Willithit:
Here is the PALL press release released through Carlson on line. It looks good in my opinion! Drilling resuming and positive results from its joint ventures with a major, what more can one ask for?
Midas
PROSPECTORS ALLIANCE CORPORATION - RESUMPTION OF
DRILLING - HALF MOON LAKE KAMISKOKIA WEST AREA
TORONTO, ONTARIO--
Prospectors Alliance Corporation (PALL - CDN Toronto, 18,181,121
outstanding shares) wishes to announce the resumption of drilling
at Half Moon Lake, Robb Township, Porcupine Mining Division. PALL
( and its equal partner, Explorers Alliance Corporation) hold
earn-in rights to 50% of this and other properties under the
Kamiskotia Joint Venture with Falconbridge Limited. The joint
venture includes approximately 1,200 mining claim units located
in 8 townships lying to the west of the Hudson Bay Joint Venture
referred to below.
Having completed additional geophysical work, PALL will drill an
initial 2 holes to test a new geophysical interpretation of the
results achieved in earlier drilling. One of these holes will
test the down dip extension of HM 98-19 which intersected 7.12%
Zn, 0.38% Cu, 0.25% Pb, 18.94 g/t Ag and 477 ppb Au over 8.3
meters. The second will test the down dip extension of low grade
base metal mineralization encountered in drill hole R44-10
completed by Falconbridge in November, 1995.
HUDSON BAY JOINT VENTURE
KAMISKOTIA/KIDD CREEK AREA
PALL (and its equal partner, Explorers Alliance Corporation)
share a 20% interest in a joint venture with Hudson Bay
Exploration and Development Company Limited and Falconbridge
Limited covering approximately 920 mining claim units in 9
townships lying to both the west and south of Falconbridge's Kidd
Creek mine. PALL and Explorers are carried for their share of the
costs incurred on every property they had an interest in prior to
the joint venture until Hudson Bay and Falconbridge have expended
$1.0 million thereon.
Falconbridge, the joint venture Operator, has reported that in
1998, the joint venture drilled a total of 24 holes totalling
6,143 m and incurred a total of $649,665 in expenditures. Of
particular interest to the Operator were two 1998 holes: one
drilled in northwest Macdiarmid Township which intersected 1.5 m
of semi-massive to massive pyrrhotite in a previously unknown
package of felsic volcaniclastics. This material contained minor
amounts of zinc. The other hole was in southwest Jessop Township
where anomalous zinc values were encountered and the Operator
reported the "prospectivity of this unit along strike is
considered good". The Operator is conducting additional
geological and geophysical interpretative work in order to vector
additional drill targets.
Falconbridge has also advised that a total of 50 high priority,
AEM targets remain to be evaluated. The joint venture has to date
in 1999 approved of a total of $741,179 to carry out testing of
a number of favourable SpectrEM (airborne) targets. Thus far in
1999, 13 drill holes totalling 3,074 m have been completed.
Falconbridge has also reported that hole MF 12-28 drilled earlier
this year in the south part of Mahaffy Township intersected 3.3
m of 10% pyrite at the base of a strongly chloritized and
silicified mixed rhyolite fragmental. Down-hole geophysics
indicate a strong off-hole anomaly west of the sulphide interval,
about 160 m down-hole. In the Operator's opinion, the off-hole
anomaly appears to correspond to conductive material located
down-plunge from stringer mineralization intersected by Black
River Mining in 1964 - 1.05% Zn, 0.15% Cu over 0.9 m. The
Operator is planning additional PEM work to target follow-up
drilling.
BRISTOL TOWNSHIP OPTION - TIMMINS WEST
PALL TO DRILL TWO HOLES
PALL also announces it has entered into an option agreement with
Marl Resources Inc. (60%) and Pelangio-Larder Mines Ltd. (40%)
pursuant to which it can earn a 60% interest in the three claim
property in Bristol Township, Porcupine Mining Division held by
these parties. These claims tie on to the east of PALL's optioned
South Wallingford claim block which ties on southeast of the
property of Holmer Gold Mines Ltd. With these properties, PALL
believes it has over 1 km of strike length on the same structure
Holmer has been drilling on to the west.
Holmer has indicated that it has drilled off a resource of 2.14
million tons grading 0.23 ounces of gold per ton. PALL proposes
to drill at least 2 holes on this structure testing previously
outlined geophysical (I.P.) targets..
ARBUTUS AND HOFFMAN TOWNSHIPS - SOUTH SWAYZE AREA
PALL TO DRILL TWO INITIAL HOLES
PALL holds an option to acquire a 100% interest in 8 mining
claims containing 81 mining claim units (3,300 acres) in the
Townships of Arbutus, Hoffman, Fingal and Osway, Sudbury Mining
Division. The optionors had previously drilled an east-west
structure intersecting significant widths of anomalous zinc,
copper and lead mineralization coincident with strong airborne
geophysical anomalies. Further ground geophysical and geochemical
surveys by PALL has outlined strong anomalies warranting testing
to the east of the Optionors' drill holes. PALL intends to drill
an initial two drill holes to test this structure.
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
E-Mail: info@prospectorsalliance.com
Website: www.prospectorsalliance.com
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