Drilling enhances Loveland

Drilling by Prospectors Alliance (YRP-V) has intersected more base metals at the Loveland property, near Timmins, Ont.

Prospectors can earn a half-interest in the project by covering exploration expenditures. The vendor is Falconbridge (FL-T).

To date, Prospectors has sunk seven holes in a gabbroic intrusion to follow up 25 holes drilled by previous operators. The earlier holes were not assayed for platinum group metals.

Mineralization occurs in two partially distinct zones separated by weakly mineralized gabbro. The Disseminated zone strikes over a length of 250 metres and extends to a vertical depth of 150 metres, whereas the Contact zone strikes over 600 metres in length and extends to 200 metres in vertical depth.

The latest three holes intersected 2-3% disseminated pyrrhotite and chalcopyrite with minor massive sulphides. Results include:

– hole 8, which cut 5.2 metres (starting at 131 metres down-hole) grading 0.21% copper and 0.11% nickel, and 2.7 metres (starting at 144 metres) grading 0.19% copper and 0.12% nickel;

– hole 9, which yielded 2 metres (starting at 244 metres) grading 0.22% copper and 0.18% nickel, and 3.9 metres (starting at 248 metres) grading 0.28% copper and 0.22% nickel; and

– hole 10, which intersected 13.9 metres (starting at 49.7 metres) grading 0.22% copper and 0.13% nickel and 2.1 metres (starting at 73 metres) grading 0.6% copper and 0.33% nickel.

Geophysical surveys suggest that mineralization is open along strike. Also, neither zone is believed to be the source of high-grade floats (3-4% nickel) found on surface to the southeast.

Prospectors is preparing to begin drilling another electromagnetic conductor, at the intrusion’s northern boundary. The anomaly falls within a group of claims optioned from Moneta Porcupine Mines (ME-T).