Nov 3 2010
Pro Minerals Inc. (TSX VENTURE:PRM) and its Board of Directors has announced that as its financing is nearing completion and that drilling is underway adjacent to its Shining Tree – Beilby lake Gold project in the Larder Lake Mining District in north-eastern Ontario.
On October 22, 2010 Platinex Inc. and Creso Exploration Inc. announced they had "entered into an agreement to combine claim holdings along the Larder Lake Break into a 50/50 joint venture in the Shining Tree gold area of Ontario. The nine claims (336ha) that constitute the joint venture property bring together the historic high grade vein systems that include the former Churchill, GoldCorona, Cochrane, and Pet occurrences. A 1,000 m drilling program is to commence immediately on the joint venture claims". Further, on October 29, 2010 it has now announced by Creso that "Drilling at the new Gold Corona joint venture with Platinex in Churchill township (see news in Stockwatch October 22, 2010) has completed the first hole, CP-10-01, to 398.3 metres as part of a first-phase program of 1,000 metres."
In a 2008 Creso assessment report M.V. White used a 1934 reference on the Churchill occurrence that said "Surface stripping carried out during 1918 to 1933 exposed four vein systems with veins No. 3 and No.1 returning economic gold values. The No.3 vein was exposed for a length of 90m with an average gold value of 27.5 g/ton over a width of 1.2m (18 channel samples). Vein No. 1 was exposed for 30.5m with a width of 1.2m with an average gold value of 29.4 g/ton."
Pro Minerals compilation and Beilby Lake Property mapping in 2010 has determined the Churchill veins No 1 and No 3 are oriented east-northeast in the extension of the Beilby Creek Shear Zone. The significance of gold mineralization and veins with this orientation in the Shining Tree region is alluded to in the October 22 news release where Platinex-Creso state their joint ventured claims occur along the Larder Lake Break. The two former gold mines in the Shining Tree Region, the Tyranite Mine and the Ronda Mine, and gold occurrences such as Matona, Caswell, Churchill-Gold Corona-Pet and Gosselin occur along a cryptic east-northeast "break", the "Shining Tree Break". This "break could extend east-northeast to join the Larder Lake Break in Larder Lake and Virginiatown. Larder Lake is actually 125 kilometers "along strike" from the Beilby Lake Property and the Platinex-Creso Joint Venture."
The Churchill-Gold Corona-Pet veins are all within 300 metres of Pro Minerals Beilby Lake Property. The historically mapped extent of the Churchill No 3 vein is about 230 to 320m east-northeast from the Beilby Lake Property along the Beilby Creek Shear Zone. The Churchill No 1 vein is about 320-350m ENE from the Beilby Lake Property along the Beilby Creek Shear Zone. The Pet Vein also strikes west-southwest and an extension would enter Pro Minerals Beilby Lake Property after about 225m.
The announced Platinex-Creso JV drilling may discover extensions along strike and down dip to the previously established near surface high grade vein systems that will enhance the potential of discovering similar mineralization on Pro Minerals Beilby Lake Property which has never had its gold exploration targets drilled.
The qualified person for the purposes of this news release is Robert D. Stewart, P.Geo, and is a Qualified Person under National Instrument 43-101 guidelines.
Source: Pro Minerals Inc.