|By Marketwired .||
|September 3, 2013 06:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/03/13 -- Prominex Resource Corp. (TSX VENTURE:PXR) has received approval from the Department of Natural Resources for an exploration program on its Reid Lot 50 (Lake Bond) property in Newfoundland. Prominex holds a 100% interest in the Reid Lot 50 property. The property is subject to a 2% Net Smelter Royalty (NSR) in favour of Reid Newfoundland Limited of St. John's, NL.
About Reid Lot 50 (Lake Bond)
The 870 ha base metal (Zn-Cu) property is situated within the Buchans-Roberts Arm volcanic belt. It is easily accessible by road from the town of Grand Falls-Windsor, a major commerce centre in central Newfoundland. This belt hosts numerous volcanogenic massive sulphide (VMS) deposits including the past producing Gullbridge Mine (Cu) which is located 12 km to the northeast of the property.
Previous explorers of the property have defined three areas of Volcanogenic Massive Sulphide (VMS) mineralization; the Main Zone; Zone 2 and Zone 3. In 1989, MacRee Resources Incorporated (MacRee) reported that the indicated and possible reserves (Historical Resources) of 507,998 tonnes for the Main Zone at an average grade of 4.15% Zn and 0.62% Cu. MacRee also reported a lower grade resource of 2.6 Mt at an average grade of 2.09% Zn and 0.3% Cu.
The resource estimates quoted herein are historical resources and they are not NI 43-101 compliant resources as they are estimates prepared by previous operators. The Company cautions the reader that it has not completed the work necessary to verify the classification of the mineral resources and that the historical estimates should not be relied upon.
The Exploration Program
The exploration program includes a detailed compilation of all previous diamond drill results in addition to a detailed geochemical soil sampling and prospecting survey. The area of interest is at least 1,000 m wide and approximately 1,000 m long. The purpose of the geochemical survey is to assess past induced polarization (IP) anomalies and outline possible coincident anomalous zones in preparation for further drilling programs. There are coincident ground geophysical (Max-Min EM) anomalies associated with the Main Zone of mineralization. Subject to suitable financing, the Company plans a 2,000 m diamond drill program for the winter/spring 2014 exploration program.
Prominex has contracted Agnerian Consulting Ltd. to supervise the exploration program. Mr. Hrayr Agnerian, M. Sc (Applied), P.Geo., President of Agnerian Consulting Ltd., is a Qualified Person as set out in the definitions of National Instrument 43-101 (NI 43-101). Mr. Agnerian has reviewed the technical information included in this news release.
Prominex is a Canadian company engaged in exploration and evaluation of Volcanogenic Massive Sulphide (VMS) deposits in the Province of Newfoundland and Labrador. The Company's two major assets are the Tulks Hill project and the Lake Bond project, both situated in central Newfoundland.
ON BEHALF OF THE BOARD
Gordon Barron, President and CEO
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release, and no securities regulatory authority has approved or disapproved of the contents of this release.
Prominex Resource Corp.
President and CEO