www.promineralsinc.com
Pro Minerals is a mineral exploration and development company focused on precious metals in Ontario and Quebec Canada. With a diverse portfolio of projects, Pro currently has exploration programs underway on its Disco(Discovery) Lake VMS Project and Shining Tree Gold Project. The Disco Lake VMS Project represents a brand new region for poly-metallic VMS discoveries of merit. Primary targets are gold, silver, copper and zinc. Rich in history, the Shining Tree Gold Project is a grass roots project with excellent potential for world class gold discovery. The Company is led by an experienced management team with an aggressive development strategy.
Pro Minerals expands footprint at Disco Lake Project to 17,129 acres
Multi-commodity focused exploration junior Pro Minerals (TSX.V: PRM) has expanded the size of its 100% owned Disco Lake Project through the purchase of 20 additional claims or 5,218 acres. The additional claims all lie directly south of the current claim package.
Vancouver based Pro Minerals now controls over 17,000 acres across 55 claims which span 21 kilometers north-south and 28 kilometers east-west. The primary target of the exploration junior is copper, zinc, gold and silver, as the project is located close to the James Bay Lowlands / Ring of Fire region in Ontario which is prospective for polymetallic volcanic massive sulphide (VMS) discoveries.
Pro Minerals is paying for the claims through the issue of 0.85 million new shares and CDN$63,000 in cash. The new claims are also subject to a 2% Net Smelter Return (NSR), though Pro Minerals can buy 1% of the NSR for CDN$1 million. The Company also retains a First Right of Refusal on the balance of the NSR.
The Disco Lake Project has received the attention of geologists before. In the 1990’s both Falconbridge and Noranda Mining, which later merged and eventually acquired by Xstrata (LSE:XTA) completed mapping, trenching, sampling and airborne and ground electromagnetic surveys which generated seven high priority targets.
Falconbridge and Noranda completed a number of drill holes into five of the seven targets to depths of 150 meters, which confirmed the presence of copper, zinc, silver and gold mineralization.
“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,” Pro Minerals noted.
