DRILLING CONTINUES TO INTERSECT HIGH GRADE GOLD ON THE SILVER COIN PROJECT
Stewart, BC Pinnacle Mines Ltd., Mountain Boy Minerals Ltd., Tenajon Resources Ltd. and New Cantech Ventures Ltd. announce that the 2006 exploration program has intersected high gold values in the Main Breccia zone on the Silver Coin, Kansas and Indi claim properties. Silver Coin is a gold-silver-base metal property located about 24 kilometers north of Stewart, British Columbia in the Skeena Mining Division.
To date, over 7,000 meters of drilling has been completed in 30 holes by 3 drills working on the property. One drill is testing at depth with holes up to 800 meters deep while 2 drills are testing in areas surrounding the mineral resource established from previous drilling. The most recent drilling has extended the known mineralization 150 meters south onto the Dan fraction. It is the intention to complete approximately 20,000 meters of drilling in the 2006 field season.
Assays have been received for the first 8 holes with assay results greater than 1 gram/tonne (g/t) gold listed in the table below. DDH 92 and 93 were drilled off the same setup at minus 45 and 60 degrees respectively. DDH 94 and 95 were drilled off the same setup at minus 45 and 60 degrees respectively. DDH 96 and 97 were drilled off the same setup at minus 45 and 60 degrees respectively. DDH 98 and 99 were drilled off the same setup at minus 45 and 60 degrees respectively, the program is awaiting assays for DDH 99. The first six holes were collared on the Indi Kansas claim boundary and drilled to the east to intersect the Main Breccia. Two holes were collared on the Dan Fraction Claim and drilled towards the Kansas claim.
DDH |
From |
To |
Width |
Au |
Ag |
Cu |
Pb |
Zn |
CLAIM TESTED |
|
|
|
|
|
|
|
|
|
|
|
|
2006-92 |
109.45 |
110.98 |
1.52 |
1.12 |
8.70 |
0.001 |
0.09 |
0.17 |
Kansas |
|
and |
162.35 |
164.33 |
1.98 |
1.51 |
2.60 |
0.005 |
0.06 |
0.31 |
Kansas |
|
2006-93 |
4.27 |
5.79 |
1.52 |
1.17 |
3.90 |
0.014 |
0.05 |
0.16 |
Indi |
|
2006-94 |
88.11 |
91.77 |
3.65 |
2.53 |
10.51 |
0.02 |
0.26 |
0.45 |
Kansas |
|
and |
119.82 |
130.79 |
10.95 |
7.10 |
12.38 |
0.013 |
0.28 |
0.49 |
Kansas |
|
including |
126.22 |
127.74 |
1.52 |
30.64 |
39.6 |
0.029 |
0.77 |
1.02 |
Kansas |
|
and |
162.80 |
167.38 |
4.56 |
2.27 |
1.73 |
0.001 |
0.27 |
0.18 |
Kansas |
|
and |
182.62 |
184.83 |
2.21 |
2.85 |
4.60 |
0.01 |
0.05 |
0.11 |
Kansas |
|
and |
194.82 |
202.44 |
7.60 |
3.69 |
10.02 |
0.04 |
0.33 |
0.69 |
Kansas |
|
2006-95 |
85.06 |
86.59 |
1.52 |
6.44 |
3.10 |
0.004 |
0.03 |
0.08 |
Kansas |
|
and |
142.99 |
148.32 |
5.33 |
2.67 |
7.01 |
0.026 |
0.15 |
0.55 |
Kansas |
|
and |
158.23 |
159.76 |
1.52 |
1.14 |
3.00 |
0.048 |
0.22 |
0.49 |
Kansas |
|
and |
176.52 |
178.66 |
2.13 |
2.22 |
8.10 |
0.006 |
0.02 |
0.02 |
Kansas |
|
2006-96 |
36.28 |
37.80 |
1.52 |
2.83 |
2.80 |
0.002 |
0.01 |
0.02 |
Indi |
|
and |
46.95 |
50.00 |
3.05 |
1.41 |
2.00 |
0.0045 |
0.055 |
0.23 |
Indi |
|
and |
74.39 |
75.91 |
1.52 |
3.53 |
2.90 |
0.011 |
6.03 |
0.04 |
Indi |
|
and |
83.54 |
85.06 |
1.52 |
1.70 |
3.20 |
0.008 |
0.14 |
0.40 |
Indi |
|
and |
112.13 |
112.96 |
0.82 |
8.92 |
104.50 |
0.34 |
4.70 |
5.70 |
Kansas |
|
and |
130.79 |
142.99 |
12.16 |
1.21 |
2.60 |
0.006 |
0.055 |
0.16 |
Kansas |
|
and |
164.33 |
184.91 |
20.54 |
1.60 |
3.49 |
0.122 |
0.08 |
0.19 |
Kansas |
|
2006-97 |
