CALGARY , March 14, 2018 /CNW/ - PRIZE MINING CORPORATION ("Prize" or the "Company") (PRZ.V) (PRZFF) (MQSP:GR:FRANKFURT) is pleased to announce it has now received complete assay results from the initial sampling program on its Manto Negro Copper Project located in Coahuila State, Mexico .
The December 2017 sampling campaign was conducted as a 'first-pass' evaluation of some of the more prominent exposures of copper on the Don Indio, Madero and Granizo mining concession blocks. Mapping and sampling has characterized the mineralization as belonging to the category of 'red-bed type' copper deposits, similar in style to the world class deposits of the Zambian Copper Belt in Africa and the Kupferschiefer in Poland . Silver has also been identified as an important constituent of the mineralization at Manto Negro.
Highlights
- 2.61% Cu and 212g/t Ag over seven meters from the Pilar Grande Mine
- 5.53% Cu and 711g/t Ag across 0.30 meters from Level 4, Pilar Grande Mine
- 45.5% Cu and >1,500g/t Ag across 0.25 metres at Los Ojitos
"We are very pleased with the high grades of copper and silver from our preliminary sampling program," stated Michael McPhie , President and CEO of Prize Mining "as the results are consistent with those found in red-bed deposits around the world. Another significant feature of these deposits is that they are laterally extensive over many kilometers, and our next step will be to characterize and explore the almost 18,000 hectares of the Manto Negro Project."
A total of 52 channel and panel samples (including blanks and duplicates) were collected through different mine levels at the Pilar Grande Mine. Four samples at the Pilar Grande deposit exceeded the five percent (50000 ppm) Cu detection limit and nineteen exceeded the 200g/t (200 ppm) Ag detection limit (refer to Prize Press Release of February 28, 2018 ). In addition to channel sampling, four chip samples were collected from significant outcrops at the Pilar Grande Mine, Manto Negro deposit and Ojitos Open pit, historical mine workings.
A map showing the property and sampling locations can be found here:
https://prizemining.com/over-detection-and-ore-grade-sampling-map/
Sample Results
1. Pilar Grande Channel Sampling
The Pilar Grand Mine is located on the west limb of the Don Indio mining concession. Stratabound copper-silver mineralization occurs in a 23 meter-thick stratigraphic interval throughout four mine levels, representing the largest such exposure on the property. Detailed results are as follows:
| Sample
ID | Channel #
Composite | Ag g/t | Cu % | Sample
Width (m) | Ag g/t
Weighted
Average | Cu %
Weighted
Average | Channel/Panel Width (m) |
| DI-1 | channel 1 | 1140* | 4.88 | 0.30 | 332 | 1.73 | 1.35 |
| DI-2 | 137 | 0.95 | 0.70 |
| DI-3 | 30 | 0.61 | 0.35 |
| DI-4 | channel 2 | 565* | 4.44 | 0.65 | 275 | 3.05 | 1.85 |
| DI-5 | 114 | 1.49 | 0.55 |
| DI-6 | 121 | 2.98 | 0.65 |
| DI-7 | channel 3 | 264* | 4.60 | 0.45 | 212 | 2.61 | 7.00 |
| DI-8 | 8 | 0.16 | 0.50 |
| DI-9 | 52 | 0.93 | 0.30 |
| DI-10 | 54 | 1.67 | 0.80 |
| DI-12 | 492* | 2.96 | 0.85 |
| DI-13 | 146 | 2.31 | 0.40 |
| DI-13-A | 404* | 5.46* | 1.25 |
| DI-13-B | 234* | 2.23 | 0.75 |
| DI-13-C | 80 | 1.07 | 0.95 |
