Hello Folks:
Thought you might be interested in the latest press release.
Midas
PROSPECTORS ALLIANCE CORP. - NEW BASE METAL PROPERTY
TORONTO, ONTARIO--
Prospectors Alliance Corporation (PALL - CDN Toronto, 16,981,121
outstanding shares) wishes to announce that it has entered into
an option agreement with Yvon and Michael Gagne of Kirkland Lake
and Timmins, Ontario respectively under which the Company may
acquire a 100% interest in 8 mining claims containing 81 mining
claim units (approximately 3,300 acres) in the Townships of
Arbutus, Hoffman, Fingal and Osway in the South Swayze area of
northeastern Ontario. The agreement calls for the payment of
$75,000 and the issuance of 200,000 PALL shares to the Optionors
over a 36 month period. If the Option is exercised, the Optionors
will hold a 2% NSR on the Property subject to buy down to 1% at
the Optionee's discretion for $1,000,000.
The property contains favourable felsic volcanic rocks containing
metalliferous sulphide iron formations along a considerable
length in an east-west direction across the property. The latter
formations are expressed in an airborne geophysical survey
published by the Ontario government. Surface exposures of the
metalliferous sulphides have been trenched and sampled and one
trench across the strike revealed 8.0 meters of mineralization
with 1.0 meter interval chip samples assaying up to 4.5% zinc and
0.1% copper.
Two drill holes were completed by the vendors to test the
favourable vertical dipping felsic volcanics where a 50 meter
width of outcrop is exposed at surface containing multiple
parallel hands of sulphide mineralization. The two drill holes
scissored the latter showings and returned similar multiple
layering of significant metalliferous sulphides. Hole no. 1
drilling north, returned 36.0 meters of favourable felsic
volcanics anomalous in zinc, lead and copper with the best
section from 33.8 to 38.1 meters (4.3 meters core width)
averaging 1.89% zinc, 0.55% lead, and .02% copper. Hole no. 2
drilling south, returned 33.1 meters of favourable felsic
volcanics anomalous in zinc, lead and copper with the best
section from 35.8 to 38.1 meters (2.3 meters core width)
averaging 2.98% zinc, 0.85% lead and .04% copper.
All assaying has been completed at an independent commercial
laboratory and work programs recommended for the Gagne Option by
PAL's independent consulting geologists. The first program to be
completed by PAL has commenced and will consist of prospecting,
geological mapping and geophysical surveying to prioritize
targets for further diamond drill testing.
FOR FURTHER INFORMATION, PLEASE CONTACT:
John D. Harvey, President or Robert N. Granger, Vice President
Tel: (416) 360-5333 Fax: (416) 360-4419
8th Floor, 350 Bay Street, Toronto, Ontario, M5H 2S6 |
