Prize Mining (PRZ.V) has provided the market with the assay results of an additional 8 holes that were drilled on the Pilar Grande and El Granizo zones of the Manto Negro copper project in Mexico’s Coahuila state. At Pilar Grande, two of the three holes continued to intersect copper-silver mineralization, but the mineralized horizo doesn’t appear to be as thick and as well mineralized as the previous drill results. The drill bit intersected 2.05 meters at 0.59% copper and 20 g/t silver in hole 3, while three mineralized layers were encountered in hole 5, with thicknesses ranging from 2.15 meters to 2.90 meters grading 0.72-0.79% copper as well as approximately 1 ounce of silver per tonne of rock. Hole 4 didn’t encounter any significant mineralization at all.
Although the mineralization appears to be thinner and lower grade than the previous holes at Pilar Grande, Prize’s assay results are still substantially better than the five holes it drilled at El Granizo. Every single one of those five holes was a dud, and no mineralization was encountered. Surprising, and Prize Mining now thinks this may be a fault block and the mineralized horizon may be located at a deeper level. Perhaps this also explains the appointment of Stantec Consulting at the end of October. Stantec was hired to complete a review of all available data ‘with the intent of gaining a better understanding of the regional controls on copper-silver mineralization’.
In other news, Prize Mining is looking to cut down on its (pre-paid) marketing and advertising budget, and is trying to recoup C$3.7M from service providers and spend the money on the ground (and we still hope the main focus will be on the Manto Negro project to figure out the Kupferschiefer mineralization).