CALGARY, Oct. 24, 2017 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV: PRZ) (OTCQB: PRZFF) (GR:FRANKFURT: MQSP) is pleased to announce it has commenced a diamond drilling and trenching program on the Daylight Property, located near Nelson in southeastern British Columbia.
Following a successful expanded summer exploration program, a compilation of all historical and newly acquired data has been put together for the first time. The combined data was used by the Terralogic's exploration team to produce 11 highly prospective target areas (refer to the map link below).
Feisal Somji, chief executive officer commented: "A focus of the drilling and trenching program will be on the 4 historical mines which returned high grade results up to 37 g/t gold. Recent surface exploration results taken from the same areas confirmed high grade soil samples up to 8 g/t gold as well as rock samples up to 9 g/t gold. This is a very exciting time for the Company as we embark on our fully funded discovery focused drill program."
In conjunction with the new targets, historical areas will also be revisited.
- Great Eastern Mine area with historical grades* of 37.53 g/t gold and 52.2 g/t silver (BC Minfile 082FSW172) and Phase I grab rock sample near the Great Eastern Adit returning 6.25g/t Au, 5.74 g/t Ag (see press release dated August 29, 2017) and multiple Au>100ppb soil anomalies.
- Starlight Mine area with historical grades* of 28 g/t gold and 140 g/t silver (BC Minfile 082FSW174)
- the Daylight Mine area with historical grades* of 27 g/t gold and 15 g/t silver (BC Minfile 082FSW175)
- Victoria Mine area with grades* reported of 28.9 g/t silver, 2.56% copper (BC Minfile 082FSW173) and Phase I rock sample returning 5.28g/t Au and 2.85 g/t Ag (see press release dated August 29, 2017)
Targets were generated utilizing the following parameters.
- Strength of soil geochemical anomalies for gold, silver-molybdenum, or copper-lead-zinc
- Contrast, features and prospectivity of Induced Polarization chargeabilities and resistivities, plus detailed ground Magnetic signatures
- Favourable analytical results from rock samples collected in target areas
- Targets' proximity to important structures and lithological contacts
Terralogic Exploration Inc. of Cranbrook, BC is overseeing the Daylight exploration programs. Diamond drilling has been contracted to Lucky Drilling Ltd. of Castlegar, BC and excavator trenching will be conducted by Wade Critchlow Enterprises Ltd. of Salmo, BC. A total of approximately 2000 metres for diamond drilling and 1500 metres of trenching will be completed in this Phase II exploration program on the Daylight Property alone.
This Phase II exploration program is anticipated to be completed over the next month with initial assay results can be expected before the end of 2017.
*NOTE: historic mining took place in the early 1900s and cannot be verified. It can be assumed that hand sorting of ore took place and that actual grades may vary. The data is non NI 43-101 compliant.
Jarrod Brown, P.Geo., 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.
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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 expectations and assumptions concerning the upcoming trenching and drilling program on Prize's Daylight Property and the timeline for receipt of a permit which would allow for an exploration program on Prize's Toughnut 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: www.prizemining.com or please contact Walter Spagnuolo, Investor Relations by telephone at 403.236.2222 or email at [email protected]