Prize Mining Commences Exploration Drilling Program on the Toughnut Gold-Silver Property, BC
CALGARY, July 10, 2018 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (TSXV:PRZ) (OTCQB:PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce it has commenced an exploration diamond drill program on its Toughnut Gold-Silver Property in southeastern British Columbia. The Toughnut claims are contiguous with the northwestern end of Prize's extensive Kena-Daylight Property that hosts a compliant resource of 481,000oz Au in the Indicated category and 1,318,000oz Au in the Inferred category (http://prizemining.com/wp-content/uploads/2018/01/prz-technicalreport-20170602.pdf)
"We are excited to get going on our fully funded exploration drilling program at the Toughnut Property", said Michael McPhie, President and CEO of Prize. "Following our successful program in 2017 that confirmed gold mineralization on the Gold Eagle showing near the northwest limit of the Toughnut/Sand claims package, this year's program will focus on expanding the limits of the known mineralization."
The Gold Eagle porphyry stock and host Elise Formation volcanic rocks are contained within the 1+ km-wide Silver King Shear Zone, host to numerous historical gold, silver and polymetallic vein and breccia systems.
See here for link to Toughnut Project 2018 Proposed DDH Map:
https://prizemining.com/projects/kena-daylight-gold-project/daylight-property/#section-2
This year's program proposes to test 4 zones of interest along the Silver King shear system:
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The closest zone to the southeast of the 2017 drilling is an effective extension of the Gold Eagle zone and drilling will test the west and east contacts of the Gold Eagle stock, as well as the southern limit of the main body of the intrusion. All three targets have coincident soil geochemical, IP-chargeability, and magnetic anomalies along known geological boundaries, making them high priority targets. |
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The next zone to the south-southeast is the Toughnut Crown Grant historical workings, comprising a SE trend of pits, adits and shafts that expose a polymetallic vein system that has never been drill tested. Grab samples from old workings in 1989 returned up to 32.8 g/t Au, 212.5 g/t Ag, 2.6% Pb, and 5.9% Zn from veins in volcanic host rocks. Two of the main historical workings were resampled in 2017 yielding results up to 9.5 g/t Au and similar Ag and base metal results as in the historic sampling. |
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The Toughnut Ridge zone is centered approximately 500m east of the Toughnut Grant workings. It has been subjected to at least three trenching and drilling phases (1974, 1990, and 2010) and has been explored as both a gold-copper porphyry target and for remobilized polymetallic veins related to the Silver King shear system. Historical drilling (2010) returned best results of 6.9 g/t Au and 143 g/t Ag over 2.0m and 4.05 g/t Au over 8.0m. The 2018 drilling will test a previously under-evaluated soil geochemical trend coincident with the main IP anomaly. |
A total of 2,650 meters of diamond drilling is proposed for this program and the work should be completed by September of this year.
About Prize Mining
Prize is a junior mining issuer listed on the TSX Venture Exchange. Prize is focused on the exploration and development of the high grade Manto Negro Copper Property in Mexico and the Kena Gold Property in BC. Find out more at: www.prizemining.com
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Forward-Looking Statements. This press release contains forward-looking statements and information. More particularly, this document contains statements and information concerning the closing of the private placement and the use of proceeds from the private placement. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "will", "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 and information are based on certain key expectations and assumptions made by Prize, including expectations and assumptions concerning timing of receipt of required regulatory approval, the completion of the private placement and the use of proceeds from the private placement. 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. 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, risks that required regulatory approvals are not obtained and that the private placement is not completed due to other closing conditions not being satisfied. There is no certainty that the private placement will be completed.
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SOURCE Prize Mining Corporation
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