PLY NRPLAYFAIR MINING LTD. ("PLY-V") - Deep Drill Program Planned for San Miguel
Playfair Mining Ltd. is finalizing plans for an extensive deep drilling test of the large soil geochemical anomalies on Playfair's 100% owned San Miguel property in San Luis Potosi State, in north central Mexico. This part of Mexico is world renowned for its large, high-grade carbonate replacement deposits that have been in production for over 400 years.
Playfair's San Miguel property is 10 to 15 kilometres southeast of the Charcas mining district that has produced over 22 million tons of ore with grades varying from 1,500 g/t silver in 1583; 222 g/t silver, 3.45% lead, 9.6% zinc in 1950; and 60 g/t silver and 5% zinc in 1991.
Playfair's exploration strategy has been to concentrate on underexplored overburden covered areas with similar geology to that at existing mines found by prospecting in areas of outcrop. Regional geology and geophysics was used to outline potentially favourable areas that were then investigated with MMI soil geochemical surveys. A prominent MMI anomaly at the San Miguel property was then followed up by conventional soil geochemical surveys at various levels of detail, reverse circulation drilling and an airborne magnetic survey.
Playfair's work at San Miguel has delineated very high silver, zinc and lead conventional soil anomalies covering a length of over 13 kilometres and up to 3 kilometres wide. Widely spaced reverse circulation drilling on one portion of the anomaly cut geochemically anomalous limestones and intrusives showing strong hydrothermal alteration. The sixteen holes encountered between 70 and 100 meters of overburden and each hole tested about ten metres of bedrock. These rock types and alteration are very similar to those associated with mineralization at the known mines in the area and bode well for the upcoming drill program at San Miguel.
Playfair plans drilling for three particularly high areas of the prominent E1 soil geochemical anomaly, E1-S (2,000 by 500 metres), E1-N (2,500 by 1,000 metres) and E1-NW (1,500 by 200 metres). Each of these three areas will be cross-sectioned with angle holes; each hole is planned for a final depth of 300 to 400 metres at an angle of 45 to 50 degrees from the vertical.
The drilling is expected to commence by mid June following the completion of the previously announced financing presently in progress, which is expected to close within the next week.
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ON BEHALF OF THE BOARD
D. Neil Briggs, President and Director
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PLAYFAIR MINING LTD. FAX: 604 687-7179