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Here are the Loveland Township Cu-Ni-PGE results.
Midas
Prospectors Alliance Corporation -
Prospectors provides Loveland results
Prospectors Alliance Corporation YRP
Shares issued 20,466,121 Dec 28 2000 close $.090
Jan 4 2001 10:52:41
Mr. Jean-Claude Bonhomme reports
Explorers Alliance (currently trading under its previous name of Prospectors Alliance) has completed three additional holes on its Loveland township property, northeast of Timmins, Ont., held through Explorers' option and joint venture agreement with Falconbridge Ltd. Under the terms of this agreement, Explorers can earn up to a 50-per-cent interest by meeting future expenditure commitments. These holes, EL25-08, EL25-09 and EL25-10, bring the total number of drill holes to seven. Based on these seven holes and drilling completed by previous operators, Explorers has also calculated a tonnage and grade, based on exploration information, of approximately 1.1 million tons grading 0.28 per cent Cu, 0.54 per cent Ni and 0.3 grams per tonne (g/t) platinum group metals (PGE).
The three holes completed in December intersected pyrrhotite, chalcopyrite mineralization in disseminated zones within the previously reported gabbroic complex. Drilling has shown the mineralized zones ranging from 2 per cent to 3 per cent sulphides to massive sulphides contain significant copper, nickel and appreciable PGM, including platinum, palladium, and rhodium, with concentrations of cobalt.
The following table summarizes the significant assays in holes El25-08, El25-09, and El25-10. Drill hole El25-09 was drilled 260 metres north of previously reported drilling in El25-05 with the intercept approximately 350 metres north.
SIGNIFICANT ASSAYS
From To Length Cu Ni Co
(m) (m) (m) ppm ppm ppm
El25-08
130.8 136.0 5.2 2,139 1,154 87
143.8 146.5 2.7 1,946 1,293 91
El25-09
243.6 245.6 2.0 2,245 1,795 131
247.8 251.7 3.9 2,754 2,204 146
El25-10
49.7 63.6 13.9 2,238 1,284 109
incl.
56.8 63.6 6.8 2,326 1,393 105
72.8 74.9 2.1 6,013 3,295 235
From To Length Pt Pd Au
(m) (m) (m) ppb ppb ppb
El25-08
130.8 136.0 5.2 28 115 28
143.8 146.5 2.7 28 148 19
El25-09
243.6 245.6 2.0 42 233 14
247.8 251.7 3.9 32 185 49
El25-10
49.7 63.6 13.9 27 149 16
incl.
56.8 63.6 6.8 33 233 15
72.8 74.9 2.1 32 213 253
These drill holes have expanded the mineralized horizon to approximately 600 metres along strike.
Explorers' continuing compilation of historical data related to this project has revealed that there are several mineralized floats located to the southeast of the present drill area. These floats have returned assays of 3 per cent to 4 per cent Ni and range in size from 0.9 of a metre to 2.4 metres in diameter. The source of the floats is not known at the present time.
Based on the seven holes completed by Explorers and approximately 25 holes completed by previous operators, an attempt was made to estimate tonnage and grade to date. The calculation, based on exploration information, was completed using drilled widths, grade/thickness parameters and several informed assumptions. One such assumption is that the PGE from previous work (no reported assays) would be similar to the grades from the recent drilling relative to the copper/nickel assays.
The mineralization occurs in two semi-distinct zones which are separated by a few to possible tens of metres of weakly mineralized gabbro and the tonnages shown below are reported separately for each zone. These zones are referred to as the Disseminated zone and the Contact zone.
Although the Disseminated zone has been intersected to vertical depths exceeding 220 metres, a vertical depth of 150 metres was used for calculating tonnages. This zone extends for 250 metres along strike and has variable widths of one to nine metres. A total of 518,000 tons grading 0.42 per cent Cu, 0.41 per cent Ni and 0.4 g/t PGE have been estimated for this zone. A gross metal value of $51.00 (U.S.) per ton has been calculated for this zone.
The Contact zone intersected by several more drill holes than the Disseminated zone extends over 600 metres in strike length, to a vertical depth of 200 metres. The Contact zone ranges from 0.45 of a metre to 4.5 metres averaging approximately two meters in width. A total of 574,000 tons grading 0.15 per cent Cu, 0.65 per cent Ni and 0.3 g/t PGE have been estimated. A gross metal value of $60.00 (U.S.) per ton has been calculated for this zone.
Previous and present drilling have investigated only about 650 metres of the mineralized gabbro and contact zone. The area presently under investigation is associated with a TEM conductor located by Quantec Inc. Previous geophysical surveys and the remainder of the Quantec survey have located several untested anomalies along the projected contact between the gabbro and its host rocks. These anomalies represent high priority drilling targets and a TEM conductor on the north boundary of the gabbro on a group of claims optioned from Moneta Porcupine Mines Inc. is scheduled to be drill tested in January, 2001. Further drilling in the immediate vicinity of the two mineralized zones could at least double the present size estimates. Given that the Enid Creek property as a whole is largely undrilled, it represents a high priority exploration area, and has the potential to contain a Cu-Ni-PGE resource of several million tons.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com |
