration program."
Terralogic Exploration Inc. of Cranbrook BC is responsible for carrying out the 2017 exploration program, with Phase-I including an infill soil geochemical program, strategic high-resolution ground based magnetic & VLF-EM geophysical surveys, and detailed prospecting, geological and structural analysis. The 3-week Phase-I exploration program is expected to continue until July 16th.
Within the first week of the program, several new forest service roads have been identified that provide new prospective cross-cut exposures over the main mineralized trends at both Daylight and Toughnut property areas. At the Daylight, one such road replaces at least two proposed cat trenches from the upcoming Phase-II program. New road cuts will be systematically mapped and chip sampled during the Phase-I program.
Baseline environmental water quality sampling will also be initiated during Phase-I in anticipation of bulk sampling activities planned for the Daylight and Kena properties in subsequent years.
As a 3rd party contractor, Terralogic personnel will institute and maintain a rigorous and independent QA/QC program throughout the duration of fieldwork and reporting portions of the 3-Phase exploration program. Sample chain-of-custody will be instituted with sample analysis being completed by Bureau Veritas, in Vancouver BC, utilizing ICP analysis of rocks (MA250) and soils (AQ252), with additional gold fire-assay analysis (FA430) of all rock samples and screen-metallic assay (FS631) of select high-grade samples. Bureau Veritas is wholly independent of Prize Mining and TerraLogic and is accredited under CAN-P-4E (ISO/IEC 17025): General Requirements for the Competence of Testing and Calibration Laboratories ISO/IEC 17025-2005.
Jarrod Brown, P.Geo., of Terralogic Exploration Inc., a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information in this news release.
About Prize Mining Corp.
Prize is a Calgary-based junior mining issuer with offices in Calgary, Alta., and is listed on the TSX Venture Exchange. Prize is engaged in the acquisition, exploration and development of mining properties. Find out more at: www.prizemining.com.
We seek Safe Harbor.
SOURCE Prize Mining Corporation
For further information: Feisal Somji, Chief Executive Officer by telephone at 403.236.2222