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Gold/Mining/Energy : Prospectors Alliance Corp. (PALL- CDN) -- Ignore unavailable to you. Want to Upgrade?

To: Just G who wrote (55)	7/9/1999 11:29:00 AM
From: John E.Quinn	Read Replies (1) \| Respond to of 187

Prospectors Alliance Corp - Prospectors Alliance reviews Timmins area properties Prospectors Alliance Corp PALL Shares issued 18,181,121 1999-07-08 close $0.1 Friday Jul 9 1999 Mr. J.C. Bonhomme reports Prospectors Alliance Corporation wishes to report on the following diamond drill hole results from its mining properties in the Timmins area of Northeastern Ontario. Halfmoon Lake project On the Kamiskotia West joint venture in which the company is earning a 25-per-cent interest, diamond drilling has resulted in the completion of five drill holes totalling 1,199 metres to date. The main focus has been delineation of the Halfmoon Lake base metal sulphide zone in Robb Township. The best intersection by the company this year has been in hole No. 99-35, where a 0.2 of a metre core length assayed 17.32 per cent zinc, 4.26 per cent copper, 1.01 per cent lead and 54 grams per tonne silver. Down-hole pulse electromagnetic in the latter drill hole outlined an off-hole anomaly at depth providing a significant drill target for future drilling. Gagne option Recent drilling on the company's 3,300-acre optioned property in Hoffman and Arbutus townships in the South Swayze belt has resulted in the completion of three drill holes totalling 483 metres. Previous drilling by the vendors (see Stockwatch July 30, 1998), had outlined base metal sulphide mineralization within a wide width of favourable felsic volcanic rocks similar in age and composition to those hosting the Kidd Creek mine in Timmins, Ont. Subsequent geophysical surveying and geological mapping by the company on the property outlined the sulphide mineralization and related iron formations striking across the full four kilometres east-west length of the property. To the east of the vendor's drill holes, the company completed two additional holes along strike and while encountering wide widths of sulphide mineralization only anomalous base metal values were returned. The third and last drill hole completed by the company approximately 200 metres west of the vendor's drilling encountered 62.0 metres of favourable felsic volcanics and chert iron formation with disseminated to semimassive sulphide mineralization. From 73.8 to 77.8 metres a 4.0-metre core length of massive sulphide mineralization was intersected averaging 2.8 per cent zinc, 0.8 per cent lead and 3.5 g/t silver. Additional work is warranted on the property to further explore the metalliferous felsic volcanic horizon for economic deposits. Wallingford South project A diamond drill program of approximately 600 metres of drilling is under way on the Wallingford South project, which adjoins the Holmer Gold property in Bristol Township approximately 20 kilometres southwest of Timmins. Holmer Gold has reported a drill-indicated resource of 1.96 million tonnes grading 7.97 g/t (1998 annual report). Holmer has also reported that it plans to conduct a stripping program on a possible open pit resource. In preparation for this work, it has begun ground clearing up to the west boundary of the Wallingford South property. The current drill program on the property will test the mineralized horizon(s) approximately 300 metres along strike to the east of Holmer's drilling. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)