CALGARY, Jan. 11, 2018 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce that it has commenced its exploration program on its recently acquired Manto Negro property in Coahuila, Mexico. The Manto Negro property encompasses 17,959 hectares and spreads over 50 kilometers in length. There are over 35 showings on the property that have been sampled, trenched and drilled in the past, including several historical mines with several levels of production. Manto Negro is a sediment hosted stratiform copper-silver-lead-zinc deposit. Mineralization is associated with the contact of the clastic (Redbed) sediments of the San Marcos formation and the overlying limestone of the Cupido formation similar to that found in the Zambian Copper Belt and the Kupfershiefer district in Germany and Poland.
Feisal Somji, Prize's Chief Executive Officer, commented "This is an exciting time for Prize Mining as we begin to explore our newly acquired Manto Negro copper project in Mexico. We are employing the same district wide approach we've built out with our Kena Gold project in British Columbia. With the world increasingly looking to electricity as a primary way to power all aspects of our lives and economy and copper being a fundamental part of the infrastructure of this, the timing of our exploration and development of Manto Negro could be fundamental to creating increased shareholder value."
During the month of December 2017, the geological team started a re-sampling program at its Don Indio Claim at the historic Pilar Grande mine and in the eastern portion of its Granizo claim. At the Pilar Grande historic mine, which consists of four different levels with more than 1,000 meters of underground historical workings, samples were taken across 14 channels on levels 3 and 4. In this area the manto type mineralization is 20 meters thick, 8 meters of which are in the limestones and 12 meters in the sandstones. Also, three different feeders were found which contain high grade sulphides in the lower levels of the mine. At the Don Indio claim more than 4 kilometers of mineralization were sampled on more than 30 different outcrops of manto type copper mineralization. A total of 57 samples were taken and 400 meters of trenching between Don Indio and Pilar Grande.
At the Granizo claim, located 17 kilometers south of the Don Indio claim, 300 meters along strike were sampled in December 2017, where copper outcrops in the area are approximately 8 meters thick. In this area 22 samples were collected along 3 channels of sampling. A total of 150 meters of trenching was completed. At the Granizo claim, more than 3 kilometers of copper manto type deposit have been identified and open for exploration.
As part of the December work program a new field camp was established and 14.5 kilometers of road were rehabilitated providing the logistical infrastructure needed for the 2018 work program. Samples were sent to ALS Laboratories and assay results are expected over the next two weeks.
Appointment of Raul Ramirez Morton to the Board of Directors
Prize is pleased to announce that, effective today, Raul Ramirez Morton has been appointed to the Board of Directors. Mr. Ramirez Morton was one of two principals of Scion Mines S.A. de C.V. which the Company purchased as part of the Manto Negro acquisition. He is the President and CEO of Molycomex, a private Mexican corporation involved in exploration and development of copper, molybdenum and gold deposits in Mexico. Mr. Ramírez Morton was a founding shareholder of Mexican Silver Mines in 2006 and served as a board member and VP, Operations until 2010 when it was merged with Rio Alto. Mr. Ramírez Morton is the Chairman and CEO of Mexican Moly Mines S.A. de C.V., a privately held company operating a copper-moly-gold mine located in the State of Coahuila Mexico. Mr. Ramírez Morton has vast experience in managing mines as well as experience in dealing with government agencies, licensing and regulatory issues and is very well connected in the Mexican Mining Industry. Mr. Ramírez Morton has a degree in Business Administration with a Major in Finance from the Monterrey Institute of Technology.
Jarrod Brown, a Qualified Person under NI 43-101, has revised 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. For further information: www.prizemining.com or please contact Walter Spagnuolo, Investor Relations by telephone at 403.236.2222 or email at [email protected]
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 exploration program on Prize's Manto Negro property and the timing for the receipt of assay results on samples taken from the Manto Negro property in December 2017. 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]