VANCOUVER, Sept. 3, 2019 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce assay results from the Phase 2 surface sampling program on its Manto Negro Copper-Silver Project in Coahuila State, Mexico. Mapping and sampling over the past several months has focused on extending the known areas of mineralization and identifying targets for the next phase of diamond drilling over a 20 plus kilometre mineralized horizon on surface. With channel sample grades as high as 3.86 percent copper and 44 grams per tonne silver over 1. 3 metres and chip samples as high as 29.3 percent copper and 958 grams per tonne silver, this work has confirmed the extent and potential of the property. Exploration has also continued to characterize Manto Negro as belonging to the category of 'red-bed type' copper deposits, similar in style to the world class deposits of the Central African Copper Belt and the Kupferschiefer in Poland.
"Our sampling continues to demonstrate consistent high copper and silver grades on surface over a multi-kilometre area " stated Michael McPhie, President and CEO of Prize Mining. "These results are a follow up to our successful Phase 1 diamond drilling program completed earlier this year. Results of the current work have been as expected and continue to confirm the district-scale potential of the Manto Negro Project. The information gathered is to be used to define targets for a pending Phase 2 drilling program."
The main focus of sampling in the initial Phase 2 program was on the Apache, San Jose and La Curvas concessions owned by Prize where strong copper mineralization is exposed on surface. Mineralization is hosted in the San Marcos red-bed sandstone close to the contact with the overlying Cupido limestone. A total of 40 samples were submitted for analysis including 26 chip and channel samples collected across the widths of the exposed mineralized beds.
Highlights from this work include:
i. Apache Concession
The Apache concession is the largest within the Manto Negro project area spanning approximately 16 kilometres on the eastern side of the property. A total of 25 samples were taken from 14 exposed workings and historic artisanal mining areas (Apache 1-14). Highlights include the following channel samples:
- 3.86% Cu and 44 g/t Ag over 1.3 metres
- 2.62% Cu and 58 g/t Ag over 1.2 metres
- 2.31% Cu and 28 g/t AG over 1.8 metres
And chip samples along the Apache trend demonstrated consistent high grade results including:
- 13.9% Cu and 605 g/t Ag at Apache 1
- 29.3% Cu and 958 g/t Ag at Apache 6
- 10.8% Cu and 583 g/t Ag at Apache 8
- 14% Cu and 518 g/t Ag at Apache 9
- 7.7% Cu and 190 g/t Ag at Apache 10
- 15.1% Cu and 759 g/t Ag at Apache 14
ii. San Jose Concession
7 samples were taken from mineralized beds and workings in this area. The best channel sample returned an assay of 2.3% Cu and 28 g/t Ag over 1.8 metres, with chip samples from old dumps and mine workings over a several hundred metre area returning:
- 17.1% Cu and 1689 g/t Ag
- 8.05% Cu and 425 g/t Ag
- Several over limit samples grading above 30% Cu
iii. Las Curvas Concession
8 samples were taken from mineralized beds and workings in this area. The best channel sample returned 2.5% Cu and 33 g/t Ag over 2 metres with chip samples at old dumps and mine workings over a several hundred metre area returning:
- 9.65% Cu and 206 g/t Ag
- 23% Cu and 710 g/t Ag
- 19.3% Cu and 633 g/t Ag
- 18.4% Cu and 574 g/t Ag
All samples are chip channel samples and the composites reported above are weighted averages.
A map showing the location of the samples and the Manto Property area and complete table of assay and sample results can be viewed here: https://mk0prizemining7a5ukx.kinstacdn.com/wp-content/uploads/2019/09/2019-09-03-Map-and-Table.pdf
Sampling QA/QC and Analysis
The Company follows a rigorous Quality Assurance/Quality Control program over the chain-of-custody of samples with the insertion of blanks and duplicates into the sample stream submitted to the laboratory for analysis. Sample preparation took place at the SGS facility in Durango, Mexico.
All samples were analyzed utilizing SGS' 34 element four-acid digestion package (GE-ICP40). Samples with over detection silver were re-run by fire assay (GO_FAG313), with overrun copper reanalyzed using a sodium peroxide fusion (GO_ICP90Q).
Jarrod Brown, P.Geo., of TerraLogic, a Qualified Person under NI 43-101, is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Company's properties. Mr. Brown has approved and verified the scientific and technical information in this news release.
About Prize Mining Corp.
Prize is a junior mining issuer listed on the TSX Venture Exchange. Prize is focused on the exploration and development of the Manto Negro Copper Property in Mexico and the Kena Gold Property in BC. On August 22, 2019 shareholders approved a change of name for Prize to Boundary Gold and Copper Mining Ltd. The Company is waiting on final approval for the name change from the TSX-V and, once received, will implement a rebranding and marketing program for the company. Find out more at: www.prizemining.com
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Forward-Looking Statements. This news release contains forward-looking statements. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "scheduled", "potential", or other similar words, or statements that certain events or conditions "may", "should" or "could" occur.
The forward-looking statements are based on certain key expectations and assumptions made by Prize, including the assay results of the 2018 diamond drilling program on Prize's Manto Negro Property. Although Prize believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prize can give no assurance that they will prove to be correct. There is no assurance that the result of these exploration programs will be successful. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration risks and that required regulatory and third-party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided.
The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Prize Mining Corporation
For further information: Michael McPhie, President and CEO, Tel. 604.336.1327, [email protected]