Hello Folks:
Here is PALL's most recent press release. The results suggest this stock will see some action in the near future.
Midas
HALF MOON LAKE PROPERTY
Prospectors Alliance Corporation (PALL - CDN Toronto, 16,981,121
outstanding shares) wishes to announce the results of additional
geophysical surveys recently completed which have enhanced the
potential of the Half Moon Lake Project in Robb Township,
northwest of Timmins, Ontario and about 3 km west of the past
producing Kam Kotia Mines. PALL is operator of the program and is
funding it as part of its arrangement to earn 50% of privately
held Explorers Alliance Corporation's right to earn a half
interest in the Kamiskotia joint venture with Falconbridge
Limited ("Falconbridge").
A geophysical survey (Induced Polarization) south of Half Moon
Lake has located the possible extension of the massive sulphide
mineralization along strike to the east of the dyke that was
encountered in the Company's drill program in July. This
extension represents a minimum strike length potential to date of
about 500 meters. The best hole from the earlier drilling (no.
19) intersected 8.3 meters of 7.1% zinc, 0.4% copper, 0.2% lead,
18.9 grams per ton silver and 0.5 grams per ton gold. This
Induced Polarization survey has also located a strong target at
depth approximately 500 meters to the west along strike from hole
no. 19.
A second similar geophysical survey which was conducted about
1,000 meters to the north of the zone described above (on the
east side of Half Moon Lake) has identified a strong conductor at
depth which may be the westerly extension of a mineralized
horizon located to the east, where one of the previous drill
holes averaged 2.51% zinc and 1.04% copper over 35.3 meters.
Along strike 750 meters to the west (on the west side of Half
Moon Lake) another strong conductor has been identified. Previous
drilling by Falconbridge tested favourable volcanic stratigraphy
with disseminated base metal sulphide mineralization over
substantial widths including 37.5 meters averaging 0.64% zinc
immediately to the south of this target in footwall stratigraphy.
None of the targets located by the Company's recent geophysical
surveys has been previously drilled. The Company proposes to test
these four targets commencing immediately with a diamond drill
program totalling a minimum of 1,500 meters.
SOUTH KAMISKOTIA AREA
The southerly extension of the Kamiskotia Rhyolite Complex (in
Turnbull, Godfrey, Carscallen and Bristol Townships) is also
included in the PALL, Explorers Alliance, Falconbridge Joint
Venture area of interest. A 1,000 km airborne EM survey flown for
the Company by Geoterrex-Dighem, utilizing state-of-the-art
technology was completed earlier this month. The results of this
work are currently being compiled after which the Company will
prioritize the conductors located and secure additional mining
lands before commencing ground follow-up work later this year.
ALDER POND PROJECT, MAINE, U.S.A.
The Company is pleased to report that all outstanding business
issues in its long negotiated agreement with GCO Minerals Inc.
appear to be settled. As a result, the execution of the
definitive agreement should occur in the near future. Contingent
on completion of necessary financing, the next drilling program
will commence early next year to delineate additional geological
base metal mineral reserves to further advance the property to
the threshold target stage.
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 |
