Prominex Resource Corp. Announces Receipt of Tulks Hill Mining Lease
January 29 2014 - 4:06AM
Marketwired
Prominex Resource Corp. Announces Receipt of Tulks Hill Mining
Lease
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 29, 2014) -
Prominex Resource Corp. (the "Company" or "Prominex")
(TSX-VENTURE:PXR) announced today that it has received a Mining
Lease issued by the Department of Natural Resources (DNR),
Government of Newfoundland and Labrador (NL) for a portion of the
Tulks Hill property (Tulks Hill Mineral Licence 10212M) located in
central Newfoundland. (see news release of May 3, 2013). The mining
lease is 72.5 hectares (ha) in size, and covers the Tulks Hill
volcanogenic massive sulphide (VMS) deposit, with National
Instrument 43-101 (NI 43-101) compliant Mineral Resources.
The Tulks Hill property is a joint venture between Prominex
(51%, operator) and Buchans Mineral Corporation ("Buchans") (see
news release of November 12, 2007). Recently, Buchans became a
wholly-owned subsidiary of Minco Plc (MIO-AIM).
About Tulks Hill
The Tulks Hill property is located approximately 60 km southwest
of the former mining town of Buchans, NL, and 40 km southwest of
the Duck Pond base metal mine, which is operated by Teck Resources
Limited (Teck). The property is accessible from both the towns of
Buchans and Millertown by well-maintained pulpwood haulage roads.
The 18 MW Star Lake Hydro-electric project is located 6 km from the
property.
Discovered in 1961 by Asarco Ltd. (Asarco), the Tulks Hill
prospect was explored by the Asarco/Abitibi-Price Ltd. Joint
Venture (Abitibi-Price) from 1961 to 1981. This historic
exploration resulted in outlining four volcanogenic massive
sulphide (VMS) lenses termed T1, T2, T3, and T4. In 1980, the
Buchans Mine geological staff carried out a resource estimate for
Abitibi-Price and reported an inferred resource for the 4 lenses of
730,000 tonnes at an average grade of 5.5% zinc, 2.1% lead, 1.1 %
copper, 45 g/t silver, and 0.4 g/t gold. The resource estimate was
based on diamond drilling at 30-metre centers, and a total of 212
metres of underground development on the T3 lens. Prominex cautions
that the Abitibi-Price resource estimates are historical estimates
and should not be relied upon.
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.
The following summary is from the NI 43-101 Technical Report
prepared for the Tulks Hill joint venture by Mr. Hrayr Agnerian,
M.Sc. (Applied), P. Geo., formerly of Scott Wilson RPA.
"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 |
Qualified Person
Mr. Hrayr Agnerian, M.Sc. (Applied), P. Geo., President of
Agnerian Consulting Ltd., is a Qualified Person as set out in the
definitions of National Instrument 43-101 (NI 43-101). Mr. Agnerian
has reviewed the technical information included in this news
release.
About Prominex
Prominex is a TSX-Venture listed exploration and development
company trading under the symbol "PXR". During the past several
years, Prominex has been exploring primarily for
zinc-lead-copper-silver-gold mineral deposits. Currently, Prominex
is evaluating two projects within a base metal rich area of central
Newfoundland, home to formerly producing world-class base metal
deposits at Buchans and the currently producing Duck Pond
zinc-copper mine owned and operated by Teck. The Company's two
major assets are the historic Tulks Hill and the Reid Lot 50
projects, both situated in central Newfoundland.
ON BEHALF OF THE BOARD
Gordon Barron, President and CEO
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release, and no
securities regulatory authority has approved or disapproved of the
contents of this release.
Prominex Resource Corp.Gordon BarronPresident and
CEO1.604.566.1094www.prominex.ca