| DI-14 | 89 | 2.11 | 0.75 |
| DI-15 | channel 4 | 259* | 2.31 | 0.40 | 86 | 1.14 | 1.40 |
| DI-16 | 13 | 0.23 | 0.45 |
| DI-17 | 14 | 0.62 | 0.25 |
| DI-18 | 25 | 1.38 | 0.30 |
| DI-19 | channel 5 | 147 | 1.35 | 0.45 | 252 | 2.10 | 1.25 |
| DI-20 | 311* | 2.52 | 0.80 |
| DI-21 | channel 6 | 228* | 3.57 | 0.70 | 110 | 1.80 | 2.25 |
| DI-23 | 57 | 1.23 | 0.85 |
| DI-24 | 56 | 0.74 | 0.70 |
| DI-25 | sample 1 | 214* | 3.69 | 1.05 | 214 | 3.69 | 1.05 |
| DI-26 | sample 2 | 65 | 1.56 | 0.50 | 65 | 1.56 | 0.50 |
| DI-27 | sample 3 | 321* | 6.33* | 0.60 | 321 | 6.33 | 0.60 |
| DI-28 | panel 1 | 218* | 3.58 | 0.50x0.95 | 218 | 3.58 | 0.50x0.95 |
| DI-29 | sample 4 | 364* | 5.53* | 0.30 | 364 | 5.53 | 0.30 |
| DI-30 | sample 5 | 192 | 3.31 | 0.95 | 192 | 3.31 | 0.95 |
| DI-31 | panel 2 | 172 | 6.18* | 0.30x0.45 | 172 | 6.18 | 0.30x0.45 |
| DI-33 | channel 7 | 110 | 2.33 | 0.80 | 138 | 2.22 | 8.90 |
| DI-34 | 35 | 0.78 | 0.40 |
| DI-35 | 22 | 0.79 | 0.35 |
| DI-36 | 7 | 0.29 | 0.50 |
| DI-37 | 80 | 0.80 | 1.05 |
| DI-38 | 178 | 2.64 | 0.65 |
| DI-39 | 281* | 3.85 | 0.70 |
| DI-40 | 115 | 1.53 | 0.50 |
| DI-41 | 255* | 3.01 | 0.40 |
| DI-42 | 256* | 3.15 | 0.75 |
| DI-44 | 88 | 2.09 | 0.70 |
| DI-45 | 159 | 3.07 | 1.10 |
| DI-46 | 128 | 2.78 | 1.00 |
| DI-47 | channel 8 | 33 | 1.78 | 0.80 | 198 | 2.90 | 4.00 |
| DI-48 | 279* | 3.01 | 0.80 |
| DI-49 | 183 | 4.14 | 0.60 |
| DI-50 | 403* | 4.19 | 0.40 |
| DI-51 | 448* | 3.82 | 0.40 |
| DI-52 | 91 | 2.10 | 1.00 |
| * | Over Detection Limit Results |
2. Pilar Grande Mine, Manto Negro deposit and Los Ojitos Chip Sampling
Four chip samples were collected from significant outcrops on the Don Indio, Granizo and Apache mining concessions. Two of those samples are at Pilar Grande, one at Manto Negro and one near Los Ojitos mine workings.
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| Sample ID | LOCATION | Sample Type | Cu% | Ag g/t |
| LOS OJITOS | OJITOS OPEN PIT | Chip | 45.50 | >1500 |
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| MANTO NEGRO | MANTO NEGRO OPEN PIT | Chip | 1.89 | 71 |
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| L4-PILAR GRANDE | LEVEL 4 PILAR GRANDE MINE | Chip | 2.54 | 153 |
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| LA-4-A-PILAR GRANDE 2 | LEVEL 4A PILAR GRANDE MINE | Chip | 5.53 | 711 |
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 took place at the ALS facility in Guadalajara, Mexico . Prepared samples were then shipped to the ALS facility in North Vancouver, BC , Canada for analysis.
The analysis completed on the majority of samples was the 34 Element Package by Aqua Regia and ICP-AES (ME-ICP41a). Samples with Cu and Ag over the detection limit were re-analyzed with the four-acid digestion Total Copper Cu-OG62 and Silver Ag-OG62 packages.
A 12 Element Ore Grade Analysis Package by Aqua Regia and ICP-AES (OG46) was utilized for the four chip samples.
Jarrod Brown , P.Geo., of TerraLogic, 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. Brown 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 sampling 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
View original content: http://www.newswire.ca/en/releases/archive/March2018/14/c6210.html