May 06, 2009 Water Hen Aquisition Complete Hosts Cu-Ni-Pge Mineralization
Mineral leases include drill intercept of 4.4% Cu, 0.36% Ni+PGE
Calgary, AB (May 6, 2009) Prime Meridian Resources Corp (TSX-V, PMR: FRA, DYD) (PMR) has now acquired substantially all of the key land parcels and leases that comprise the Water Hen Project ("Water Hen"). The land position, over 1,400 acres, includes private mineral claims and leases and minerals leased from the State of Minnesota. The Property is located approximately 25 kilometers south of the Town of Hoyt Lakes in Minnesota, USA with excellent infrastructure. PMR is very pleased that after working for several years it has been able assemble a solid land package that will allow it to implement an effective mineral exploration program on the Water Hen Project, including zones with substantial known mineralization
Water Hen Project Geology and Mineralization
The property has significant indicated targets based on airborne, ground surveys and field work conducted from the 1950's to 1975 by companies exploring for other minerals. Water Hen is underlain by troctolitic rocks of the Duluth Complex which is part of the Midcontinent Rift System ("MRS"). These rocks have been intruded along a basement fault by the Water Hen Intrusion, an oxide-bearing ultramafic intrusion ("OUI") near the western basal contact of the Duluth Complex and the Paleoproterozoic sedimentary Virginia Formation.
The Water Hen Project area contains a known non- 43-101 Cu-Ni-PGE (sulfide) resource. Limited drilling of the basal contact of the Duluth Complex has intersected sulfide bearing orthopyroxenite dikes that grade up to 4.44 % Cu, 0.69% Ni, up to 1.10 gm Pt and 1.75 gm Pd over 3 ft (Table 1). PMR believes these dikes indicate the presence of a sulfide rich copper-nickel and PGE enriched footwall in the Duluth Complex similar to the high grade ores in the footwall of the Sudbury Igneous Complex and indicate the potential for discovery of a Cu-Ni -PGE deposit which is significantly higher grade than the existing known resource.
Table 1. Selected drill intercept results for orthopyroxenite dikes at Water Hen
*Copper was only reported as greater than 1% from historical exploration data from the mid 50's to 60's
DDH
Footage
Cu
Ni
Pt
Pd
Au
(%)
(%)
(gm)
(gm)
(gm)
SL-01
680-683
4.44
0.69
1.1
1.75
0.38
SL-15*
702.5-704
>1.0
0.24
0.179
0.401
0.198
SL-16*
694-694.5
>1.0
0.25
0.15
0.249
0.103
SL-08
650-545
0.99
0.4
0.22
0.3
0.16
Non 43-101 Compliant Resource Estimate
The Water Hen Project area has a documented Cu-Ni-PGE resource and orthopyroxenite dikes with significant Cu-Ni and PGE mineralization. A massive sulfide zone has been identified to occur at the base of the OUI. The sulfide mineralization consists of numerous zones of disseminated to massive (net-textured) magmatic sulfides which extend out of the intrusion into surrounding troctolitic host rocks.
In 1976, New Jersey Zinc and Minnesota Ilmenite Ventures reported a non 43-101 compliant sulfide resource of 109.49 million tons grading 0.26 % Cu and 0.12 % Ni. The October 2000 issue of The Minnesota Prospector reports a non 43-101 compliant oxide resource of 62 million tons grading 14% TiO2 from this area.
These resource estimates have neither been confirmed nor verified by any recent drilling and are based on previous published reports. The resource estimate has not been verified by a Qualified Person as that term is defined in National Instrument 43-101 and its companion policies. As such this historical data should not be relied upon.
Future Plans
PMR now has acquired the key land parcels to effectively explore the Water Hen Project area and will focus its exploration efforts to identify the source of the Cu-Ni-PGE enriched ortho-pyroxenite dikes near the footwall of the Duluth Complex. PMR continues to compile historic exploration and geologic data which is supplemented by geologic fieldwork. With timing subject to financing or a joint venture, PMR will undertake a program consisting of airborne and ground geophysical surveys with additional geological mapping prior to initiating drilling.
About Prime Meridian Resources Corp.
Prime Meridian Resources Corp. is an exploration company with a portfolio of projects located in the Midcontinent Rift System of Michigan and Minnesota, Prime Meridian is recognized as a specialist within this historic area which is known to contain large and valuable base metal deposits. Our focus is on advancing projects to the drill ready stage and beyond while increasing shareholder value. PMR remains committed to exploring and developing its assets and to continue its Cu-Ni-PGE project development primarily focusing on the Midcontinent Rift System.
John F. Gartner, MSc. P.Geol, is PMR's Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed the technical information disclosed in this news release.
Prime Meridian Resources Corp
John Boreta
President
For further information, please refer to our website www.primemeridianres.com or contact:
Prime Meridian Resources Corp.
John Boreta
Tel: (403) 539-0192
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosures in this release, including management's assessment of Prime Meridian's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Prime Meridian's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Prime Meridian expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
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