Palladon Announces Assays on Candy B Prospect
Monday January 16, 9:00 am ET
SALT LAKE CITY--(BUSINESS WIRE)--Jan. 16, 2006--Palladon Ventures Ltd. (TSX VENTURE:PLL - News; FWB:PV1) and joint venture partner Western Utah Copper Company are pleased to provide the following drill results on the Candy B prospect of the Milford Mineral Belt in southwestern Utah.
In the fall of 2005, the JV completed four reverse circulation drill holes (WCB 1, 2, 5 and 11), encountering copper mineralization greater than 0.4% Cu in intervals up to 50.3 m in length, including a 36.3 m interval grading an average of 1.05% copper. The apparent center of the mineralized area of the Candy B prospect is located approximately 430 meters southeast of the center of the historic Maria Mine, which produced approximately 7.2 million lbs. of copper between 1967 and 1974. Assay results have been returned for 3 holes and are summarized as follows:
SUMMARY DRILL RESULTS
Drill Hole Average
Number From To Meters Grade (%Cu)
WCB-01 96.00 m 132.60 m 36.60 m 1.05%
WCB-02 47.30 m 103.70 m 56.40 m 0.77%
Incl. 67.00 m 89.90 m 22.90 m 1.106%
WCB-11 61.00 m 65.60 m 4.60 m 0.82%
93.00 m 143.30 m 50.30 m 0.53%
In the 1950s U.S. Steel performed extensive regional geophysical and geological programs directed toward discovering large magnetite iron deposits in the Milford area. Although several small, intense magnetic sources were discovered under shallow cover, they were not of sufficient size to interest U.S. Steel for production of iron. The area of magnetic anomalies was later independently staked by the U.S. Steel geologist who had worked on the study. This eventually led to the discovery of the Bawana, Hidden Treasure, and Candy B prospects. Geophysical studies performed by Palladon in late 2004 confirmed peaks of a moderate chargeability anomaly, approximately 365 by 120 meters in size, to a 100-meter depth beneath the buried Candy B target. (See press release dated January 25, 2005)
In the mid-1960's the American Mining Company calculated a resource estimate at Candy B of 1 million tons averaging 1.25% copper based on seven holes drilled along a strike length of 1100 feet and a horizontal width of 400 feet. This estimate is historical in nature, was completed prior to 2001 and NI 43-101, and should therefore not be considered reliable. Palladon plans to initiate a second phase of infill drilling with the objective of verifying historic data, studying the extent of mineralization, and producing a revised, NI 43-101 compliant resource estimate for Candy B.
Mr. R. H. Russell, M.Sc., Geology, who has over 36 years experience in the mining industry, is a Licensed Geologist in the State of Washington (#205), and is a member of S.E.G., is acting as the qualified person as defined in National Instrument 43-101 for the purpose of the technical release of information contained herein relating to the Western Utah Copper Project. Mr. Russell is an independent consultant and does not have any ownership or financial interest in either Palladon Ventures Ltd. or Western Utah Copper Company.
Detailed Drilling Summary
Palladon/WUCC Joint Venture
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Drill Hole
Number Significant Intercepts(i) Geology
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WCB-01 0-33.5 m: Alluvium
33.50-96.00 m: 33.5-94.5 m: Epidote/Garnet
Low-grade copper Skarn; Local marble
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96.00-111.30 m: 94.5-123.4 m: Magnetite,
15.30 m @ 0.568 % Cu Garnet
111.30-112.80 m.:
1.50 m Pending Skarn
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112.80-132.60 m: 123.4-134.1 m: Skarn and Alt.
19.80 m @ 1.502% Cu Intru. 147.9 m: TD in Quartz
Monzonite
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WCB-02 0-25.9 m: Alluvium
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25.9-44.2 m: No Samples
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47.30-50.30 m:
3.00 m @ 0.625 Cu 44.2-57.9 m: Magnetite, Garnet
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50.30-51.80 m:
1.50 m Pending Skarn
51.80-53.30 m:
1.50 m @ 0.754% Cu
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53.30-56.40 m:
3.10 m Pending
56.40-65.50 m:
9.10 m @ 0.769% Cu 57.9-61 m: Fracture Zone
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65.50-67.00 m:
1.50 m Pending 61-108.2 m: Magnetite Skarn,
67.00-89.90 m:
22.90 m @ 1.106% Cu Locally Silicified, Fractured
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89.90-91.50 m:
1.50 m Pending
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91.50-103.70 m:
12.20 m @ 0.6615% Cu 129.6 m: TD in Intrusive
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WCB-11 61.00-65.60 m:
4.60 m @ 0.818%
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93.00-99.10 m:
6.10 m @ 0.999%
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108.20-128.00 m:
19.80 m @ 0.734%
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135.70-143.30 m:
7.60 m @ 0.812%
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(i) The reverse circulation samples were collected on 5-foot
(1.5 meter) intervals. Several intervals are still out for assay and
results are pending, or in the case of WCB - 11, results are missing
over several meters. Where missing or pending, a value of 0.00% Cu
was assumed in the average grade calculations above. A cutoff of
0.40% Cu was used.
Palladon also announces the resignation of Mr. Doug Silver, VP Business Development, effective December 31, 2005. "Mr. Silver has made a valuable contribution to Palladon since its inception in 2003. We wish him every success as he focuses on his role as C.E.O of International Royalty Corp.," stated George Young, Chief Executive Officer of Palladon Ventures Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS OF PALLADON VENTURES LTD.
Donald G. Foot Jr., President & Chief Operating Officer
Assays quoted in this news release were performed by (ALS Chemex Laboratories of Reno, Nevada).
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Palladon's future plans, intentions, objectives or goals, including words to the effect that Palladon or management expects a stated condition or result to occur. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated.
The TSX Venture Exchange has not reviewed and does not take respon sibility for the adequacy or accuracy of the contents hereof.
Palladon Ventures Ltd. (TSX VENTURE:PLL - News; FRANKFURT:PV1 - News)
Contact:
Palladon Ventures Ltd.
Hamish Greig
Investor Contact
(604) 484-7088
Fax: (604) 484-7044
info@palladonventures.com
www.palladonventures.com
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Source: Palladon Ventures Ltd. |
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