Portex Minerals Inc STACF

News! - 3 new zones

[jesk]

Three New Discoveries Expand Mineral Potential of Selwyn Project, Yukon nlk FSC / Press Release Three New Discoveries Expand Mineral Potential of Selwyn Project, Yukon Vancouver, British Columbia CANADA, July 10, 2006 /FSC/ - Pacifica Resources Ltd. (PAX - TSX Venture), is pleased to announce the discovery of three new zones of zinc-lead sulphide mineralization. The HC zone is in Don Valley between the Brodel Zone and the Anniv deposits. The Pelly North and OP West occur on the northwest end of the mineralized trend. Discovery of the HC, Pelly North and OP West zones reaffirms the continuity of the mineralized Active Member over the more than 30km of the known extent of the Howard's Pass District and extends this length to 37.5 kilometres. Drilling is occurring on known mineralized zones on the 96 square kilometers of Howard's Pass Joint Venture ("HPJV" claims) under purchase agreement and new target evaluation on the more than 209 square kilometers of wholly-owned mineral claims (Pacifica Claims). Highlights * Discovery of zinc-lead mineralized Active Member in the HC Zone with drill hole DON-11 intersecting an estimated true thickness of 36.15 metres of zinc-lead sulphide mineralization. Follow-up drill hole DON-13 to the discovery drill hole DON-11 has also intersected zinc-lead mineralized Active Member with an estimated true thickness of 29.60 metres. * Discovery of zinc-lead mineralized Active Member 4.5km northwest of OP Zone in drill hole OP-17 (now named OP West Zone) extends known trend of mineralization to the northwest towards newly staked Abbey occurrence, a further 9 kilometres. * Mineralized Active Member has also been intercepted in PN-3 in what has been termed the Pelly North Zone. The distance between Pelly North and Nose zone in the XY deposit increases the length of known mineralization in the Active Member from 30 to 37.5 kilometres. * Drilling is progressing with eight diamond drill rigs conducting confirmatory drilling in the known resource areas and testing new exploration targets. To date 33 drill holes have been completed for a total of 6,082 metres. * Surficial geochemical surveys completed over favorable stratigraphy in the Howard's Pass strata, including newly staked Abbey occurrence, to guide stratigraphic drilling. * Expansion of exploration budget from $8 million to $10 million for 2006 field season with increased definition drilling on the new zones. Note that all discussion of NI-43-101 compliant Indicated and Inferred mineral resources are referenced in the March 2006 NI 43-101 report for Howard's Pass. All discussion of historical Indicated mineral resources that predate introduction of NI 43-101 should be considered as Inferred mineral resources. All historical Inferred mineral resources that predate NI 43-101 should be considered as areas of mineral potential requiring further definition through drilling. Historical mineral resources are referenced in the June 2005 NI 43-101 report for Howard's Pass. Copies of the reports can be viewed at www.sedar.com. Location of the new zones is available at www.pacifica-resources.com. HC Zone The newly discovered HC Zone straddles the boundary between Pacifica's wholly-owned NOD claims and the HPJV claims in the Don Valley. The NOD claims cover a 9 km strike length of the favorable strata that was not previously drilled. In 2005, Pacifica announced the discovery of the Don Zone at the northwest end of the valley. New drill holes DON-11, DON-12 and Don 13 have intersected similar mineralization in the Active Member in the southeast portion of Don Valley. This new discovery is 2.5 km northwest of the Brodel Zone and 6.5 km southeast of the Don Zone; drilling is planned to test the 6.5 km of untested favorable stratigraphy between the two zones. Soil geochemical surveying and geological mapping are in progress to better define the location of the Active Member prior to commencement of systematic fill-in stratigraphic drilling in the gap between the two discoveries. DON-11 intersected zinc-lead mineralized Active Member from 171.4 to 214.1 metres (42.7m, estimated true thickness of 36.1m) and DON-13; drilled 225 metres northwest of DON-11, also intersected zinc-lead mineralized Active Member from 53.0 to 87.2m (34.2m; estimated true thickness of 29.6m). Don 12 is located 500 metres southeast of Don-11 and drilling is continuing in Active Member. The mineralized interval from DON-11 has been sampled and shipped for assay. The HC deposit appears to be the faulted extension of the Brodel Zone located on the northeast limb of the XY synclinal structure. Two drills have now been allocated to commence systematic definition drilling of the new discovery. Drilling is also planned to test the stratigraphy to the southwest towards the anticlinal hinge. -------------------------------------------------------------------------------- Drill hole No. From To Interval True Comments (m) (m) thickness -------------------------------------------------------------------------------- Don 11 171.4 214.1 42.7 36.1 -------------------------------------------------------------------------------- Don 12 400.8 In progress 31.7+ 27.5+ -------------------------------------------------------------------------------- Don 13 53.0 87.2 34.2 29.6 -------------------------------------------------------------------------------- Don 