good newsPrize Mining Announces High Grade Silver, Copper & Molybdenum Identified on Red Ridge Property, Carcross, YT
11/29/2007
CALGARY, ALBERTA, Nov 29, 2007 (Marketwire via COMTEX News Network) --
Prize Mining Corporation ("Prize") (TSX VENTURE:PRZ) is pleased to announce that it has received assay results for rock grab and chip samples collected on its newly acquired Red Ridge Property, located near Carcross in southwestern Yukon (see news release dated November 19, 2007). Widespread precious and base metal mineralization occurs throughout the claims, which are centred on a prominent gossanous ridge. Silver assay values up to 8,662 g/t (278.5 oz/t) and copper assay values up to 2.144% have been obtained from chip samples collected from the East Zone (see below).
During the 1980s six zones named Western, Miller, Saddle, Don, Vance and East were identified over a two kilometre strike length along the main ridge from west to east. Subsequent prospecting has identified several additional mineralized zones. The following table shows the significant assay results from Prize's initial grab and chip sampling program on the Miller, Saddle, East, Don and Moly Zones.
-------------------------------------------------------------------------- SILVER COPPER GOLD MOLYBDENUM LEAD ZINCSAMPLE # ZONE DESCRIPTION (g/t) (%) (g/t) (%) (%) (%)--------------------------------------------------------------------------RR-1 MILLER Grab 153 0.236 0.81 8.46 0.14--------------------------------------------------------------------------RR-5 SADDLE 15cm chip 1.91--------------------------------------------------------------------------RR-6 SADDLE 50cm chip 0.027 5.07 0.51 0.96--------------------------------------------------------------------------WP293 SADDLE 20cm chip 155 0.029 3.25 1.39 0.23--------------------------------------------------------------------------WP295 SADDLE Grab 3387 0.384 4.12 63.70 0.22--------------------------------------------------------------------------WP298 SADDLE 2m chip 77 0.032 0.64 0.33 0.46--------------------------------------------------------------------------RR-7 EAST Grab 2681 0.526 0.17--------------------------------------------------------------------------RR-8 EAST 1m chip 760 0.465 0.17 0.15 0.15--------------------------------------------------------------------------WP299 EAST 1m chip 6082 2.067 0.75 3.25 0.25--------------------------------------------------------------------------WP299B EAST 1m chip 2160 0.249 0.19--------------------------------------------------------------------------WP299C EAST 20cm chip 8662 2.144 0.41 0.33 0.19--------------------------------------------------------------------------RR-3 DON 3m chip 158 1.09 0.46 0.52--------------------------------------------------------------------------RR-4 DON Grab 0.302 0.13--------------------------------------------------------------------------WP300 DON 20cm chip 45 0.348 0.109--------------------------------------------------------------------------WP300B DON 20cm chip 123 0.063 0.067--------------------------------------------------------------------------WP300C DON 20cm chip 0.068--------------------------------------------------------------------------WP300D DON 20cm chip 0.310 0.390--------------------------------------------------------------------------WP300E DON 20cm chip 0.450--------------------------------------------------------------------------WP300F DON 20cm chip 0.874--------------------------------------------------------------------------RR-9 MOLY Grab 71 0.311 0.080--------------------------------------------------------------------------WP301 N Slope 20cm chip 0.190--------------------------------------------------------------------------
Rock chip samples were collected across the true width of mineralizing structures wherever possible. Grab samples were collected to represent a certain rock or mineralization type or alteration assemblage. Samples were submitted to ACME Laboratory Ltd. in Vancouver for gold and silver fire assay and 30 element ICP analyses. ACME Laboratory Ltd. is completely independent of Prize.
Miller Zone
A single grab sample collected from a two to three metre wide silicified shear zone, containing quartz-galena pods, returned assay values of 153 g/t silver, 0.236% copper and 8.46% lead.
Saddle Zone
Several rock samples ranging from grabs up to two metre chips returned elevated gold values of up to 5.07 g/t across 50 centimetres, associated with 0.96% zinc and 0.51% lead. A very high grade grab sample returned assay values of 3,387 g/t (108.9 oz/t) silver, 63.7% lead, 0.384% copper and 4.12 g/t gold.
The Saddle Zone consists of a 30 metre wide zone of shearing and alteration containing footwall and hanging wall quartz veins. Prior exploration on this zone during the late 1980s returned good gold and silver values, including 28.5 g/t gold and 31.51 g/t silver over 0.4 metres from a diamond drill hole (reference YGS Minfile). Precious metal values are not limited to samples with sulphides indicating the presence of free gold or electrum.
East Zone
The highest grade and most consistent silver and copper values were obtained from this zone. The East Zone consists of a mineralized trend exceding 15 metres, within which are narrower quartz/barite veins containing massive tetrahedrite, azurite, and malachite.
Silver and copper assay values from chip sampling include 6,082 g/t (195.6 oz/t) silver and 2.067% copper over one metre and 8,662 g/t (278.5 oz/t) silver and 2.144% copper over 20 centimetres.
Don Zone
Prior sampling in the 1980s returned an average of 10.1 g/t gold and 1,519 g/t (48.8 oz/t) silver across 0.5 metres along a 39 metre strike length (reference YGS Minfile). Prize's sampling showed a gold value of 1.09 g/t over a 3 metre chip sample. A series of 20 centimetre chip samples from the Don Zone returned good molybdenum and copper mineralization with assay values of up to 0.874% molybdenum and 0.348% copper. These assay results are very significant as the copper-molybdenum porphyry potential of this zone was not previously recognized. Prize's recent review of the historical drill core logs show an abundance of unsampled porphyry style mineralization.
Moly Zone
A 1.4 metre wide outcrop of quartz exhibits chalcopyrite, sphalerite, massive and disseminated molybdenite. Chip samples across the vein returned assay values up to 1.6% molybdenum (reference Bratvold, 2005). The vein outcrops on the wall of a 10 metre wide gully, which appears to be the surface expression of a shear zone. A single grab sample collected by Prize assayed 0.08% molybdenum, 0.311% copper and 71 g/t silver.
Recommended Work Program
As a result of the success of this initial sampling program, an aggressive exploration program is recommended for the Red Ridge Property in early 2008. An initial work requirement is the emplacement of a baseline and grid covering much of the claim block. A total of approximately 100 line kilometres are required for an initial grid survey.
This grid can then be utilized for geological mapping, soil and rock sampling and geophysical surveys. Past soil sampling surveys were conducted over a portion of the property, but multi-element analyses was not done. Prior soil surveys were only analyzed for Au, Ag and Pb, this new survey should cover base and precious metals and indicator elements. Management of Prize believe the potential on the property for a large copper +/- molybdenum zone is substantial. The main intrusive body and its contact zones and alteration haloes provide likely sources for mineralization control that could possibly be defined by a ground magnetic survey conducted along the same grid lines as the soil survey. Coincident geochemical and geophysical anomalies will then provide target areas for follow up trenching and/or diamond drilling.