CALGARY, Nov. 14, 2018 /CNW/ - PRIZE MINING
CORPORATION ("Prize" or the "Company") (TSXV:PRZ)
(OTCQB:PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce that the
first four drill holes at the Manto Negro Copper Project in
Coahuila State, Mexico have
returned consistent widths and grades of copper-silver
mineralization. In addition, continued surface channel sampling has
extended the potential strike length of the mineralized horizon in
the Pilar Grande area to more than four kilometres.
"The first holes at Manto Negro are giving us a good sense of
the style and continuity of copper-silver mineralization",
stated Michael McPhie, President
& CEO of Prize Mining. "Unlike porphyry copper
deposits that have a strong vertical component, the stratabound
nature of the deposits at Manto Negro gives them a tremendous
lateral extent. The two areas being drilled are 18 kilometres
apart and, at the Pilar Grande area, we can now trace the
mineralization intermittently for about four kilometres. The
grades and thicknesses we are seeing are consistent with those from
the world class Kupferschiefer deposits in Europe."
The first two holes from each of the El Granizo and Pilar
Grande Mine areas intersected the target zone as
anticipated, with consistent thicknesses of 3.40 – 4.40m and relatively consistent grades.
Mineralization consists predominantly of disseminated chalcocite
with minor chalcopyrite, and some secondary copper minerals such as
malachite and chrysocolla. Drilling continues with three rigs
at the two sites, with 15 holes planned for each area.
Drill Intersections
Hole
Number
|
Area
|
From
(m)
|
To
(m)
|
Width
(m)
|
Cu
%
|
Ag
g/t
|
|
|
|
|
|
|
|
DDHMN-18-01
|
El Granizo
|
51.25
|
55.65
|
4.40
|
1.02
|
28
|
|
|
|
|
|
|
|
DDHMN-18-02
|
El Granizo
|
40.40
|
43.95
|
3.55
|
1.69
|
28
|
|
|
|
|
|
|
|
DDHDI-18-01
|
Pilar
Grande
|
83.50
|
87.60
|
4.10
|
0.88
|
49
|
|
|
|
|
|
|
|
DDHDI-18-02
|
Pilar
Grande
|
66.50
|
69.90
|
3.40
|
1.58
|
122
|
The area sampled, known as El
Rincon, lies approximately 1,600m north of the current drilling at Pilar
Grande and sampling covered approximately 200m along the target stratigraphy. The
weighted average grade of the channels was 2.13% Cu and 63g/t Ag
over an average channel height of 3.41 metres (see table
below). Forty-five individual samples were taken in total
with 30 samples making up the 7 channels reported here.
Summary of Channel Sampling Results:
Channel
Number
|
Channel Height
(m)
|
Cu
%
|
Ag
g/t
|
|
|
|
|
1a
|
2.55
|
4.25
|
99
|
|
|
|
|
1b
|
2.90
|
3.53
|
177
|
|
|
|
|
2
|
6.50
|
1.77
|
48
|
|
|
|
|
3
|
3.15
|
2.33
|
41
|
|
|
|
|
4
|
8.00
|
0.88
|
38
|
|
|
|
|
including
|
1.50
|
1.85
|
76.00
|
|
|
|
|
and
|
2.85
|
1.19
|
45.00
|
|
|
|
|
5
|
3.60
|
1.72
|
42.90
|
|
|
|
|
6
|
4.25
|
1.41
|
27.50
|
Copper-silver mineralization on the Manto Negro Project belongs
to the category of sediment-hosted stratabound copper deposits,
similar in style to the world class deposits of the Kupferschiefer
in Poland.
Sampling QA/QC and Analysis
The Company followed a rigorous Quality Assurance/Quality
Control program over the chain-of-custody of samples with the
insertion of blanks and duplicates into the sample stream submitted
to the laboratory for analysis. Sample preparation and analysis
took place at the SGS facility in Durango, Mexico.
The analysis completed on all samples was the 32 Element Package
by 4-acid digestion and Inductively Coupled Plasma Optical Emission
Spectrometry (ICP-OES) (package GE-ICP40B). Samples with Cu
or Pb over the upper detection limit of 10,000 ppm were re-analyzed
by Sodium Peroxide Fusion and ICP-OES (package GO-ICP90Q).
Samples with Ag over the upper detection limit of 100 ppm
were re-analyzed by Lead Fusion Fire Assay with Gravimetric Finish
(package GO-FAG313).
Robert Archer, P.Geo., a Director
of the Company, is a Qualified Person under NI 43-101, is the
Company's nominated qualified person responsible for monitoring the
supervision and quality control of the programs completed on the
Company's properties. Mr. Archer has approved and verified
the scientific and technical information in this news release.
About Prize Mining Corp.
Prize is a junior mining issuer listed on the TSX Venture
Exchange. Prize is focused on the exploration and development
of the Manto Negro Copper Property in Mexico and the Kena Gold Property in BC.
Find out more at: www.prizemining.com
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Reader Advisory
Forward-Looking Statements. This news release contains
forward-looking statements. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate",
"scheduled", "potential", or other similar words, or statements
that certain events or conditions "may", "should" or "could"
occur.
The forward-looking statements are based on certain key
expectations and assumptions made by Prize, including the assay
results of the 2017 and 2018 sampling programs ad the 2018 diamond
drilling program on Prize's Manto Negro Property. Although
Prize believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because
Prize can give no assurance that they will prove to be correct.
There is no assurance that the result of these exploration
programs will be successful. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to,
exploration risks and that required regulatory and third-party
approvals and consents are not obtained on terms satisfactory to
the parties within the timelines provided.
The reader is cautioned that assumptions used in the preparation
of such information, although considered reasonable by the Company
at the time of preparation, may prove to be incorrect and readers
are cautioned not to place undue reliance on forward-looking
information, which speaks only as of the date hereof. The
Company does not undertake any obligation to release publicly any
revisions to forward-looking information contained herein to
reflect events or circumstances that occur after the date hereof or
to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Prize Mining Corporation