Hello Larry Voyer:
PALL/EAL have announced a base metal discovery southwest of Timmins. Their press release follows.
Midas
Prospectors Alliance Corporation (PALL-CDN Toronto, 21,116,121
outstanding shares) is pleased to report on the results of its
exploration activities on its 100% owned South Swayze prospect in
Arbutus, Huffman, Osway and Fingal Townships of northern Ontario.
PALL has recently completed a three (3) hole drill program in
their South Swayze prospect totalling 435.6 metres. The drill
program investigated along strike and downdip of a mineralized
horizon located by prospecting and drilling in 1999. This
mineralized horizon is associated with a laterally extensive
max-min conductor which returned a 9.1 meter wide horizon grading
1.51% Zn, 0.44% Pb, 0.02 % Cu and 2.0 g/t Ag in drill hole No. 6
during 1999. In the recent program hole No. 7 cut under hole No.
6 on the same section and hole No's 8 and 9 were drilled
respectively 225 metres west and 175 metres east along strike
(see attached maps).
The following table details the results to date of the 2000 South
Swayze program. The drill core was split at the Company's
facilities and assays were done by Swastika Laboratories in
Swastika, Ontario.
HOLE # FROM TO LENGTH % Zn % Pb
(m) (m) (m)
EAG 00-7 108.1 120.4 12.3 1.59 0.65
including 112.0 115.2 3.2 1.87 1.10
117.0 120.4 3.4 2.13 0.86
EAG 00-8 99.0 101.2 2.2 1.94 0.26
EAG 00-9 106.6 110.8 4.2 0.97 0.36
including 106.6 108.5 1.9 1.93 0.68
132.1 136.4 4.3 1.02 0.24
HOLE # FROM TO LENGTH % Cu Ag g/t Zn+Pb
(m) (m) (m)
EAG 00-7 108.1 120.4 12.3 0.02 1.5 2.24
including 112.0 115.2 3.2 0.02 1.8 2.97
117.0 120.4 3.4 0.01 1.5 2.99
EAG 00-8 99.0 101.2 2.2 0.04 2.3 2.20
EAG 00-9 106.6 110.8 4.2 0.02 1.0 1.33
including 106.6 108.5 1.9 0.02 1.4 2.61
132.1 136.4 4.3 0.01 1.3 1.26
The mineralization coincides with a max-min anomaly that has been
traced for approximately 1 kilometre. The mineralization is
located within favourable Precambrian volcanics at a contact
marked by felsic volcanics to the south and a basaltic sequence
to the north. The units have been mapped by the Geological Survey
of Canada as the Yeo Formation extending, from Osway to Yeo
Townships, approximately 25km in an east-west direction. A
regional airborne survey by the Ontario Geological Survey has
located airborne EM anomalies along the entire formation. PALL
has acquired by staking the majority of these EM conductors and
now holds a 100% interest in a contiguous claim group comprising
234 mining claim units that extend over approximately 20km. The
present work by PALL has investigated only a small portion of
this highly prospective formation.
The present drilling has extended the mineralization over 400
meters along strike and to a vertical depth of 100 meters. The
zone remains open along strike and at depth. Drill hole EAG
-00-7, the deepest, intersected the mineralization at a vertical
depth of 100 meters. The wider zone in this hole indicates the
zone is improving with depth. All zones are located within a
wider anomalous halo that can be up to 25 meters wide.
PALL is very encouraged by the recent results on the South Swayze
project, which the Company considers to be highly prospective for
the discovery of base-metal mineralization in view of the
encouraging initial drilling results, the extensive lateral
continuity of the host rocks, the untested geophysical targets,
and the unexplored nature of the property. Further work will
include ground geophysics, mapping of new target areas, and
deeper drilling on the present mineralized zone. In view of these
encouraging results, PALL is considering various options to
accelerate this high potential project.
PALL is proceeding with financing negotiations with respect to
its previously announced amalgamation with International Larder
Minerals Inc. (LRDR - CDN Toronto) and three "private" companies,
Explorers Alliance Corporation, 1338756 Ontario Inc. and 1232448
Ontario Inc. Further developments leading to closing of this
transaction are expected to be announced shortly.
For further information or for a copy of the maps please contact:
Jean-Claude Bonhomme, President and CEO, Prospectors Alliance
Corporation at (416) 360-5333
or
Garry R. Stein, Vice-President, Chief Financial Officer and
Secretary, Prospectors Alliance Corporation at (416) 360-5333 |
