Just G and all other interested parties:
I found this press release on the Carlson-on-line news source and thought you might be interested.
Midas
Prospectors Alliance Corporation - Exploration Update
Toronto, Ontario--
Prospectors Alliance Corporation (PALL-CDN Toronto, 18,981,121
outstanding shares) wishes to report on the following results
from its mining properties in the Timmins Area of Northeastern
Ontario.
Pipestone-Montclerg Project
On the Pipestone-Montclerg Project, joint venture partner
Pentland Firth Ventures has submitted an exploration summary
which provides details of work completed in 1999. In addition to
geological, geochemical and geophysical surveys, Pentland reports
the completion of eight diamond drill holes totaling 1,644
meters. Four holes were drilled in the area of the Montclerg Zone
where previous work has outlined a mineral resource of 408,100
tonnes grading 4.53 g/t. The remaining four holes were drilled in
the area of the Canamax Zone where previous drilling had
intersected 4.45 g/t/4.0m including 14.3 g/t/1.0m and 9.16
g/t/2.0m including 16.95 g/t/1.0m.
Pentland reports that numerous arsenopyrite rich zones were
intersected similar to previous drilling. A total of 972 and 720
samples were submitted to Swastika Laboratories for gold and
arsenic analyses respectively. The assay results are pending.
Upon receipt of the assay results, Pentland-Firth will provide
comprehensive reports of the 1999 exploration.
Pentland Firth Ventures is earning 100% interest in the property
subject to an NSR which ranges between 1.5% and 2.5% based on the
price of gold. To earn the 100% interest, Pentland must make
option payments totaling $210, 000 and expend no less than
$1,000,000 by 2001.
Wallingford South Property
On the Wallingford South property, which adjoins the Holmer Gold
property in Bristol Township approximately 20 km southwest of
Timmins, the Company has completed 729 meters of diamond drilling
in four holes. These holes intersected mainly metasediments which
were variably altered, sericitic, carbonatized and mafic
volcanics. Assay results for gold were low, but highly anomalous
values for zinc were secured for samples in holes 1, 3, 4. The
sphalerite occurs as fracture fillings and disseminated grains
with values to 0.58% Zn/1m being returned. The results of this
work are presently under review.
Falconbridge/Hudson Bay Joint Venture
For the record the Falconbridge/Hudson Bay/Explorers Alliance
Joint Venture Management Committee met on June 22, 1999. At that
time a total of $923,023 had been spent on the JV which included
$346,342 expended in 1999. The program to date has been designed
to test high priority SpectrEM targets of which 53 have been
evaluated through either drilling or geophysics.
The Committee approved further 1999 expenditures totaling
$461,000 to complete linecutting, geophysics and up to 14 drill
holes. The program is tentatively scheduled to continue in the
year 2000 pending management committee approval of a proposal by
late October 1999.
Arbutus
The Company has staked an additional 110 claim units in Osway,
Yeo, Fingal and Arbutus Townships. These additional claim units
cover the strike extension of the favorable geology intersected
in the four holes completed on this project.
Other News
In other developments in the Timmins Area, the Ontario Geological
Survey and Geological Survey in collaboration with the Geological
Survey of Canada CAMIRO (Canadian Association of Mining Industry
Research Organizations) have chosen the Halfmoon Lake project
area to study surface geochemical signatures over base metal and
gold deposits covered by thick (>30m) glacial sediments. Halfmoon
Lake is one of three test sites in the Abitibi region which will
be studied over the next two years. Soil sampling and self
potential surveys were conducted at the site in July. The methods
being tested may provide inexpensive tools to explore in areas
covered by thick glacial sediments and conductive
glaciolacustrine clay.
As has been announced previously, the Company is engaged in
merger discussions with International Larder Minerals Inc.,
Explorers Alliance Corporation and a number of other private
companies holding a variety of mining interests. If these
discussions are successful, and Prospectors is confident they
will be, it will see the emergence of a much larger company
holding a much greater property position.
For Further Information, Please Contact:
J.C Bonhomme, President
Tel: (416) 360-5333 Fax: (416) 360-4419
8th floor, 350 Bay St., Toronto Ontario, M5H 2S6
E-mail: info@prospectorsalliance.com
Website: www.prospectorsalliance.com |
