Prize Mining’s (PRZ.V) contractor, Terralogic Exploration, has now completed the Phase I exploration work at Prize’s Daylight and Toughnut properties. These activities consisted of an infill soil geochemical program, structural analysis on both properties and hi-res magnetic and EM surveys on the Daylight zone. A specific geophysical survey will commence on Toughnut as part of Phase II of the exploration activities.
Phase II will start any day now, and this will provide the company with more high-priority drill targets which will be drilled as part of the third phase of the 2017 exploration program. Prize anticipates to start drilling in September, and as you might remember, the original NI43-compliant technical report literally stated there’s a good potential to find 3 million ounces of gold on the Daylight property (excluding the Toughnut zones as those weren’t even part of the property when the technical report was completed. Verbatim from the NI43-101:
Four gold-bearing targets, the Great Eastern Porphyry Gold Zone, the Starlight Shear Zone, the North Star Shear Zone, and the Silver King Gold Corridor, require further exploration. Geological indications suggest the potential for more than 3.0 million ounces of gold in the four target areas.
Prize Mining is currently trading at C$0.45 giving it a market capitalization of C$22.8M after having raised C$6M in April. Keep in mind the shares from that C$0.35 placement will become free trading on August 12.
Go to Prize’s website
The author has a long position in Prize Mining. Prize is a sponsor of the website. Please read the disclaimer