14 Collared in footwall -------------------------------------------------------------------------------- Pelly North Zone Drill hole PN-03 was drilled 7.5 kilometres northwest of the OP zone to follow up anomalous soil geochemistry defined in the 2005 reconnaissance sampling program. The drill hole has intersected 16.8 m mineralized Active Member and is continuing in Active Member. This drill hole extends the length of mineralized Active Member to 37.5 kilometres. -------------------------------------------------------------------------------- Drill hole No. From To Interval True Comments (m) (m) thickness -------------------------------------------------------------------------------- PN-01 Abandoned in hangingwall -------------------------------------------------------------------------------- PN-02 Abandoned in hangingwall -------------------------------------------------------------------------------- PN-03 149.4 In progress 16.8+ -------------------------------------------------------------------------------- OP Zone Two new drill holes have been completed following up on mineralized strata in the OP Zone. Drill hole OP-17 is a 4.5km step out to the northwest along the favorable strata. The new zone is referred to as OP West. This hole intersected 7.6m of Active Member from 115.85 to 123.48 metres. Hole OP-19, located immediately north of the OP Zone, was lost in a fault in hanging wall strata to the Active Member. Previous operators completed 9 drill holes with one of the holes intersecting 5.13% combined zinc-lead over 4.7 metres. Pacifica completed 4 drill holes in 2005 on the OP Zone intersecting up to 14.2m of mineralized Active Member grading 2.84% zinc and 0.97% lead that included 8.3m grading 4.24% zinc and 1.51% lead. Strata in the OP area are complicated by imbricate faults; however, the mineralization remains open for expansion of mineral potential. The gap between OP West and the OP Zone is being assessed for additional drilling. -------------------------------------------------------------------------------- Drill hole No. From To Interval True Comments (m) (m) thickness -------------------------------------------------------------------------------- OP-17 115.8 123.5 8.7 7.6 Intersected Active Member -------------------------------------------------------------------------------- OP-19 Hole lost in hangingwall strata -------------------------------------------------------------------------------- Anniv Central Zone The Anniv Central Zone is located within the central part of the Anniv Deposit, all of which is within HPJV Claims and is one of the zones being assessed for initial open-pit development. The zone has a strike length of approximately 7 kilometers. Nine new drill holes have been completed in the Anniv Central Zone, four of which, AN-95, AN-96, AN-103, and AN-106 has intersected zinc-lead mineralized Active Member typical of the Anniv Central Zone. AN-97 was abandoned in the overlying hanging wall strata to the Active Member and did not reach target depth; whereas, AN-98, AN-100, AN-101 and AN-105 were collared in footwall strata and abandoned. Previous drilling defined a near surface open-pit NI 43-101 compliant Indicated mineral resource of 12,590,000 tonnes grading 4.46% zinc and 1.66% lead, and a NI 43-101 compliant Inferred Resource of 20,970,000 tonnes grading 5.38% zinc and 1.79% lead. Additional drilling is planned to define the trace of the shallow portion of the zinc-lead mineralized Active Member along strike to the northwest towards the Anniv West Zone. The Anniv West Zone has only been drilled on wide-spaced centers with prior operators noting that the Active Member is steeply dipping. Successful fill-in drilling between the Anniv Central and West Zones has the opportunity to convert the mineral potential into either Indicated or Inferred resource categories, thereby expanding open-pit mineral resources in this area. Assays for the Anniv Central Zone drill holes are expected shortly. -------------------------------------------------------------------------------- Drill hole No. From To Interval True Comments (m) (m) thickness -------------------------------------------------------------------------------- AN-95 173.6 197.6 24.0 21.8 -------------------------------------------------------------------------------- AN-96 203.0 218.9 15.9 9.12 -------------------------------------------------------------------------------- AN-97 Abandoned in hangingwall strata -------------------------------------------------------------------------------- AN-98 Collared in footwall strata -------------------------------------------------------------------------------- AN-100 Collared in footwall strata -------------------------------------------------------------------------------- AN-101 113.1 121.1 8.0 7.8 Fault repeat of 189.4 192.4 3.0 Active Member -------------------------------------------------------------------------------- AN-103 66.6 103.2 36.4 34.2 -------------------------------------------------------------------------------- AN-105 Collared in footwall strata -------------------------------------------------------------------------------- AN-106 68.7 116.7 48.0 36.8 -------------------------------------------------------------------------------- Anniv East Zone Three new drill holes have been completed on the Anniv East Zone where there is a NI 43-101 compliant Inferred mineral