ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

PXR

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:PXR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Prominex Resource Corp. Announces Receipt of Tulks Hill Mining Lease

29/01/2014 8:06am

Marketwired Canada


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Prominex Resource Corp.
Gordon Barron
President and CEO
1.604.566.1094
www.prominex.ca

1 Year Chart

1 Year  Chart

1 Month Chart

1 Month  Chart