Hello Folks:
I found this press release by PALL and thought you might be interested.
Midas
Prospectors Alliance Corporation - Update On Gold Projects
Toronto, Ontario --
Prospectors Alliance Corporation (PALL-CDN Toronto, 21,116,121
outstanding shares) and its merger partner Explorers Alliance
Corporation ("Explorers") are pleased to report on the results of
their exploration activities on their various gold prospects.
Denton Gold Project - Denton Township
PALL/Explorers have several gold prospects under exploration in
the Timmins area. PALL/Explorers had previously announced a two
hole drill program in Denton Township, which is now complete.
These holes were targeting the McCoshen Shear zone where
Explorers and previous operators had collected surface samples
which returned gold values to 60.2 g/t. This shear zone is
located within a sequence of mafic volcanic units which have been
identified by Dale Pyke and the Ontario Geological Survey as
Tisdale assemblage. The Tisdale assemblage is the host for
several multi-ounce gold deposits in the Timmins Camp. A portion
of the property is under option from Band-Ore Resources Ltd.
(BAN-TSE) where PALL/Explorers can earn up to a 70% in the
property.
The first drill hole was proposed to intersect a strong induced
polarisation anomaly at a vertical depth of 200 m. Due to
excessive flattening, the hole came in 60 m above the proposed
depth. The hole intersected a strongly shear, chlorite, sericite
and carbonate altered sequence of mafic volcanics. Sulphide
mineralisation was highly variable from <1% to 30% over narrow
widths. Sulphides were mainly pyrite with lesser amounts of
pyrrhotite, sphalerite, arsenopyrite and chalcopyrite. Several
sections contained abundant quartz veining from white to dark
grey. The most significant intercepts are listed below:
EDB00-1:
---------------------------------------------------------------
From To Length Au ppb Ag ppm As ppm Zn ppm
---------------------------------------------------------------
126.75 127.25 0.5 874 0.4 1420 186
149.60 150.10 0.5 941 1.3 3160 295
188.00 188.50 0.5 18757 12.4 46600 860
188.50 188.95 0.45 720 0.6 385 188
---------------------------------------------------------------
The most significant intercept has been verified by Bondar Clegg
as returning an assay value of 17931 ppb's.
The second hole, 60 m to the east, also had a proposed target
depth of 200 m vertical. Although less severe, flattening again
presented a problem causing this hole to come in above target.
This hole intersected similar units to those found in EDB00-1. A
14.1 m wide section of increased sulphides was located at 147.3
to 161.4 m downhole. Gold values in this zone were low. The most
significant intercept was as follows:
EDB00-2:
---------------------------------------------------------------
From To Length Au ppb Ag ppm As ppm Zn ppm
---------------------------------------------------------------
169.5 170.1 0.6 1373 0.9 10200 118
---------------------------------------------------------------
Gold values from assaying to date appear to be intimately
associated with the arsenopyrite. The intercept in EDB00-1
contained 10-15% arsenopyrite.
The two sub parallel shear zones that host the gold
mineralisation in the area of the present drilling extend to the
east north-east across the PALL/Explorers' property.
Approximately five kilometres to the east, the shear zones cross
the property boundary onto a property owned by Battle Mountain
Canada and GoWest Resources. On this property Battle Mountain and
partner GoWest have previously announced several mineralised
intercepts along the projections of the two shears. These
intercepts are reported to occur within sulphide rich sections
hosted by mafic and ultramafic volcanics. Reported intercepts
include 5.0 g/t Au over 5.4 meters and 4.49 g/t over 7.6 meters
on the north and south shears respectively. The intervening
portion of the PALL/Explorers property has been only partially
explored by drilling to shallow depth. Induced polarisation
surveys have located several IP anomalies across the five
kilometre strike length. These anomalies will require further
drill testing in areas of overburden cover.
Union Mine Shaft Project - Whitesides Township
PALL/Explorers also completed two holes in Whitesides Township on
the Union Mine Shaft area. One hole was an extension to a
previous drill hole and the second hole targeted an undercut of
the shaft area. The first hole intersected only minor quartz
veining in weak sheared mafic volcanics. The second hole
intersected strongly shear mafics with quartz, fuchsite and
sulphide veining. The most significant mineralisation was found
in a bleached, quartz tourmalene veined mafic volcanic.
EDP00-6:
---------------------------------------------------------------
From To Length Au ppb Ag ppm As ppm Zn ppm
---------------------------------------------------------------
273.55 273.35 0.8 1593 1.2 <5 -
---------------------------------------------------------------
Other Areas
Several other areas are being reviewed. These include the Delhi
Township property, the My-Ritt property and the Casa Berardi
Township property in Quebec. At Delhi, two patents were staked on
June 1 which completed the patent continuity. G.A. Harron, in his
valuation report, has determined there is an inferred resource of
49,000 tons grading 5.5 g/t gold, 93.5 g/t silver and 6.13% lead
above the explored depth of 61 m.
The My-Ritt property located near Red Lake has produced some
excellent results from drilling by previous operators. The most
recent operator, Chevron Minerals, locate values to 16.7 g/t gold
over 1.05 m, 12.7 g/t gold over 1.18 m as well as several other
intercepts ranging from 1.27 g/t to 4.44 g/t. Chevron had
proposed additional exploration totalling $410,000, which was not
completed. A review of the available data is ongoing.
In Casa Berardi Township, Quebec, PALL/Explorers owns 139 claims
that are directly south of the Aurizon Mine property. In early
2000, Aurizon announced the discovery of a new zone containing
1,648,000 ounces of gold and they have recently announced a drill
program of up to 40,000 m to expand this resource. PALL/Explorers
conducted induced polarisation surveys over a portion of their
property that located moderate to strong anomalies along the
projected trace of the prospective horizon. PALL/Explorers plans
to drill test the IP anomalies in 2000.
Other Developments
PALL/Explorers have commenced a 300 metre drilling program at its
South Swayze base metal project. A follow-up to the 1999
discovery of 9.6 metres grading 1.51% Zn and 2 g/t Ag, the
program will test the structure 60 metres below and 200 metres on
strike.
PALL/Explorers is in the process of preparing an exploration
update on their base metal projects in Timmins and Quebec and
will provide this information shortly.
For further information, please contact:
Garry R. Stein, Vice-President, Chief Financial Officer and
Secretary, Prospectors Alliance Corporation at (416) 360-5333 |