resource of 18,380,000 tonnes grading 4.46% zinc and 1.28% lead. AN-99, AN-102, and AN-104 all intersected zinc-lead mineralized Active Member. These new drill holes and other planned drilling will provide detailed information for upgrading the mineral resource estimate for initial planning studies and further define mineral resource potential that will be evaluated for open-pit development. Samples have been shipped to ALS Chemex and assay results for these holes are expected shortly. -------------------------------------------------------------------------------- Drill hole No. From To Interval True Comments (m) (m) thickness -------------------------------------------------------------------------------- AN-99 83.6 94.5 10.9 4.6 -------------------------------------------------------------------------------- AN-102 83.7 136.5 52.8 35.0 -------------------------------------------------------------------------------- AN-104 69.2 128.0 58.8 48.1 -------------------------------------------------------------------------------- XY Central Zone The XY Central Zone is within the area of the Selwyn Project that has seen the most extensive exploration work. The zone is part of the XY deposit that is located approximately 12 km southeast of the Anniv deposit. The XY deposit is one of several areas being evaluated for initial open pit development. Drilling in the XY Central Zone has defined a NI 43-101 compliant Indicated mineral resource of 20,510,000 tonnes grading 5.90% zinc and 2.37% lead and a NI 43-101 compliant Inferred resource of 54,130,000 tonnes grading 6.15 % zinc and 2.77% lead. Three new drill holes have been completed with XY-110 intersecting only a narrow width of zinc-lead mineralized Active Member. XY-112 appears to have been drilled in an un-mineralized fault block off the eastern boundary of the mineralized sedimentary basin hosting the Howard's Pass deposits. Drill hole XY-113 was collared in footwall strata and shutdown immediately defining the near surface boundary in this area. Additional fill-in drilling is planned on the shallow part of this Zone to better define resources in the potential open-pit part of this resource. Assays for these holes are expected shortly. One new drill hole has also been completed as part of additional follow-up of the historical, high-grade underground, historical diluted mineral reserve defined by detailed drilling in the underground work program undertaken from 1979 to 1981. The HPJV defined a historical diluted mining reserved of 8,900,000 tonnes grading 10.6% zinc and 5.5% lead. This historical diluted mining reserve estimate pre-dates NI 43-101 and utilized economic parameters that only have limited or no relevance today. Although such estimates were considered relevant, at the time, they are not today due to changing economics, mining methods and are not based upon a NI 43-101 compliant feasibility study that indicated economic viability. XY-111 intersected zinc-lead rich mineralized Active Member with results to be released after review by Pacifica's technical team. Drill hole No. From To Interval True Comments (m) (m) thickness -------------------------------------------------------------------------------- XY-110 123.8 124.0 0.2 Thin Active Member -------------------------------------------------------------------------------- XY-111 332.9 358.1 25.2 24.5 -------------------------------------------------------------------------------- XY-112 Active Member faulted out -------------------------------------------------------------------------------- XY-113 Fault displacement of Active Member -------------------------------------------------------------------------------- XY-114 Collared in footwall strata -------------------------------------------------------------------------------- XY-115 57.5 83.0 25.5 24.6 -------------------------------------------------------------------------------- HP Zone One new drill hole was drilled on the HP Zone; however, HP-04 was lost in poor ground conditions within the overlying hanging wall strata to the Active Member. Previous drilling on the HP claims intersected thin zones of Active Member over a strike length of 900m; however, there remains an un-drilled gap between the HP Zone and the Brodel Zone to the northwest. The Active Member in this area is located on the east limb of the synclinal structure that hosts the XY deposit and is approximately 1.6 kilometres to the east of XY Central Zone. Drill hole HP-03 has provided the highest grade mineralization with 9.4m grading 5.35% zinc and 1.44 % lead. Drilling indicated that the HP Zone appears to define a gradational boundary of what is being interpreted as the eastern edge of the XY deposit. Don Zone One new drill hole has been completed in the valley bottom as follow-up to the Don Zone discovery drill hole DON-04. DON-10 remained in favorable stratigraphy that overlies the Active Member until it was shut down at 417.4m. In 2005, the first three holes were drilled in the floor of Don Valley to begin to test the then un-drilled 11 kilometre strike length of favorable strata. The three holes all intersected favorable strata that overlies the Active Member and were abandoned before reaching the Active Member because the drill hole target depths were below open-pit range. DON-04 collared upslope from the first three drill holes and intersected 40.2m of Active Member that dips sub-parallel