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| | Mon Sep 19, 2005
Project Update
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| | CALGARY, ALBERTA - Prize Mining Corporation ("Prize") is pleased to announce that exploration work on its Atlin Gold Project, located near the community of Atlin in northwestern British Columbia, is proceeding as planned.
Ground Magnetic Survey
The results of the recently completed ground magnetic survey have now been plotted, inverted and 3D modeled. This model will assist in planning for an expanded diamond drilling program on the Yellowjacket and Rock of Ages Zones.
Rock of Ages - Trenching
A small excavator trenching program is currently underway on the Rock of Ages Zone. Trenching has been successful in locating the 1903 shaft, which has been buried beneath placer mining tailings for many years. 3 samples of quartz + sulphides were collected from the showings for assay. The 1903 Report of the Minister of Mines states: "...a shaft has been sunk 60 feet. From the bottom of this a cross-cut was run 7 feet and struck the hanging wall of the ledge. A drift was run down-stream 60 feet at this level, and one upstream on the 30 foot level. The ledge wherever tapped is about 14 feet in width, mostly low grade ore, although many extremely rich patches are encountered."
Core Assaying
Due diligence re-assaying of diamond drill core intervals from holes drilled by Homestake Mineral Development Corp. (now Barrick) from 1986 to 1988 on the Yellowjacket Zone is now underway. Homestake previously held the option on the Yellowjacket Zone, and Prize is now collecting a few selected samples from approximately 30 diamond drill holes on the Yellowjacket Zone to re-assay. The re-assays will be done using the gold metallics screen method that allows for more accurate assay values for samples containing coarse gold.
Diamond Drilling
Also as part of the due diligence program, Prize will be twinning 3 to 4 of the 1986-1987 Homestake drill holes on the Yellowjacket Zone. This drilling will allow for comparison of the Homestake results with Prize's and will aid in determining the level of the nugget effect caused by the coarse nature of the gold mineralization. Prior work by Homestake defined a gold resource figure on the Yellowjacket Zone. The BC Ministry of Energy and Mines Open File 2000-2 (T.G. Schroeter and R.H. Pinsent) entitled Gold Production and Resources in British Columbia (1858-1998) states that the Yellowjacket resource, based on the Homestake drilling alone, is 453,500 tonnes grading 10.26 g/t gold. The resource calculation set out in the file is not 43-101 compliant. Prize is not able to describe the principal differences from the resource identified in this file to the resource designations prescribed by National Instrument 43-101 due to the lack of information in the file relating to the resource calculation. The due diligence program is designed to determine how reliable the historical estimate is as well as to determine the extent to which the Homestake results are comparable to the results obtained by Prize. This will allow Prize to determine whether the results of its exploration activities may be integrated with the Homestake results and be used to produce an National Instrument 43-101 compliant resource calculation in respect of the Yellowjacket Zone. Until the due diligence program has been completed, Prize feels that it is premature to define a mineral resource within the Yellowjacket Zone.
The initial 1000 metres of the diamond drill program will include 2 drill holes planned to expand the Yellowjacket Zone gold mineralization. As well, three short drill holes will be put in under the Rock of Ages historic workings to test the mineralized structure in this previously undrilled zone.
Ms. Linda Dandy, P.Geo. of P&L Geological Services is the project supervisor and "Qualified Person" for the purpose of National Instrument 43-101 who has reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD
"Feisal Somji"
FEISAL SOMJI, B.Sc., MBA
PRESIDENT AND CEO
Prize Mining Corporation is a Tier One Company listed on the TSX Venture Exchange (symbol: PRV-V). The Company is exploring for Gold in the Atlin area of British Columbia, Canada and n its Nickel- Copper-Palladium and Platinum project on the Muskox Layered Intrusion in Nunavut, Arctic Canada.
For further information, contact Mr. Grant Hall at:
Phone: 1 (877) 339-3344
Email: info@prizemining.com
Website: http://www.prizemining.com |
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