42.84 |
44.97 |
2.13 |
1.48 |
10.10 |
0.026 |
0.32 |
0.84 |
Indi |
|
and |
120.12 |
121.65 |
1.52 |
6.10 |
7.40 |
0.003 |
0.03 |
0.07 |
Indi |
|
and |
144.51 |
146.04 |
1.52 |
5.48 |
10.20 |
0.001 |
0.01 |
0.02 |
Indi |
|
2006-98 |
59.15 |
60.67 |
12.17 |
8.30 |
14.80 |
0.019 |
0.21 |
0.86 |
Dan |
|
including |
69.82 |
71.34 |
1.52 |
49.27 |
39.8 |
0.012 |
0.09 |
1.66 |
Dan |
|
and |
136.89 |
138.41 |
1.52 |
1.00 |
3.30 |
0.004 |
0.06 |
0.42 |
Kansas |
|
and |
161.05 |
161.97 |
0.91 |
12.42 |
53.40 |
0.059 |
0.83 |
1.80 |
Kansas |
|
2006-150 |
41.77 |
44.82 |
3.05 |
1.51 |
0.4 |
0.001 |
<0.01 |
0.06 |
Indi |
|
and |
72.26 |
84.45 |
12.16 |
4.5 |
2.35 |
0.002 |
0.02 |
0.21 |
Indi |
|
including |
72.26 |
73.78 |
1.521 |
32.55 |
7.8 |
0.002 |
0.01 |
0.19 |
Indi |
The deep drilling rig run by Britton Brothers Drilling continues to drill holes numbered 150 and up, while the two Mountain Boy drills are drilling holes numbered 92 to 149.
The main objective of the program is to add additional resources to those announced on March 15, 2006. The total inferred resource already contains an estimated 500,000 ounces of gold and 2.11 million ounces of silver. The resource consists of 11.3 million tonnes grading 1.60 g/t Au, 6.64 g/t Ag, 0.06% Cu, 0.19% Pb and 0.41% Zn and has been calculated in accordance with CIMM (2000) standards at a zero cutoff by Minefill Services Inc.
In addition trenching has located a new zone of mineralization on the Indi claims just on the west side of the Dan zone. Trenching exposed the zone over a width of 20 meters with a 16 meter wide section assaying 1.5 g/t Au, 3.86 g/t Ag, 0.009% Cu, 0.08% Pb and 0.55% Zn.
E. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of the Companies. Drill core and trench samples are assayed by Assayers Canada of Vancouver, BC.
The Silver Coin project and associated minerals claims is a 51-49% joint venture between Pinnacle Mines and Mountain Boy Minerals. The Kansas claim is the subject of an option/joint venture with Tenajon Resources Ltd., pursuant to which the Pinnacle/Mountain Boy joint venture is earning a 60% interest through the expenditure of $1,000,000 on exploration over four years. The joint venture can earn a 70 per cent interest in the Kansas claim by exercising an option to deliver a feasibility study within four years of earning the initial 60%. The Pinnacle/Mountain Boy joint venture owns a 55% interest with New Cantech Ventures Ltd. having a 45% interest in the Indi claims along the west side of the Silver Coin group of claims.
Pinnacle Mines Ltd. is a Canadian based mineral exploration and development company whose primary assets are located in both Canada and China. In Canada, Pinnacle holds several properties in Northwestern British Columbia in proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold’s famed Eskay Creek Mine. In China, Pinnacle’s current focus is in Southeast Yunnan, an area being increasingly considered for its potential to host significant mineral resources including “Carlin” style gold deposits.
For further information contact Andrew Bowering, President, at 604-688-7377 or visit Pinnacle’s website at www.pinnaclemines.com.
On behalf of the Board of Directors
“Andrew W. Bowering”
President and CEO
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for the adequacy or the accuracy of the content of this news release.