to the hill slope (estimated true thickness of 36.1m). The stratigraphy is complicated by faulting. Additional drilling is planned to understand the fault displacement of the Active Member and extend the zone along the slope. Zinc-lead sulphide mineralization remains open and follow-up is wa rranted. East Panel Two new stratigraphic drill holes EP-01 and EP02 have been completed in the east Panel. Four other holes were lost in faults or broken ground. The East Panel covers a large area which lies to the east of the Boundary fault that occurs to the east of all of the known mineralized zones in the West Panel. Drill hole EP-01 is located east of OP Zone whereas EP-02 is located east of the Don Zone. Both holes tested a large stratigraphic interval, and failed to intersect Active Member, suggesting a different basinal facies occurs east of the Boundary fault. Further geological and structural assessments of the strata are required to gain a full understanding of changes in the basinal facies. Geologic and Stratigraphic Modeling Discovery of well mineralized Active Member in Don Valley in the Don Zone and the newly discovered HC Zone, as well as the Brodel Zone, followed by Pelly North and OP West, it is now clear that there is a need to further define stratigraphy in each fault block to vector into the location of the Active Member; which is the host for zinc-lead mineralization. In 2005, the regional mapping team led by Dr. R.W. Hodder identified a new structural model for distribution of the local stratigraphy that is consistent with the current understanding of fold and thrust belts. This mapping also indicates that the strata in the vicinity of the Howard's Pass deposits are repeated as panels between moderate to low angle west dipping thrust faults. These fault panels are in turn cut by latter steep normal faults that further juxtapose the strata. The second significant change in understanding is that the mineralized Active Member is part of a large continuous sheet of mineralization that occurs over a distance of perhaps 50 kilometers rather than the known mineralized zones being related to restricted sub-basins. The combination of these two interpretations significantly increases the areas for future exploration. Several large target areas are being readied for stratigraphic drilling. Geochemical Surveys Pacifica has collected over 2,500 soil samples over a strike length of 42 kilometres across the Howard's Pass strata aimed at identifying new targets, as well as further defining favorable strata along strike from known zinc-lead zones such as Brodel and Don. Soil grids continue to be established throughout the Don Valley with field crews mobilizing to the vicinity of the newly discovered HC Zone, as well as to the Abbey occurrence on the recently staked northwest 16 kilometre extension of the Selwyn Project. Soil sampling in 2005 led to the discovery of the Pelly North zone. 2006 Exploration and Development Plan Pacifica's approved $8 million exploration program has been expanded to $10 million for the summer and fall of 2006 consists of drilling, geological mapping, surficial geochemical surveys, additional metallurgical testing, and an environmental baseline survey. Drilling is continuing with eight drill rigs; four drills are testing stratigraphic targets with potential for new discoveries, while the other four drills are undertaking fill-in drilling. The four drills undertaking fill-in drilling have two objectives, firstly to convert mineral Potential into the Inferred resource category and Inferred into the Indicated resource category, and secondly to define an additional 100 million tonnes of shallow mineralization amenable for open pit mining within the new discovery areas (see February 9, 2006 news release). The Selwyn Project exploration program is being reviewed by Vice President Exploration, Mr. Jason Dunning, M.Sc., P.Geo. The onsite activities for the Selwyn Project are directed by Exploration Manager, John J. O'Donnell, P.Geo. Both Mr. Dunning and Mr. O'Donnell are Qualified Persons within the meaning of National Instrument 43-101. Pacifica's main focus is the exploration of its Selwyn Project in eastern Yukon and Northwest Territories. The Selwyn Project hosts very large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production of zinc and lead, at a time when World's zinc mine supply is in deficit and there are few new zinc-lead mines under development. This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results. Additional drilling is required to confirm the potential of the new discovery areas and expansions of the current resource areas. Furthermore, there is no assurance that the resources being defined can be developed as an economically attractive mine, and there are many uncertainties associated with permitting and other factors that could delay such development. For more information contact: Dr. Harlan Meade, President and CEO Jasmin TamDoo, Manager of Investor Communications Telephone: [phone] Toll-free: 1-877-682-5474 International Toll-free: 800-8682-5474 Facsimile: [phone] [e-mail] www.pacifica-resources.com THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE. 12G: 82-4603 Table 1. Drill Hole Coordinates and Orientation -------------------------------------------------------------------------- Drill Hole Dip Azimuth EOH UTM UTM Elev. No. (m) Easting Northing (m) -------------------------------------------------------------------------- HC Zone -------------------------------------------------------------------------- Don 11 -60 30 214.07 483775 6930945 1253 -------------------------------------------------------------------------- Don 12 -60 30 403.86 484184 6930638 1285 -------------------------------------------------------------------------- Don 13 -60 30 80.77 493626 6931113 1234 -------------------------------------------------------------------------- Don 14 -60 30 481568 6932237 1220 -------------------------------------------------------------------------- Pelly North Zone -------------------------------------------------------------------------- PN-01 -70 30 140.2 459170 6945101 1688 -------------------------------------------------------------------------- PN-02 -50 30 111.9 459170 6945101 1688 -------------------------------------------------------------------------- PN-03 -60 30 460080 6944390 1360 -------------------------------------------------------------------------- East Panel -------------------------------------------------------------------------- EP-01 -90 30 114.3 470173 6941160 1322 -------------------------------------------------------------------------- EP-02 -85 30 193.6 478710 6936280 1525 -------------------------------------------------------------------------- OP-15 -75 210 210.4 466038 6942838 1470 -------------------------------------------------------------------------- OP-16 -75 30 191.2 466973 6941392 1517 -------------------------------------------------------------------------- OP-18 -75 30 251.5 466977 6941383 1517 -------------------------------------------------------------------------- OP-20 -80 210 61.0 464951 6943804 1239 -------------------------------------------------------------------------- OP Zone -------------------------------------------------------------------------- OP-17 -70 30 152.4 463128 6943070 1225 -------------------------------------------------------------------------- OP-19 -65 150 53.3 465715 6941210 1420 -------------------------------------------------------------------------- Anniv Central Zone -------------------------------------------------------------------------- AN-95 -80 30 199.7 472035 6937446 1466 -------------------------------------------------------------------------- AN-96 -80 30 237.2 471988 6937554 1463 -------------------------------------------------------------------------- AN-97 -85 30 541.9 472305 6937155 1491 -------------------------------------------------------------------------- AN-98 -85 30 106.7 472264 6937821 1453 -------------------------------------------------------------------------- AN-100 -50 30 112.2 472264 6937821 1453 -------------------------------------------------------------------------- AN-101 -50 210 254.6 472223 6937751 1447 -------------------------------------------------------------------------- AN-103 -75 30 117.4 471952 6937682 1464 -------------------------------------------------------------------------- AN-105 -75 30 117.4 472027 6937811 1440 -------------------------------------------------------------------------- AN-106 -70 30 160.0 471787 6937796 1480 -------------------------------------------------------------------------- Anniv East Zone -------------------------------------------------------------------------- AN-99 -85 210 114.3 474723 6935858 1130 -------------------------------------------------------------------------- AN-102 -85 30 143.3 474676 6935601 1123 -------------------------------------------------------------------------- AN-104 -85 30 120.2 474674 6935340 1119 -------------------------------------------------------------------------- AN-107 -85 30 474513 6935215 1121 -------------------------------------------------------------------------- AN-108 -70 210 475633 6935658 1110 -------------------------------------------------------------------------- Don Zone -------------------------------------------------------------------------- Don-10 -65 30 417.4 478291 6934255 1156 -------------------------------------------------------------------------- XY Central Zone -------------------------------------------------------------------------- XY-110 -80 210 199.03 489810 6926315 1615 -------------------------------------------------------------------------- XY-111 -85 30 428.20 488767 6926596 1663 -------------------------------------------------------------------------- XY-112 -80 210 245.36 490018 6926262 1654 -------------------------------------------------------------------------- XY-113 -80 30 78.33 490137 6925775 1721 -------------------------------------------------------------------------- XY-114 -90 145.40 490193 6925877 1738 -------------------------------------------------------------------------- XY-115 -80 30 103.94 489500 692600 1615 -------------------------------------------------------------------------- XY-116 -85 30 In progress 488901 6926536 1675 -------------------------------------------------------------------------- XY-117 -90 210 489832 6925851 1663 -------------------------------------------------------------------------- HP Zone -------------------------------------------------------------------------- HP-04 -70 210 181.7 487792 6929633 1820 -------------------------------------------------------------------------- Maximum News Dissemination by Filing Services Canada Inc. 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