Just G:
PALL's results are getting better on the PGE play in Loveland Township according to the press release made about 30 minutes ago. IMO, I think they are on to something.
Midas
PROSPECTORS ALLIANCE CORP ("YRP-V;PRAIF-L") - PGM Discovery Expands In Loveland Township
Explorers Alliance Corporation (currently trading under its previous name of Prospectors Alliance Corporation, 20,466,121 outstanding shares) wishes to report that they are continuing an exploration program on a sulfide-mineralized gabbroic intrusive on their Loveland Township property. This property is held through Explorers' Joint Venture with Falconbridge Limited (FL - TSE). Under the terms of the Joint Venture, Explorers is earning a 50% interest in this property by meeting the required expenditure commitments.
As reported in an earlier press release (November 15, 2000) Explorers Alliance has located significant copper, nickel and platinum group metals in a pyrrhotite, chalcopyrite mineralized gabbro. Total sulfide content varies from 1% to massive sulfides in the mineralized horizon which has exceeded 20 meters in drilled width. Explorers' had completed an additional three holes on the horizon and has expanded the horizon down dip and along strike. The mineralized zone, based on current data, dips approximately 40-45 degrees to the east and surface geophysics indicates the zone to have a strike length of 700 meters.
The second drill hole, EL25-05, was drilled 175 meters east of the discovery hole EL25-04. The mineralized horizon, in this hole, extended from 185.9 to 210.4 meters down the hole with one section of negligible sulfides between 203.1 and 207.3 meters. Two significant intercepts were located within the zone; 3770 ppm Cu, 2430 ppm Ni, 177 ppm Co and 312 ppb Pd/Pt over 1.4 meters and 2210 ppm Cu, 4610 ppm Ni, 268 ppm Co and 376 ppb Pt/Pd over 1.5 meters. The lower sample included a 20 cm wide section of massive sulfides. The third hole, EL25-06, targeted an off hole anomaly from hole El25-05. This hole was collared 50 meters east and 50 meters south of hole EL25-05. Drill hole EL25-06 encountered the mineralized zone at a depth of 181.9 to 214.5 meters with a section of negligible sulfides from 196.5 to 205.2 meters. Although several samples within the horizon returned copper values greater than 1000 ppm and Pt/Pd greater than 100 ppb, the most significant values were 1070 ppm Cu, 2780 ppm Ni, 210 ppm Co and 161 ppb Pt/Pd over 1.3 meters. The fourth hole, EL25-07, was drilled south and east of the discovery hole EL25-04 with the mineralized horizon being encountered at a depth of 78.6 to 110.7 meters with a negligible sulfide zone from 101.2 to 108.9 meters. The total contained sulfides in this hole are considered to be higher than in the previous holes including a wider section of semi massive to massive sulfides from 108.9 to 110.7 meters. This hole also displays the highest degree of alteration encountered to date including a section of possible green carbonate above the mineralized horizon. In addition to pyrrhotite and chalcopyrite, sphalerite was noted as fracture fillings from 95.8 to 96.1 meters. Although the bulk of the assays are pending, the samples of semi massive to massive sulfides were rushed, returning assays of 0.88% Cu, 1.04 % Ni, 0.057 % Co, 0.167 g/t Pt, 0.968 g/t Pd and 0.066 g/t Au over 1.8m.
Sampling of the drill core was completed at the company's facilities in Timmins, Ontario. Assays were performed by Swastika Laboratories in Swastika, Ontario using a fusion and cupellation process for platinum, palladium and gold. Although the copper, nickel and cobalt assays are generally by geochemical atomic absorption analysis, the assays for the samples in hole EL25-07 were completed by industry standard analysis reported in percentages for copper, nickel, cobalt and by fire assay for gold, platinum, palladium reported in grams per ton.
Explorers' is encouraged by the excellent results to date especially the higher grade assays received from hole EL25-07. A down hole pulse survey on hole EL25-07 has located a strong off-hole response which indicates that the zone is improving to the south and east of hole EL25-07. Based on this, coupled with the increase in alteration intensity in EL25-07 and the wider zone of semi massive to massive sulfides intersected, Explorers has started a fifth hole, EL25-08, collared 100 meters east and 35 meters south of the collar of hole EL25-07.
The following table details assay results from EL25-07:
From To Width Cu Ni Co Pt Pd Au
meters % % % g/t g/t g/t
108.9 109.4 0.5 1.47 0.178 0.014 0.03 0.26 0.16
109.4 110.7 1.3 0.66 1.37 0.069 0.22 1.24 0.03
TEL: (416) 360-5333 Jean-Claude Bonhomme, President and CEO or Garry Stein, Vice- President, Chief Financial Officer and Secretary, Explorers Alliance Corporation |
