Owner
Post by Franko10 ™ on Mar 16, 2006 10:53:20 GMT -5
Pioneer Metals Corporation - Company Update
Trading Symbol: PSM-TSX
VANCOUVER, March 16 /CNW/ - Pioneer Metals Corporation ("Pioneer") is pleased to announce recent exploration activities on its mineral properties in Manitoba, and the acquisition of new claims at its Fish Lake Project in British Columbia, located adjacent to the Prosperity Gold-Copper Project, owned by Taseko Mines Ltd. ("Taseko").
2006 Winter Exploration in Manitoba
Fugro Airborne Surveys ("Fugro") has completed a high-resolution, low-altitude, helicopter-borne magnetometer survey over its 100% owned Puffy Lake Gold Mine ("Puffy Lake") property and its 50% owned Nokomis Lake Gold Project ("Nokomis") in northern Manitoba. Puffy Lake and Nokomis form a contiguous land package totaling 4,176 hectares (10,320 acres) and are located approximately 72 kilometres (45 miles) northeast of Flin Flon, Manitoba. Pioneer operates Nokomis in a joint venture with Claude Resources Inc. ("Claude") of Saskatoon, Saskatchewan. Claude has elected not to participate in the 2006 airborne survey.
The airborne survey utilized Fugro's MIDAS system - a high-resolution, boom-mounted, helicopter-borne horizontal magnetic gradiometer system. The MIDAS system permits the safe and cost-effective collection of magnetic survey data at approximately 30 metres from the ground, resulting in a significant increase in data resolution to better define any prospective areas on Puffy Lake, Nokomis, and in between the known mineralized areas on each property. The MIDAS survey is intended to map the highly magnetic, ferrotonalite geological unit known to host gold mineralization at Nokomis and to determine its relationship to the mineralized horizon at Puffy Lake. Drilling in the winter of 2005 proved that a detailed magnetic survey can successfully locate the host ferrotonalite horizon under shallow cover at Nokomis.
The MIDAS survey covered an area of approximately 83 square kilometres, comprising approximately 1,743 line kilometres, and was budgeted at approximately $135,000 (CDN). The area of the survey is divided evenly between the Puffy Lake and Nokomis properties.
2005 Staking in British Columbia
In November 2005, Pioneer acquired by staking an additional 9,854 hectares consisting of 493 units contiguous to its existing claims at its 100% owned Fish Lake Project ("Fish Lake"), increasing Pioneer's total land position to 13,100 hectares (32,380 acres). Fish Lake is a copper-gold porphyry prospect adjacent to Taseko's Prosperity Gold-Copper Project, located approximately 110 kilometres (68 miles) by road from Williams Lake, British Columbia. In 1998, Taseko estimated the measured and indicated mineral resources for the Prosperity Gold-Copper Project at 1.0 billion tonnes at 0.41 grams/tonne gold and 0.24% copper and an inferred resource of 0.2 billion tonnes grading 0.25 grams/tonne gold and 0.21% copper at 0.14% copper cut-off. Taseko advises that the resource estimate was calculated prior to the implementation of National Instrument 43-101, but that the estimate used the applicable categories (Source: Taseko website, 2005). The new Fish Lake claims cover historical Induced Polarization ("IP") anomalies that have received only modest exploration since their delineation.
In 2006, Pioneer plans to carry out a combination of modern geophysical surveys integrated with geochemical sampling programs on the entire Fish Lake property to potentially define new drill targets.
To see maps of Puffy Lake, Nokomis and Fish Lake, please visit Pioneer's website at www.pioneermetals.net in "Latest Updates" and in "Projects".
ON BEHALF OF THE BOARD OF DIRECTORS OF PIONEER METALS CORPORATION
Stephen H. Sorensen
President & C.E.O.
