Prize Mining (PRZ.V) has reported more assay results from the ongoing sampling program at the Manto Negro project in Mexico. As we explained in our previous report, this deposit is very similar to the well-known Kupferschiefer zones in Germany/Poland, and the Central African Copper Belt.
The new samples emphasize the higher grade zones of Manto Negro, where copper mineralization has now been traced at surface for over 550 meters ath the Manto Negro Zone. Some of these zones contain high-grade intervals, such as 6 meters at 2.73% copper, 7 meters at 1.65% copper and 5.2 meters at 1.78% copper. All intervals also contain silver values of 1-2 ounces per tonne.
Elsewhere on the property, further north at the Don Indio concession, Prize sampled some prospects, but we were predominantly interested in the sampling results at and around the old Cuchilla mine. Prize sampled the waste dumps at La Cuchilla, and with sample results of 2.8% copper and 9 ounces (!) of silver per tonne as well as 3.01% copper and 14 ounces of silver per tonne, it’s pretty clear the artisanal miners at the Cuchilla mine were mining some serious high-grade stuff.
This sampling program will help Prize Mining to define drill targets as the mineralization appears to be quite wide-spread: So far, Prize Mining has already encountered 35 showings. And that’s sufficient for CEO McPhie to say Manto Negro has a ‘district scale potential’. Prize Mining is currently raising C$2M in a private placement priced at C$0.18 per unit (with each unit consisting of one common share and half a warrant with each full warrant allowing the warrant holder to buy an additional share at C$0.30 for a period of 2 years) to advance the Manto Negro project throughout the summer.