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CALGARY, Sept. 4, 2018 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce the commencement of the Phase II exploration program on its wholly owned Manto Negro Copper Project in Coahuila State, Mexico. Phase I mapping and sampling at the project has been ongoing since January of this year and has characterized the mineralization 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.
"With the successive closing of several tranches of our financing, we are excited to initiate drilling in the main showing areas at Manto Negro" stated Michael McPhie, President and CEO of Prize Mining. "The Phase II program will focus on two areas in order to provide a better understanding of the style, continuity, grade and thickness of the copper mineralization. This should give us the confidence to subsequently step out and test other targets on this extensive property, thereby confirming the district-scale potential of the Manto Negro Project."
Phase II Program
The Phase II program will consist of approximately 3,000 metres of diamond drilling, 3D modeling of drill intersections and artisanal underground workings, a property-scale GIS compilation incorporating all sampling to date, and preliminary metallurgical test work. Construction of drill roads and site preparation has been initiated and drilling is expected to commence in 1-2 weeks. Drilling will be split equally between the Granizo showing on the west side of the property and the Pilar Grande area at the north end, with 15 holes planned for each area.
On the El Granizo concession, strong copper mineralization is exposed on surface for a strike length of 550 metres and dips moderately to the southwest. Mineralization is hosted in the San Marcos red-bed sandstone close to the contact with the overlying Cupido limestone. Drilling will test the entire strike length and approximately 100 metres of down-dip extent. Recently exposed artisanal underground workings in this area have been sampled and assays are pending.
At the historic Pilar Grande Mine (see Prize press release dated March 14, 2018) on the Don Indio concession at the north end of the property, drilling will test a 200 by 50 metre area containing the underground workings. Pilar Grande is the best exposed of many copper-silver prospects along a five-kilometre strike length on the nose of a regional fold. Assuming the successful completion of the current drill program, follow-up drilling will test the continuity of copper mineralization between these areas.
As drilling proceeds, samples of core and from surface will be selected for preliminary metallurgical test work. Prize intends to confirm previous work on the property that has indicated short leaching times, low acid consumption and high recoveries. This initial work will lay the foundation for a more extensive metallurgical testing program.
Please visit the Prize Mining web site at www.prizemining.com for maps and technical information regarding the Manto Negro project and to sign up to receive project updates.
Robert Archer, P.Geo., a director of Prize Mining, is the Company's nominated Qualified Person under NI 43-101 responsible for monitoring the supervision and quality control of the exploration programs completed on the Manto Negro Project. Mr. Archer has approved and verified the scientific and technical information in this news release.
About Prize Mining
Prize is a junior mining issuer listed on the TSX Venture Exchange. Prize is focused on the exploration and development of the high grade Manto Negro Copper Property in Mexico and the Kena Gold Property in British Columbia. Find out more at: www.prizemining.com
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Forward-Looking Statements. This press release contains forward-looking statements and information. More particularly, this document contains statements and information concerning the closing of the private placement and the use of proceeds from the private placement. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "will", "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 sampling 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 the possibility 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