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Gold/Mining/Energy : International Larder-Symbol LRDR on the CDN -- Ignore unavailable to you. Want to Upgrade?

To: Midas who wrote (261)	6/9/2000 9:29:00 AM
From: Midas	Respond to of 278

Hello Folks: I found this press release by PALL and thought you might be interested. Midas Prospectors Alliance Corporation - Update On Gold Projects Toronto, Ontario -- Prospectors Alliance Corporation (PALL-CDN Toronto, 21,116,121 outstanding shares) and its merger partner Explorers Alliance Corporation ("Explorers") are pleased to report on the results of their exploration activities on their various gold prospects. Denton Gold Project - Denton Township PALL/Explorers have several gold prospects under exploration in the Timmins area. PALL/Explorers had previously announced a two hole drill program in Denton Township, which is now complete. These holes were targeting the McCoshen Shear zone where Explorers and previous operators had collected surface samples which returned gold values to 60.2 g/t. This shear zone is located within a sequence of mafic volcanic units which have been identified by Dale Pyke and the Ontario Geological Survey as Tisdale assemblage. The Tisdale assemblage is the host for several multi-ounce gold deposits in the Timmins Camp. A portion of the property is under option from Band-Ore Resources Ltd. (BAN-TSE) where PALL/Explorers can earn up to a 70% in the property. The first drill hole was proposed to intersect a strong induced polarisation anomaly at a vertical depth of 200 m. Due to excessive flattening, the hole came in 60 m above the proposed depth. The hole intersected a strongly shear, chlorite, sericite and carbonate altered sequence of mafic volcanics. Sulphide mineralisation was highly variable from <1% to 30% over narrow widths. Sulphides were mainly pyrite with lesser amounts of pyrrhotite, sphalerite, arsenopyrite and chalcopyrite. Several sections contained abundant quartz veining from white to dark grey. The most significant intercepts are listed below: EDB00-1: --------------------------------------------------------------- From To Length Au ppb Ag ppm As ppm Zn ppm --------------------------------------------------------------- 126.75 127.25 0.5 874 0.4 1420 186 149.60 150.10 0.5 941 1.3 3160 295 188.00 188.50 0.5 18757 12.4 46600 860 188.50 188.95 0.45 720 0.6 385 188 --------------------------------------------------------------- The most significant intercept has been verified by Bondar Clegg as returning an assay value of 17931 ppb's. The second hole, 60 m to the east, also had a proposed target depth of 200 m vertical. Although less severe, flattening again presented a problem causing this hole to come in above target. This hole intersected similar units to those found in EDB00-1. A 14.1 m wide section of increased sulphides was located at 147.3 to 161.4 m downhole. Gold values in this zone were low. The most significant intercept was as follows: EDB00-2: --------------------------------------------------------------- From To Length Au ppb Ag ppm As ppm Zn ppm --------------------------------------------------------------- 169.5 170.1 0.6 1373 0.9 10200 118 --------------------------------------------------------------- Gold values from assaying to date appear to be intimately associated with the arsenopyrite. The intercept in EDB00-1 contained 10-15% arsenopyrite. The two sub parallel shear zones that host the gold mineralisation in the area of the present drilling extend to the east north-east across the PALL/Explorers' property. Approximately five kilometres to the east, the shear zones cross the property boundary onto a property owned by Battle Mountain Canada and GoWest Resources. On this property Battle Mountain and partner GoWest have previously announced several mineralised intercepts along the projections of the two shears. These intercepts are reported to occur within sulphide rich sections hosted by mafic and ultramafic volcanics. Reported intercepts include 5.0 g/t Au over 5.4 meters and 4.49 g/t over 7.6 meters on the north and south shears respectively. The intervening portion of the PALL/Explorers property has been only partially explored by drilling to shallow depth. Induced polarisation surveys have located several IP anomalies across the five kilometre strike length. These anomalies will require further drill testing in areas of overburden cover. Union Mine Shaft Project - Whitesides Township PALL/Explorers also completed two holes in Whitesides Township on the Union Mine Shaft area. One hole was an extension to a previous drill hole and the second hole targeted an undercut of the shaft area. The first hole intersected only minor quartz veining in weak sheared mafic volcanics. The second hole intersected strongly shear mafics with quartz, fuchsite and sulphide veining. The most significant mineralisation was found in a bleached, quartz tourmalene veined mafic volcanic. EDP00-6: --------------------------------------------------------------- From To Length Au ppb Ag ppm As ppm Zn ppm --------------------------------------------------------------- 273.55 273.35 0.8 1593 1.2 <5 - --------------------------------------------------------------- Other Areas Several other areas are being reviewed. These include the Delhi Township property, the My-Ritt property and the Casa Berardi Township property in Quebec. At Delhi, two patents were staked on June 1 which completed the patent continuity. G.A. Harron, in his valuation report, has determined there is an inferred resource of 49,000 tons grading 5.5 g/t gold, 93.5 g/t silver and 6.13% lead above the explored depth of 61 m. The My-Ritt property located near Red Lake has produced some excellent results from drilling by previous operators. The most recent operator, Chevron Minerals, locate values to 16.7 g/t gold over 1.05 m, 12.7 g/t gold over 1.18 m as well as several other intercepts ranging from 1.27 g/t to 4.44 g/t. Chevron had proposed additional exploration totalling $410,000, which was not completed. A review of the available data is ongoing. In Casa Berardi Township, Quebec, PALL/Explorers owns 139 claims that are directly south of the Aurizon Mine property. In early 2000, Aurizon announced the discovery of a new zone containing 1,648,000 ounces of gold and they have recently announced a drill program of up to 40,000 m to expand this resource. PALL/Explorers conducted induced polarisation surveys over a portion of their property that located moderate to strong anomalies along the projected trace of the prospective horizon. PALL/Explorers plans to drill test the IP anomalies in 2000. Other Developments PALL/Explorers have commenced a 300 metre drilling program at its South Swayze base metal project. A follow-up to the 1999 discovery of 9.6 metres grading 1.51% Zn and 2 g/t Ag, the program will test the structure 60 metres below and 200 metres on strike. PALL/Explorers is in the process of preparing an exploration update on their base metal projects in Timmins and Quebec and will provide this information shortly. For further information, please contact: Garry R. Stein, Vice-President, Chief Financial Officer and Secretary, Prospectors Alliance Corporation at (416) 360-5333