Prominex Receives NI 43-101 Resource Estimate Report From Scott Wilson RPA on Tulks Hill T3 Lens
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 17, 2008) – Prominex Resource Corp. (TSX VENTURE:PXR) reports that it has received the initial resource estimate compliant with CIM Guidelines and NI 43-101 regulations for disclosure of the T3 Lens at the Company’s Tulks Hill zinc-lead-copper-silver-gold project in central Newfoundland. These initial resource estimates, completed independently by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA), incorporate all drilling completed at Tulks Hill to date. Mr. Hrayr Agnerian, M.Sc. (Applied), P.Geo., is the Qualified Person and author of the report entitled “Technical Report on the Tulks Hill Cu-Zn Property, Newfoundland”, prepared for Prominex Resource Corp., and dated June 17, 2008, and has reviewed this news release.
For this report, Scott Wilson RPA has estimated the Mineral Resources of the Tulks Hill VMS deposit by constructing a block model of the mineralized zones. The Scott Wilson RPA resource estimate is in accordance with the Mineral Resource/Reserve Classification as recommended by the CIM Committee on Mineral Resources/Reserves. Indicated Mineral Resources include those mineralized blocks defined by diamond drill holes spaced 50m or less.
The Tulks Hill Property is located approximately 40 km southwest of the former mining town of Buchans, 25 km west of the Duck Pond deposit, 12 km northeast of Messina’s Boomerang prospect and 5 km southwest of their Tulks East Deposit. The property is accessible from both the towns of Buchans and Millertown by well-maintained pulpwood haulage roads.
Prominex has a 51% interest in the property and is the operator of a joint venture with Buchans River Ltd. (TSX VENTURE:BUV).
The following are the Resource Estimate and the Conclusions from the Scott Wilson RPA Report.
SCOTT WILSON RPA MINERAL RESOURCE ESTIMATE OF THE T3 LENS, JUNE 2008 Prominex Resources Corp. – Tulks Hill Deposit Mineral Resources Above the Adit __________________________________________________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 Mineral Resources Below the Adit and Elsewhere __________________________________________________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
Based on its review of technical reports on past exploration and publications, Scott Wilson RPA concludes that:
– At the 1.1% Cu-equivalent (CuEq) cut-off grade and a minimum 2 m horizontal thickness of mineralization, 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 Tulks Hill Property is underlain by Ordovician metasedimentary and metavolcanic rocks, which are part of the Appalachian Belt in western Newfoundland.
– Base metal mineralization is volcanogenic massive sulphide (VMS) type and occurs within a linear zone of quartz-sericite- pyrite alteration, which is identifiable as a northeast trending and almost vertical structural zone. This structural zone is also parallel to the regional foliation in the area.
– The zone of base metal mineralization coincides with a topographic high, and is adjacent to a narrow hill with a relief of approximately 50 m. This spatial relationship to a topographic high is also present at other base metal deposits and showings in the general area.
– Overall, the base metal mineralization is stratabound and shear- hosted, but is present within different facies of fragmental felsic volcanic rocks.
– At least four mineralized lenses (T1, T2, T3 and T4) are recognized within the 300 m to 50 m wide alteration zone along the strike of the Tulks Hill deposit. Only two of these lenses, however, T3 and T4, can be traced for a strike length of approximately 200 m.
– The two main mineralized zones (Lens T3 and T4) are present within a 40 m to 50 m wide grey alteration zone with typical sericite and pyrite alteration.
– The thickness of individual mineralized zones ranges from less than 2 m to 12 m, with an average thickness ranging from 5 m to 8 m for the more continuous ones.
– Zinc and copper mineralization terminates at the margins of the T3 Lens, but minor amounts of base metal mineralization continues into the wallrocks.
– Recent drilling by Prominex at Tulks Hill has confirmed the earlier results by Asarco Inc. (Asarco).
– There is good potential for the discovery of additional Cu-Zn- Pb-Ag-Au mineralization northeast, southwest, and southeast of the T3 Lens and at other targets within Mineral Licence 10212M. These targets have geological and geophysical characteristics that are similar to the T3 Lens.
– In general, independent sampling by Scott Wilson RPA confirms the presence of copper and zinc values at essentially the same order of magnitude as the Prominex or Asarco assays. The differences are considered to be due to the variability in base and precious metal values between the two halves of the core, and due, possibly, to the different assay methodologies at the two laboratories, Asarco’s lab at Buchans and SGS, and are not material, in Scott Wilson RPA’s view.
ON BEHALF OF THE BOARD OF DIRECTORS:
Lorne King, President and CEO
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be ‘forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as “expects”, “will”, “anticipates”, “estimates”, “believes”, or statements indicating certain actions “may”, “could”, or “might” occur.
(c) 2008 Marketwire. Provided by ProQuest Information and Learning. All rights Reserved.