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| | Mon Sep 18, 2006
Exploration Program On The Ld Property Commences
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| | CALGARY, ALBERTA --- Prize Mining Corporation ("Prize") is pleased to announce the commencement of a two Phase exploration program on its LD Property located near Atlin in northwestern British Columbia. The LD Property was acquired by Prize in October 2005 (see News Release dated November 4, 2005).
The LD claims are located 15 kilometres southwest of Prize's Atlin Gold Property and straddles the headwaters of McKee and Dominion Creeks. McKee Creek is one of the major placer gold producing creeks in the Atlin area and is renown for the large size of its coarse gold nuggets. Dominion Creek is one of the main tributaries to the very prolific placer gold producer, Spruce Creek. The main placer gold deposits on Spruce Creek lie immediately below its confluence with Dominion Creek at the site of the historic Nolan Mine.
The LD Property was previously worked in the early and mid 1980s. The LD property is underlain by a geologic setting similar to that seen on the Yellowjacket Zone on Prize's Atlin Gold Property. Cache Creek Group volcanic and sedimentary rocks and associated ultramafic ophiolite assemblages host strong shear structures that concentrate gold mineralization. On the western portion of the LD property, Standard Gold previously reported high grade gold values from numerous quartz veins within the shear structure (BC Ministry of Energy and Mines Assessment Report #11511 and 13410). On the eastern portion of the LD property, Claymore previously reported good gold values from a felsic dyke which came in along the shear structure (BC Ministry of Energy and Mines Assessment Report #13269).
Gold mineralization previously reported by Standard Gold includes 299.65 g/t gold from a 15 kilogram bulk sample collected from a trenched quartz vein. Several 15 kilogram bulk samples returned values in excess of 30 g/t gold from quartz and a maximum of 7.75 g/t gold from altered wall rock. The highest grab sample assay result was from a 30 centimetre quartz vein which assayed 1615.77 g/t gold. In 1984, several short diamond drill holes were put in over this zone with the best drill intersection being 15.30 g/t gold over 0.48 metres. Gold mineralization previously reported by Claymore includes a trench grab sample of quartz veining in felsic rocks, which assayed 10.14 g/t gold. The best drill intersection was from Hole 1 and returned 8.52 g/t gold over 3.05 metres.
As part of the prior companies' exploration programs, soil sampling surveys were conducted over select areas of the claims. Soil survey results showed spotty, single station high gold values, which when trenched often uncovered gold bearing quartz veins or veinlets. Trenching also revealed the variability in overburden depth and type. Much of the LD Property is covered with talus, colluvium, humus and compact basal till which can transport or mask bedrock mineralization.
Prize has now completed Phase I of its current exploration program. This work consisted of soil sampling using an auger drill to collect samples at a standard one metre depth in order to get more representative soil samples allowing for identification of stronger gold mineralized trends. Approximately 700 soil samples have been collected in this manner along 100 metre spaced grid lines at 25 metre spaced stations. Samples have been shipped to ACME Analytical Laboratory in Vancouver for gold and multi-element ICP analyses. Based on positive results from Phase I, the Phase II work program will consist of infill soil sampling along anomalous gold trends in order to better define the strongest part of the anomalies. These gold trends will then be trenched and diamond drilled in order to evaluate the source of the gold mineralization. Sample results are expected in 4 to 6 weeks.
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 OF
PRIZE MINING CORPORATION
"Harry McGucken"
Harry McGucken
President and CEO
Prize Mining Corporation is a Tier One Company listed on the TSX Venture Exchange (symbol: PRZ-V). The Company is exploring for Gold in the Atlin area of British Columbia, Canada and is exploring its Nickel-Copper-Palladium and Platinum project on the Muskox Layered Intrusion in Nunavut, Arctic Canada.
For further information, contact: Trent Dahl, Investor Relations
Phone: 604-684-4743 ext.28
Toll Free: 1-866-684-4743 ext.28
Email: info@prizemining.com
Website: http://www.prizemining.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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