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Prominex drills 6.87 m of 0.94% Cu, 3.28% Pb at Tulks
2008-03-19 14:11 ET - News Release
Also News Release (C-BUV) Buchans River Ltd
Mr. Lorne King of Prominex reports
PROMINEX INTERSECTS HIGH-GRADE COMBINED BASE METALS OF 19.38% OVER 6.87M, INCLUDING 34.68% OVER 1.87M IN T-3A LENS AT TULKS HILL
Prominex Resource Corp.'s diamond drilling at the Tulks Hill property has intersected high-grade base metal massive sulphides in the T-3A and T-3B lenses. The most recent drill program was planned on recommendations from and in consultation with Scott Wilson RPA, a diversified consulting engineering firm. The purpose of the drill program was to delineate the T-3A and T-3B lenses prior to the finalization of a National Instrument 43-101 resource estimate on the T-3 zone, which the company anticipates receiving in April, 2008. While the drilling shows metal grades exceeding historical averages, it is unlikely that the T-3 zone volume will change. Ten of the 12 holes were oriented to test for mineralization beyond the known strike and plunge depth of the T-3 zone and were exploratory in nature. Holes RPA-04 and RPA-14 were drilled within the known strike and plunge of the T-3 zone and intersected high-grade base metals. Hole No. RPA-01, drilled outside the known strike, showed significant base metal assay results. All other holes drilled outside the known strike and plunge depth showed no significant assay results.
SUMMARY TABLE
True
Hole width Cu Pb Zn Ag Au
No. From (m) To (m) Interval (m) (m)(i) % % % g/t g/t
RPA-01 109.0 113.0 4.0 3.38 0.01 0.85 2.48 27.63 1.29
RPA-04 11.0 12.2 1.2 1.0 1.38 2.85 8.45 151.6 1.93
RPA-04 32.63 39.5 6.87 5.3 0.94 3.28 15.16 86.23 1.23
Including 32.63 34.5 1.87 1.44 0.56 5.07 29.05 105.9 1.29
RPA-14 12.76 18.01 5.25 3.2 0.75 2.04 4.67 101.4 0.93
RPA-14 45.5 55.5 10.0 6.0 0.75 1.05 8.47 44.08 1.05
(i) Estimate of ore thickness perpendicular to the lens, based on observed
geological data
The part of the drill program encompassing the T-4 zone, halted in December, 2007, will be completed in 2008 when weather conditions permit. Prominex will also commence a new drill program in 2008 based on additional recommendations by RPA to obtain an NI 43-101 total resource estimate on Tulks Hill property.
In 1980, an internal company report prepared by Asarco/Abitibi geological staff reported a total inferred property resource of 730,000 tonnes grading 5.5 per cent zinc, 2.1 per cent lead, 1.1 per cent copper, 45 grams per tonne silver and 0.4 g/t gold. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. Prominex is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
Prominex has earned a 51-per-cent interest in the property under an agreement between Prominex and Buchans River Limited. The agreement provides that Prominex will be the operator of an unincorporated joint venture to operate the property. A formal joint venture agreement is in the process of being finalized.
Quality assurance
Exploration on the Tulks Hill property is being conducted under the direction of Paul O'Brien, BSc, PEng, Prominex's vice-president of exploration and development, and project geologist Denis Walsh, BSc, PGeo, both of whom are qualified persons as defined by National Instrument 43-101. Mr. Walsh is responsible for the preparation of technical information in this news release.
Drilling was conducted by Cartwright Drilling, an independent Canadian contractor with an office in Goose Bay, Nfld.
All samples were collected in accordance with industry standards and submitted to Eastern Analytical Limited, Springdale, Nfld. The company has implemented quality assurance and quality control procedures, which involve the inclusion of control samples.
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