Playfair Reports Drill Results From Seal Lake
10 Maio 2011 - 1:03PM
Marketwired
Playfair Mining Ltd. (TSX VENTURE: PLY) is pleased to provide a
report on the recently completed drill program at its 100% owned
copper-silver project at Seal Lake in Central Labrador. A total of
4,350.4 metres was drilled in 24 holes. All analytical results have
now been received.
All but one of the twenty four drillholes intersected the
favourable reduced Adeline Island Formation rocks with cumulative
thicknesses ranging from 136.6 in drillhole SL11-22 to 0.7 metres
in drillhole SL11-17. The cumulative thickness of 136.6 metres in
hole SL11-22 comprises eight separate sections over 214.8 metres of
core with the thickest single section being 64.2 metres.
Potentially economic copper and silver grades were intersected in
three of Playfair's previously reported drillholes. Twenty of the
remaining twenty one drillholes contain anomalous amounts of
copper.
These results provide support to Playfair's exploration theory
that the extensive copper-silver mineralization at Seal Lake is
syngenetic or diagenetic (that is formed at the same time as the
host rocks or shortly afterwards) and not epigenetic (that is
formed at a considerably later time than the host rocks). The
implication is that the copper silver mineralization occurs
throughout the Seal Lake basin and that considerable tonnage can
potentially be developed. The large variation in thickness of the
favourable unit also provides encouragement.
The Seal Lake project covers 16,825 hectares in Central
Labrador. Some 136 copper and copper-silver occurrences including
16 copper-silver showings and 9 copper silver prospects, all
discovered mainly via prospecting in the 1950's, are known on the
property. Almost all the showings and prospects occur within a
consistent and laterally extensive stratigraphic interval - the
basal gray shale and adjacent quartzite of the Upper Adeline Island
Formation. The copper-silver enriched Adeline Island Formation is
believed to form a canoe shape, with the rock unit extending over
an estimated area measuring about 33km long by up to 4.4km wide.
Playfair's Seal Lake Copper Silver Project covers the entire mapped
extent of the favourable sedimentary unit and its probable
subsurface continuation.
Playfair believes the mineralization at Seal Lake is a reduced
facies sediment-hosted copper-silver mineralization of
Kuperschiefer-type. It is geologically most closely analogous to
the White Pine deposit in Michigan, USA that is reported by the
USGS to contain 688 million tonnes grading 1.2% copper and 40 gpt
silver. Playfair's current drill program was designed to test this
geological interpretation by drilling widely spaced holes in
several parts of the extensive property.
In addition to the Seal Lake copper-silver exploration
opportunity, Playfair has four properties with substantial
high-grade tungsten deposits. Playfair's four tungsten deposits
have all had significant work completed on them. Two of the
deposits (Risby and Grey River) have NI 43-101 compliant resource
estimates while the other two deposits (Lened and Clea) have
historical noncompliant NI43-101 resource calculations. Playfair
continues to believe that there is a strong case for an impending
global Tungsten shortage, as is evidenced by the continued strong
rebound in the price of Tungsten.
Tungsten has recently traded to an all-time high of $455 per
Metric Ton Unit of APT (or $20.64 per pound), an increase of more
than 100% over the last year. Please see our website for an
internet link to the spot Tungsten price.
Visit our website at www.playfairmining.com for more information
on both Seal Lake and Playfair's Tungsten properties.
ON BEHALF OF THE BOARD
D. Neil Briggs, Director
Core samples were collected under the supervision of James
Harris, P.Geo. BTW diameter diamond core was descriptively logged
on site, aligned, marked for sampling and then cut in half,
longitudinally, using a rock saw. One-half of the core is preserved
on site in core boxes for verification and future reference. The
samples comprising the other half of the core were bagged, sealed
and delivered directly to ActLabs preparation facility in Happy
Valley- Goose Bay Labrador, they were dried, crushed and pulped.
Sample pulps were then delivered to ActLabs in Ancaster Ontario (an
ISO 17025 accredited facility). Samples were crushed to with up to
75% passing 2mm and split using a riffle splitter. An approximately
250 gram sub-sample split was pulverized using a ringmill to
approximately minus 150 mesh (105 micron). A 0.5 gram split from
the resulting pulp was then subjected to an aqua regia digestions
and a multi-element ICP-MS analysis (code Ultratrace 1). Results
with copper greater than 5,000 ppm were subjected to a sodium
peroxide fusion digestion and ICP-OES analysis (code 8). Results
with silver greater than 30 ppm values were subjected to an
analysis by fire assay with a gravimetric finish (code 8-Ag). All
coarse rejects and pulps are currently stored at Actlabs Labrador.
Assay standards and blanks were inserted into sample shipments as a
quality control measure in addition to the internal quality control
measures applied by the laboratory.
Michael Moore, P.Geo, is the qualified person who has reviewed
the technical information contained in this news release on behalf
of the Company.
Forward-Looking Statements: This Playfair Mining Ltd. news
release may contain certain "forward-looking" statements and
information relating to Playfair which are based on the beliefs of
Playfair management, as well as assumptions made by and information
currently available to Playfair management. Such statements reflect
the current risks, uncertainties and assumptions related to certain
factors including, without limitations, exploration and development
risks, expenditure and financing requirements, title matters,
operating hazards, metal prices, political and economic factors,
competitive factors, general economic conditions, relationships
with vendors and strategic partners, governmental regulation and
supervision, seasonality, technological change, industry practices,
and one-time events. Should any one or more of these risks or
uncertainties materialize or change, or should any underlying
assumptions prove incorrect, actual results and forward-looking
statements may vary materially from those described herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Playfair Mining Ltd. D. Neil Briggs Director 604
687-7178 or Toll Free: 888-244-6644 604 687-7179 (FAX)
www.playfairmining.com
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