Prominex Resource Corp. Announces Application Approval for Tulks Hill Mining Lease
2013年5月4日 - 3:40AM
Marketwired Canada
Prominex Resource Corp. (the "Company" or "Prominex") (TSX VENTURE:PXR)
announced today that its application for a Mining Lease for a portion of the
Tulks Hill property located in central Newfoundland has been accepted by the
Department of Natural Resources in St. John's, Newfoundland and Labrador.
The mining lease application is 60 hectares (ha) in size and covers the Tulks
Hill volcanogenic massive sulphide (VMS) deposit, including National Instrument
43-101 (NI 43-101) compliant mineral resources, located on the Tulks Hill
Mineral Licence 10212M. Newfoundland and Labrador Mineral Regulations require a
legal survey of the area covered by the application be submitted to the
Department of Natural Resources by November 1, 2013.
About Tulks Hill
The Tulks Hill property is a joint venture between Prominex (51% operator) and
Buchans Mineral Corporation (TSX VENTURE:BMC) (49%), (see news release dated
November 12, 2007).
The property comprises 20 mineral claims (500 hectares) located 60 kms southwest
of the former mining town of Buchans, NL, and 25 kms southwest of the Duck Pond
base metal mine operated by Teck Resources Limited (Teck). The property is
located 6 kms from the 18 MW Star Lake Hydro project and is accessible from both
the towns of Buchans and Millertown by well-maintained pulpwood haulage roads.
Discovered in 1961 by Asarco Ltd. (Asarco),the Tulks Hill prospect was subjected
to extensive exploration by the Asarco/Abitibi-Price Ltd. Joint Venture. From
1961 to 1981, work included detailed geological mapping, ground geophysical
surveys (VLF-EM, Max-Min, Self-Potential, magnetometer, limited Induced
Polarization), and drilling of 190 diamond drill holes. This work resulted in
outlining four volcanogenic massive sulfide (VMS) lenses termed T1, T2, T3, and
T4.
In July 2008, the Company received a NI 43-101 Technical Report including an
estimate of mineral resources for the T3 Lens. This report is filed on SEDAR
(www.sedar.com) and is available on the Prominex web site (www.prominex.ca). The
Tulks Hill property is subject to net smelter return royalty ranging from 2.0%
to 2.25% on certain of the claims (see news release dated July 17, 2008).
The following summary is from the NI 43-101 Technical Report on the Tulks Hill
property, Newfoundland and Labrador, Canada, prepared for the Tulks Hill joint
venture between Prominex (operator) and Buchans Mineral Corporation (formerly
Buchans River Limited), prepared by Mr. Hrayr Agnerian, M.Sc. (Applied), P. Geo.
of Scott Wilson RPA on July 22, 2008.
"The T3 Lens of the Tulks Hill deposit contains some 431,000 tonnes of Indicated
Mineral Resources at an average grade of 0.89% Cu, 3.97% Zn, 1.61% Pb, 35.09 g/t
Ag and 1.17 g/t Au. The 1.1% CuEq (copper equivalent) cut-off grade is based on
a minimum 2 metre horizontal thickness of mineralization. The drilling by
Prominex at Tulks Hill has confirmed the earlier results by Asarco Inc."
T3 Lens - Mineral Resources above the Adit
Average Grade
----------------------------------------
Zone Category Tonnes % Cu % Zn % Pb g/t Ag g/t Au
---------------------------------------------------------------------------
2 Indicated 290,000 0.91 5.03 2.00 38.81 1.24
3 Indicated 30,000 0.52 2.67 1.53 61.52 0.59
---------------------------------------------------------------------------
Total Indicated 320,000 0.87 4.81 1.96 40.94 1.18
---------------------------------------------------------------------------
T3 Lens - Mineral Resources below the Adit and Elsewhere
Average Grade
----------------------------------------
Zone Category Tonnes % Cu % Zn % Pb g/t Ag g/t Au
---------------------------------------------------------------------------
1 Indicated 4,000 0.79 1.09 0.41 26.19 0.31
2 Indicated 44,000 0.76 1.77 0.56 19.53 2.76
3 Indicated 5,000 0.52 2.46 1.39 57.95 0.66
4 Indicated 58,000 1.12 1.42 0.60 15.09 0.06
---------------------------------------------------------------------------
Total Indicated 111,000 0.94 1.55 0.60 18.24 1.15
The Joint Venture partners will complete the legal survey of the mining lease
during the summer of 2013 and are continuing to evaluate alternatives for the
further exploration and development of the Tulks Hill property. Mr. Hrayr
Agnerian, M.Sc. (Applied), P.Geo., is the Qualified Person as defined in NI
43-101, and has reviewed the technical information contained in this news
release for accuracy.
About Prominex
Prominex is a Canadian company engaged in exploration for VMS deposits in
Newfoundland and Labrador. The Company's two major assets are the Tulks Hill
project and the Lake Bond project, both situated in central Newfoundland.
ON BEHALF OF THE BOARD
Gordon Barron, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Prominex Resource Corp.
Gordon Barron
President and CEO
1.604.566.1094
www.prominex.ca
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