Here it is in full.
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
exploration activities at their Halfmoon Lake Property held
through Explorers' Joint Venture with Falconbridge Limited (FL -
TSE). Under the terms of the Joint Venture PALL/Explorers has
earned a 12.5% interest and can earn up to a 50% interest by
meeting future expenditure commitments.
Recent drilling by PALL/Explorers on the Halfmoon Project in Robb
Township, 25 km north-west of Timmins, Ontario, has expanded a
base-metal mineralized zone of semi-massive to massive sulphides.
The mineralized zone has a minimum length of 200 metres along
strike, and occurs at or near the contact between altered mafic
volcanic flows and felsic tuffaceous rocks. The mineralization
occurs as sphalerite, chalcopyrite and galena, which occur
together with pyrite and minor pyrrhotite. Pyrite and sphalerite
also occur up to several metres below and above the main
mineralized horizon.
In the present program, PALL/Explorers have completed five holes
totalling 839 metres, with a sixth hole still in progress at 210
metres (HM00-42). The following table summarizes the results of
this program. All mineralized intervals (metres) are reported as
drilled lengths. Detailed assay results are contained in the
attached Table 1. The drill core was split at the Companies'
facilities in Timmins, Ontario and was assayed at Swastika
Laboratories in Swastika, Ontario.
Hole No. From To Length Cu Zn Pb Ag Au
(m) (m) (m) % % % g/t g/t
HM00-37 85.1 87.8 2.7 0.12 0.33 0.13 2.9 trace
HM00-38 151.5 153.8 2.3 0.24 13.68 0.04 5.8 0.10
158.3 160.65 2.35 0.06 2.76 0.13 4.2 0.28
HM00-39 No significant assays
HM00-40 100.1 102.1 2.0 0.11 1.70 0.01 2.5 0.07
HM00-41 58.9 61.9 3.0 0.99 5.44 0.24 24.9 0.34
Parts of the mineralized zone contain interbanded sphalerite and
pyrite, with the best intersection containing 13.68 % Zn over 2.3
metres in hole HM00-38. In hole HM00-41, an assay interval of
0.40 metres contained 5.9 % Cu, 103.4 g/t Ag and 0.65 ppm Au,
which represents the highest values of these metals encountered
to date. This interval was preceeded directly by 0.70 m
containing 17.39 % Zn. Drill hole HM00-42, which is in progress,
has located the mineralized horizon and is currently drilling in
an underlying altered zone containing massive bands or veins of
pyrite up to 30 cm across.
Lithogeochemical and stratigraphic studies of the Halfmoon Lake
Property are being carried out by Dr. Tim Barrett of Ore Systems
Consulting, who was involved in the present program. On the basis
of these studies, stratigraphic and hydrothermal alteration
trends across the property are being established. These results,
in conjunction with geophysical surveys, will be used to locate
further drill targets. In the current working model, the volcanic
rocks form a southward-younging sequence comprising mafic pillow
lavas which are stratigraphically overlain by massive to bedded
sulphide mineralization, then felsic tuffaceous rocks (see
attached map). The upper mafic lavas are strongly altered and
contain sulphide veins, and are interpreted as stockwork zones.
The lower part of the felsic tuffaceous interval, which hosts the
mineralization, is strongly chlorite-sericite-altered. Further to
the south are massive rhyolites, which may form the upper
hangingwall (they are cut by a mafic intrusive mass). The
mineralized horizon is projected to continue along strike on the
eastern side of the north-south dyke shown in the accompanying
map; this eastern area is essentially untested. The mineralized
horizon is also untested in the downdip direction below a
subsurface depth of about 150 metres. Interpretation by Dr.
Barrett of initial lithogeochemical data indicate that the
rhyolitic tuffs which host the mineralized horizon are chemically
comparable to the Lower Rhyolite unit at Kidd Creek.
PALL/Explorers are very encouraged by the recent program, which
has demonstrated that the mineralized horizon has the potential
to host high grades of Zn, Cu and Ag, and that the location of
this horizon is not only stratigraphically controlled but is
fairly predictable in its orientation. Following completion of
drill hole HM00-42, the Companies plan to complete downhole
geophysical surveys on selected holes, as well as induced
polarization surveys to expand the mineralized horizon along
strike.
