Parlane Completes Phase I on Mercedes Gold-Silver Project in Sonora, Mexico

Parlane Resource Corp. (the "Company") (TSX VENTURE:PPP) is pleased to announce
the completion of a Phase I surface exploration program on its 360 hectare
Mercedes epithermal gold-silver project in the Sierra Madre gold-silver belt, in
Sonora, Mexico. 


The Phase 1 exploration program evaluated the potential of the main mineralized
zone, "La Lamosa" ridge, as well as additional areas of interest regionally and
on the property, prior to a 2000-metre diamond drilling program scheduled to
commence late summer 2011. 


The main mineralized zone "La Lamosa" was mapped and a hydrothermal breccia zone
was confirmed to be up to 40 metres wide and to extend for at least 200 metres.
This northeast-southwest trending zone displays alteration and textures
consistent with a high-sulphidation epithermal gold-silver system, and the "La
Lamosa" prospect represents a viable gold/silver drill target. The true width
and down dip extent of the gold mineralization zone is not known but will be
confirmed by the scheduled drill program later this summer.


Previous diamond drilling on the "La Lamosa" ridge in 2008 intersected gold
mineralization starting from surface and returned 144 metres averaging 0.49 g/t
gold and 12.4 g/t silver in hole 08MER001, 113 metres averaging 0.37 g/t gold
and 11.6 g/t silver in hole 08MER002, and 57 metres averaging 1.15 g/t gold and
13.5 g/t silver in hole 08MER003.


The 2011 reconnaissance soil lines expanded the main mineralized zone (defined
by the 2010 soil line) to the southwest and northeast. During the 2011
exploration program, 214 soil samples were collected along reconnaissance lines
100 and 200 metres apart and samples were taken at 30 metre intervals.
Additional reconnaissance soil lines were placed in areas of resistant ridges
and alteration zones (silica, argillic) to test the gold/silver potential and
geochemical signatures. Positive values for soil samples (greater than 90th
percentile) are greater than 0.0342 ppm (parts per million) gold and 2.0 ppm
silver. Soil samples results range from less than 0.0005 ppm to 0.2785 ppm gold
and less than 0.1 ppm up to 12.3 ppm (12.3 g/t) silver.


Previous soil sampling in 2010, directly above the main mineralized zone,
returned up to 1.399 ppm (1.399 g/t) gold and 77.2 ppm (77.2 g/t) silver. A
compilation of the soil sample results for gold and silver on the main
mineralized zone indicate a south to southwesterly trend of positive gold and
silver values as individual sample anomalies extending approximately 300 to 400
metres from previous soil sampling. At the south end of this survey area, eight
soil samples contain positive anomalies for gold (0.0391 to 0.2076 ppm) over a
240 metre width and may suggest a parallel zone or an offset to the main zone.
This gold anomaly is open in extent to the northeast. Positive gold values occur
to the northeast of previous soil sampling for approximately 100 metres as
individual sample anomalies up to 0.0695 ppm. Positive silver anomalies do not
occur to the northeast in areas sampled. 


Silt samples taken during the 2011 exploration program confirm anomalies in
silver, arsenic, antimony, molybdenum and mercury. These geochemical anomalies
are present in the northwest region of the claim block and represent a typical
geochemical signature of a high sulphidation epithermal gold/silver system.


Also, during the Phase 1 surface exploration program, 73 continuous rock chip
samples were collected from regional areas of interest. Rock samples results
range from less than 0.005 ppm up to 0.071 ppm gold (0.071 g/t). The highest
gold assay from the regional rock sampling program was found just off the
property to the southeast approximately 1750 metres from the main mineralized
"La Lamosa" zone. This mineralized zone returned 3.14 g/t gold, 4.7 g/t silver
over 4.0 metres including 5.93 g/t gold and 1.8 g/t silver over 2.0 metres. 


The Mercedes property is located approximately 200 kilometers southeast of
Hermosillo, in the state of Sonora, Mexico and consists of three contiguous
claims totaling 360 hectares: La Mina del Oro, 16 hectares; Ampliacion Mina del
Oro, 251 hectares; and C.R., 93 hectares. 


Parlane has also initiated negotiations with other property owners adjacent to
the Mercedes project with the intent of expanding the current size of the
Mercedes property. 


The project is located in a historic mining district, which has had many
operating mines in the past. The Mercedes property covers 360 hectares and is
located in the southern quadrant of the state of Sonora, southeast of the city
of Hermosillo and 16.5 kilometers west of the city of Yecora. Exploration
activities in the area have been ongoing and a number of properties have current
operations, including Alamos Gold's Mulatos project, Dia Bras Exploration's
Moris project, and Gammon Gold's Ocampo project.


Brian Malahoff, P.Geo., is the Qualified Person as defined by National
Instrument 43-101 who has reviewed and approved the contents of this release.


ON BEHALF OF THE BOARD

Robert Eadie, President, Chief Executive Officer and Director
Prospector Metals (TSXV:PPP)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024