Pro Minerals Inc.: Disco Lake Project Expanded
May 05 2010 - 9:30AM
Marketwired
Pro Minerals Inc. (TSX VENTURE: PRM); and its Board of Directors
are pleased to announce that the company has expanded its wholly
owned Disco Lake Project by purchasing 20 claims or 5,218 acres,
located due south of the current claim package. This brings the
total number of claims to 55. The project now extends 21 kilometres
North to South, and nearly 28 kilometres East to West covering
17,129 acres. These new claims cover all high priority exploration
targets. Pursuant to the terms of three Agreements, Pro Minerals
has acquired a 100-percent interest in the claims by paying the
vendors a total of 850,000 common shares of the company, and
$63,000.00
The vendors will receive a 2.0% Net Smelter Return ("NSR"), on
their respective claims, of which the Company may purchase one-half
of the Royalty for the sum of $1,000,000. The Company also retains
a First Right of Refusal on the balance of the NSR. The shares to
be issued to the optionor will be subject to a hold period in
accordance with the policies of the TSX Venture Exchange. The
agreement is subject to the approval of the TSX Venture
Exchange.
The following are Disco Lake Project Highlights:
The Disco Lake Project is located in the Fort Hope area of
Ontario, Canada. It consists of 55 claims, or 17,129 Acres,
spanning roughly 21 kilometers North to South and nearly 28
kilometres East to West. The primary target commodities are copper,
zinc, gold and silver. Located a relatively short distance from the
renowned James Bay Lowlands / Ring of Fire region, the Disco Lake
Project represents an opportunity to open up a brand new region for
poly-metallic VMS discoveries of merit. The Disco Lake Project
covers several volcanogenic base metal massive sulphide (VMS)
prospects with high potential for significant gold and silver
credits. Previous exploration carried out by Falconbridge in 1990
generated drilling targets from airborne and ground electromagnetic
and magnetic surveying, geological mapping, trenching and sampling.
Noranda Mining and Exploration flew an airborne E.M. survey
covering the South Main area in 1995. Pro Minerals has obtained all
digital data of the above which was completed by Falconbridge and
Noranda Exploration in the 90's. All drill holes have been capped
and identified in the field. All drill core from both the
Falconbridge and Noranda Drill campaigns is stored at Disco Lake
and Auger Lake. Base metal (Cu & Zn) values are significant
with precious metal mineralization also highly anomalous, with
silver values ranging from tens to hundreds of grams per ton and
gold assays to 2 grams per ton. Seven significant zones of
mineralization were outlined of which 5 were drill tested to a
maximum depth of 150 meters. Though only a limited amount of
drilling has ever been undertaken, Mineralization in the drilled
occurrences remains open along strike and down dip. None of the
previous exploration companies on the property assayed for gold in
any systematic manner. Entire drill holes were never assayed for
gold and gold intersections that were obtained received no
follow-up work. In addition geophysical anomalies with base metal
type signatures are present along strike from the known occurrences
and remain to be drill tested. In early 2010 Pro Minerals carried
out two exploration programs at Disco Lake. Phase 1 consisted of
line cutting, as well as surface and borehole geophysical surveys.
Phase 2 consisted of additional line cutting, extensive surface
sampling and mapping. The company is now reviewing data collected
from the two programs, and will be designing and scheduling a
follow up program shortly.
ON BEHALF OF THE BOARD OF DIRECTORS OF PRO MINERALS INC.
Adrian O'Brien - President/COO
Please visit our website at http://www.promineralsinc.com or
e-mail us at info@promineralsinc.com, to be added to the Company's
e-mail list for press releases and updates.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Pro Minerals Inc. Adrian Bakker 604-683-8990 or Toll
Free: 1-800-663-8990 604-683-8903 (FAX) info@promineralsinc.com
www.promineralsinc.com Renmark Financial Communications Inc. Barry
Mire (514) 939-3989 or (416) 644-2020 bmire@renmarkfinancial.com
Renmark Financial Communications Inc. Barbara Komorowski (514)
939-3989 or (416) 644-2020 bkomorowski@renmarkfinancial.com
www.renmarkfinancial.com
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