PALL/Explorers are in the process of finalizing financing
negotiations with respect to their previously announced
amalgamation with International Larder Minerals Inc. (LRDR - CDN
Toronto) and two other "private" companies, 1338756 Ontario Inc.
and 1232448 Ontario Inc. Further developments leading to closing
of this transaction are expected to be announced shortly.
For further information, please contact:
Jean-Claude Bonhomme, President and CEO, PALL
or
Garry R. Stein, Vice-President, Chief Financial Officer and
Secretary, PALL
-30-
PROSPECTORS ALLIANCE CORPORATION
56 Temperance Street
3rd Floor
Toronto, Ontario M5H 3V5
Phone (416) 360-5333
Fax (416) 360-4419
Table 1
---------------------------------------------------------------
HM 00-37
FROM TO WIDTH Cu ppm Zn ppm Pb ppm Ag g/t Au ppb
---------------------------------------------------------------
83.70 85.10 1.40 244 291 78 0.2 3
85.10 86.10 1.00 834 4100 1150 3.4 2
86.10 87.00 0.90 2346 1790 999 1.6 3
87.00 87.80 0.80 305 3870 1680 3.7 3
---------------------------------------------------------------
HM 00-38
FROM TO WIDTH Cu ppm Zn ppm Pb ppm Ag g/t Au ppb
---------------------------------------------------------------
129.90 131.30 1.40 69 174 1 0.2 9
131.30 132.65 1.35 327 4420 9 0.5 15
132.65 132.90 0.25 6260 60600 319 11.9 274
132.90 133.90 1.00 1260 4160 186 1.2 14
133.90 134.90 1.00 22 330 25 0.2 9
134.90 135.60 0.70 282 17900 185 0.8 21
151.50 152.75 1.25 4250 187400 337 8.5 151
152.75 153.40 0.65 47 3240 709 1.5 10
153.40 153.80 0.40 851 195500 314 4.2 63
153.80 155.30 1.50 45 579 10 0.1 2
155.30 156.80 1.50 83 345 1 0.3 2
156.80 158.30 1.50 112 224 1 0.1 5
158.30 158.80 0.50 1160 49200 2430 6.6 453
158.80 159.35 0.55 75 609 67 0.8 45
159.35 160.20 0.85 440 7870 332 5.0 302
160.20 160.65 0.45 910 74000 3530 4.2 343
160.65 162.00 1.35 68 387 13 0.1 NIL
---------------------------------------------------------------
HM 00-39
FROM TO WIDTH Cu ppm Zn ppm Pb ppm Ag g/t Au ppb
---------------------------------------------------------------
70.80 71.50 0.70 84 176 45 0.2 2
71.50 72.20 0.70 670 381 156 1.1 NIL
72.20 73.45 1.25 55 52 3 0.4 2
152.00 153.10 1.10 16 49 22 0.2 NIL
153.10 154.30 1.20 13 169 9 0.2 NIL
---------------------------------------------------------------
HM 00-40
FROM TO WIDTH Cu ppm Zn ppm Pb ppm Ag g/t Au ppb
---------------------------------------------------------------
98.60 99.60 1.00 41 134 18 0.2 15
99.60 100.10 0.50 262 584 8 0.2 17
100.10 101.20 1.10 1640 27100 261 3.8 69
101.20 102.10 0.90 335 4670 33 1.0 60
---------------------------------------------------------------
HM 00-41
FROM TO WIDTH Cu ppm Zn ppm Pb ppm Ag g/t Au ppb
---------------------------------------------------------------
58.90 59.60 0.70 4840 173900 346 20.3 387
59.60 60.00 0.40 59000 7440 492 103.4 653
60.00 60.90 0.90 1150 851 19 2.4 24
60.90 61.90 1.00 1670 37700 6710 16.9 451
---------------------------------------------------------------
* Maps are available on the BCE Emergis website at
www.e-newsservices.com
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