Forward looking statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond Pioneer's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although Pioneer believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
For further information:
PIONEER METALS CORPORATION,
SUITE 1007 -
808 NELSON STREET, VANCOUVER,
B.C., CANADA V6Z 2H2,
PH: (604) 669-3383,
FAX: (604) 669-1240,
email: pmc@intergate.ca,
website: www.pioneermetals.net
Trading Symbol: PSM-TSX
VANCOUVER, March 16 /CNW/ - Pioneer Metals Corporation ("Pioneer") is pleased to announce recent exploration activities on its mineral properties in Manitoba, and the acquisition of new claims at its Fish Lake Project in British Columbia, located adjacent to the Prosperity Gold-Copper Project, owned by Taseko Mines Ltd. ("Taseko").
2006 Winter Exploration in Manitoba
Fugro Airborne Surveys ("Fugro") has completed a high-resolution, low-altitude, helicopter-borne magnetometer survey over its 100% owned Puffy Lake Gold Mine ("Puffy Lake") property and its 50% owned Nokomis Lake Gold Project ("Nokomis") in northern Manitoba. Puffy Lake and Nokomis form a contiguous land package totaling 4,176 hectares (10,320 acres) and are located approximately 72 kilometres (45 miles) northeast of Flin Flon, Manitoba. Pioneer operates Nokomis in a joint venture with Claude Resources Inc. ("Claude") of Saskatoon, Saskatchewan. Claude has elected not to participate in the 2006 airborne survey.
The airborne survey utilized Fugro's MIDAS system - a high-resolution, boom-mounted, helicopter-borne horizontal magnetic gradiometer system. The MIDAS system permits the safe and cost-effective collection of magnetic survey data at approximately 30 metres from the ground, resulting in a significant increase in data resolution to better define any prospective areas on Puffy Lake, Nokomis, and in between the known mineralized areas on each property. The MIDAS survey is intended to map the highly magnetic, ferrotonalite geological unit known to host gold mineralization at Nokomis and to determine its relationship to the mineralized horizon at Puffy Lake. Drilling in the winter of 2005 proved that a detailed magnetic survey can successfully locate the host ferrotonalite horizon under shallow cover at Nokomis.
The MIDAS survey covered an area of approximately 83 square kilometres, comprising approximately 1,743 line kilometres, and was budgeted at approximately $135,000 (CDN). The area of the survey is divided evenly between the Puffy Lake and Nokomis properties.
2005 Staking in British Columbia
In November 2005, Pioneer acquired by staking an additional 9,854 hectares consisting of 493 units contiguous to its existing claims at its 100% owned Fish Lake Project ("Fish Lake"), increasing Pioneer's total land position to 13,100 hectares (32,380 acres). Fish Lake is a copper-gold porphyry prospect adjacent to Taseko's Prosperity Gold-Copper Project, located approximately 110 kilometres (68 miles) by road from Williams Lake, British Columbia. In 1998, Taseko estimated the measured and indicated mineral resources for the Prosperity Gold-Copper Project at 1.0 billion tonnes at 0.41 grams/tonne gold and 0.24% copper and an inferred resource of 0.2 billion tonnes grading 0.25 grams/tonne gold and 0.21% copper at 0.14% copper cut-off. Taseko advises that the resource estimate was calculated prior to the implementation of National Instrument 43-101, but that the estimate used the applicable categories (Source: Taseko website, 2005). The new Fish Lake claims cover historical Induced Polarization ("IP") anomalies that have received only modest exploration since their delineation.
In 2006, Pioneer plans to carry out a combination of modern geophysical surveys integrated with geochemical sampling programs on the entire Fish Lake property to potentially define new drill targets.
To see maps of Puffy Lake, Nokomis and Fish Lake, please visit Pioneer's website at www.pioneermetals.net in "Latest Updates" and in "Projects".
ON BEHALF OF THE BOARD OF DIRECTORS OF PIONEER METALS CORPORATION
Stephen H. Sorensen
President & C.E.O.
Forward looking statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond Pioneer's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although Pioneer believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
For further information:
PIONEER METALS CORPORATION,
SUITE 1007 -
808 NELSON STREET, VANCOUVER,
B.C., CANADA V6Z 2H2,
PH: (604) 669-3383,
FAX: (604) 669-1240,
email: pmc@intergate.ca,
website: www.pioneermetals.net
