Just G:
PALL has made a PGE discovery according to their press release made about 45 minutes ago.
Midas
PROSPECTORS ALLIANCE ("YRP-V") - New PGM Discovery in Loveland Township
Explorers Alliance Corporation (currently trading under its previous name of Prospectors Alliance Corporation, YRP-CDNX Toronto 20,466,121 outstanding shares) wishes to report that they have commenced an exploration program on a sulfide-mineralized gabbroic intrusion on their Loveland Township property held through Explorers' Joint Venture with Falconbridge Limited (Fl-TSE). Under the terms of the Joint Venture Explorers can earn up to a 50% interest by meeting future expenditure commitments.
During October, Explorer's completed a compilation of previous exploration work in the area of their Loveland Township property. The compilation revealed that previous drilling had encountered copper, nickel values over a strike length of 700 meters and had also located a moderate to strong TEM anomaly in the area of the previous drilling on the property. To the north and east of the property the 1988 OGS airborne survey had located a number of airborne anomalies. Based on this compilation Explorers acquired an additional 97 claim units. Twenty-seven (27) units were optioned from Moneta Porcupine Mines Inc., a further twenty-eight (28) units were optioned from prospector Robert Rousseau and forty-two (42) units were acquired by staking.
To date two holes totaling 447 meters have been completed. The first drill hole EL25-04 intersected 13.5 meters (drilled width) of heavily disseminated sulfides mainly pyrrhotite with chalcopyrite, which contain significant assay values for copper, nickel and the platinum group elements (PGE). The 13.5 meter thick mineralized zone contains a 5.2 meter interval grading 4425 ppm Cu, 3807 ppm Ni, 896 ppb Pd, 152 ppb Pt, 24 ppb Rh, and 92 ppb Au, including 1.0 m grading 6380 ppm Cu, 7420 ppm Ni, and 1443 ppb Pd. The 5.2 m interval also contains 186 ppm Co. A complete assay table for the mineralized zone is given below (1000 ppb=1g/t). 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. This process is a fire assay on a 30 gram sample with the resulting bead being dissolved using nitric and hydrochloric acids with determination by atomic absorption. The copper, cobalt and nickel analyses were performed by geochemical atomic absorption methods.
The mineralized zones encountered in the previous drilling were not assayed for PGM's, apart from one hole completed by WMC International, which intersected 0.5 m grading 0.44% Cu, 1.10% Ni, 0.057% Co and 420 ppb Pd. Explorers' anticipates that these zones will contain PGM values similar to those located by hole EL25-04.
As a result of the acquisitions, the Company now holds the bulk of the mineralized gabbroic complex as well as several untested ground and airborne geophysical anomalies. A downhole survey has been completed on two holes which results have located a strong twenty channel off-hole anomaly that has now been targeted by drill hole EL 25-06. Drill hole EL25-05 encountered a 24.5 meter interval similar to the mineralized intercept in hole EL25-04. Samples have been sent to the lab and assays are pending.
Explorers' is very encouraged by these new results and will expand their program in order to explore the remainder of the gabbroic complex, which has been interpreted to occupy an area about 2 kilometers in width and 4 kilometers in length.
The following table gives detailed assay results for hole EL25-04:
Assays DDH - EL25-04
From To WIDTH Cu Ni Co Pt Pd Au
H ppm pm ppm ppb ppb ppb
meters
79.50 80.70 1.20 786 613 45 57 317 38
80.70 82.20 1.50 44 416 33 38 161 5
82.20 83.70 1.50 63 432 26 34 130 7
83.70 84.70 1.00 595 1150 56 69 477 27
84.70 85.70 1.00 6380 7420 271 201 1443 105
85.70 87.10 1.40 2070 1620 122 65 346 24
87.10 88.50 1.40 4930 3660 184 182 886 117
88.50 89.90 1.40 4880 3560 191 175 1066 127
89.90 91.50 1.60 619 1270 52 75 497 34
91.50 93.00 1.50 3040 2560 124 53 434 51
93.00 94.20 1.20 573 605 49 5 79 26
94.20 95.30 1.10 2980 2330 125 34 319 48
95.30 96.20 0.90 106 312 42 5 5 NIL
96.20 97.80 1.60 302 318 44 7 15 5
Averaged Intervals
From To Width Cu Ni Co Pt Pd Au
meters ppm ppm ppb ppb ppb ppb
83.70 93.00 9.3 3135 2884 139 114 708 69
84.70 89.90 5.20 4425 3807 186 152 896 92
Explorers re-iterated its announcement of October 12, 2000 to the effect that, until the formalities related to its continuance of the listing on CDNX as Explorers Alliance Corporation, Explorers' shares will continue to trade on a pre-consolidated basis under the Prospectors Alliance name. TEL: (416) 360-5333 Jean-Claude Bonhomme, President and CEO or Garry R. Stein, Vice-President, Chief Financial Officer and Secretary, Explorers Alliance Corporation |
