Prize Mining Corporation: Silvermet Defines Nickel-Copper-PGM Drill Targets by Large Soil Geochemical Survey on Muskox Complex, Nunavut
VANCOUVER, BRITISH COLUMBIA, Feb 12, 2007 (CCNMatthews via COMTEX News Network) --
Prize Mining Corporation (TSX VENTURE:PRZ) -
Silvermet Inc., ("Silvermet") (TSX VENTURE:SYI) announced positive exploration results on its Muskox nickel-copper-platinum group metals ("Ni-Cu-PGM") project located in Nunavut. Highlights include:
- Large-scale soil geochemical survey totaling approximately 7,000 samples and covering an area of 62 sq. km. over the Muskox Complex ultramafic intrusion.
- Geochemical results define numerous new Ni-Cu-PGM drill targets.
- Drill rigs to be commissioned for spring-summer 2007 program to test the anomalies and to follow up on previous drill results.
Silvermet optioned mineral claims lie on the southern extension of the Muskox intrusion, which is one of the world's largest mafic-ultramafic intrusive complexes. The marginal zones and feed dyke contain semi-massive and massive sulphide mineralization and are strikingly similar to that found in the Norilsk mining camp in Russia. The Muskox layered sequence also contains stratiform PGM mineralization similar to that of the Merensky Reef and of the UG2 chromitite horizons in the Bushveld complex in South Africa. The Silvermet optioned land claims were assembled by Prize Mining Corporation ("Prize Mining") between 1994 and 2001. The claims are centered approximately 90 kilometers south of the village of Kugluktuk (Coppermine), Nunavut.
Drilling along the marginal zone near the east boundary of the intrusion established a small lens of massive sulphides with an average grade of 1.2% Ni and 2.6% Cu. Two recent Prize Mining drill holes intersected 4.7% Ni, 10.6% Cu, 2.2 g/t Pt and 11.1 g/t Pd over 5.4 m and 3.22% Ni, 7.52% Cu, 2.2 g/t Pt and 17.5 g/t Pd over 5.5 m. A NI 43-101 compliant resource estimate has not been completed.
Historically, surface showings and geophysical techniques determined where shallow source drill targets would be collared. However, recent exploration has demonstrated that conventional geophysical methodologies are of limited use on the Muskox intrusion due to the high background conductivity of serpentinized ultramafic rocks that blanket most of the interesting underlying mineralized marginal zone and feeder dyke rocks at depth. Due to these geophysical limitations a new exploration geochemical methodology is being employed.
Silvermet commissioned in 2006 a detailed, close-spaced, soil-sampling program covering a 62 sq. km. area extending from Speers Lake in the north central portion of the complex to the Coppermine river in the south. The survey area was blanketed by grids utilizing 100 m and 200 m line spacing. The 100 m spacing was conducted in areas of highest interest based on known surface Ni-Cu-PGM mineralization, favorable geological controls, and compelling shallow geophysical features. Wider spaced lines 200 m apart were employed to cover poorly exposed intervening areas which are believed to have similar geology but were not explored or drilled in the past. Soil samples were taken at 50-metre intervals along the grid lines.
The final analytical data for the large number of samples were received by January, 2007. All the data is currently being processed and integrated with existing geological, diamond drilling, gravity, and aeromagnetic data. It is anticipated that interpretative work will be substantially completed by March 5, 2007.
On a preliminary basis, the soil geochemical data indicates the presence of significant Cu-Ni-PGM soil geochemical anomalies in areas not previously drilled and which warrant an extensive drilling program. It is estimated that up to 20,000 metres of drilling will be required to assess the most significant large target areas.
Silvermet's agreement with Prize Mining permits it to earn a 70% interest in the claims by incurring not less than $10 million expenditure by December 7, 2010, of which $4 million must be spent by June 30, 2008. To date Silvermet has spent approximately $1.1 million on Muskox and has in hand sufficient flow-through funds to start its proposed drill program this April.
Peter T. George, P.Geo, is the Qualified Person for this project.
About Prize Mining
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 its Nickel-Copper-Palladium and Platinum project on the Muskox Layered Intrusion in Nunavut, Arctic Canada.
SOURCE: Prize Mining Corporation
Prize Mining Corporation Trent Dahl Investor Relations (604) 684-4743 ext 228 or Toll Free: 1-866-684-4743 ext 228 Email: firstname.lastname@example.org