InvestmentPitch Media Video Discusses Alliance Mining's Pending Mapping, Sampling and Drill Program on Packsack Gold Property in Bissett Gold Camp in Manitoba - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 4, 2018) - Alliance Mining Corp. (TSXV: ALM) is preparing for a geological mapping and sampling program followed by a drill program in early 2019 at its Packsack Gold property. Alliance has an option to acquire 100% of the Red Rice Lake gold property, located in the centre of Manitoba's Bissett gold camp, close to the town of Bissett.
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The Packsack gold property is part of the company's Red Rice Lake gold project, which is located adjacent to Havilah Mining (TSXV: HMC), and just four kilometres from Havilah Mining's True North gold mine. Havilah Mining, which was spun-off from Hecla Mining, following Hecla's acquisition of Klondex Mines, is presently reprocessing old tailings while they actively explore for additional ore sources in the belt.
The Red Rice Lake gold property claims are located within the Archean Rice Lake greenstone belt in southeastern Manitoba, which forms part of the Uchi subprovince that includes the Red Lake and Pickle Lake belts in Northwestern Ontario.
Alliance intends to follow up on promising results from their March 2018, drilling on the Packsack zone of the Red Rice Lake gold project. Drill hole PK-18-4 intersected 21.2 metres grading 0.86 grams per tonne gold, including 1.78 grams per tonne over 8.7 metres in the Big Dome vein, all within a large altered mafic dike.
Christopher Anderson, President and CEO, stated: "We are pleased with this initial drill test on the Packsack claims, and we now have excellent data to move forward with a re-interpretation of the Packsack mineralization. With substantial mill capacity available only a few kilometers away, this is an opportune time to explore and develop gold deposits in the Rice Lake belt."
These drilling results have caused a re-interpretation of the Packsack zone from a narrow vein target, to a wider, open-pittable zone encompassing the entire Packsack group of veins, including the Big Dome, Hargraves, Golden Stairway, Central Montcalm and South Montcalm veins, all within a mineralized sericite-alteration envelope. The current geological mapping and sampling program is designed to better define the mineralization target within its host mafic dike, followed by a 1,000 metre drill program to test the wider mineralized zone to a depth of 100 metres.
Previous exploration on the Packsack zone was focused on the Big Dome Vein, with a shaft to 160 metres and 874 metres of drifting and crosscutting on 4 levels down to 152 metres, all completed between 1936 and 1940. The structural control on veining at the Packsack property is similar to that at the nearby True North Mine.
Alliance recently signed a Letter of Intent with Jadestone Energy LLC to acquire a 100% interest in Jadestone's Tonopah Uranium project. The Tonopah Uranium project is located in the Tonopah Mining district in Nye County and Esmerelda Country, Nevada.
The company is currently raising gross proceeds of up to $250,000 through a non-brokered private placement of up to 5 million flow-through units priced at $0.05 per unit. Each unit consists of one flow-through share and one warrant, with each warrant exercisable for one non-flow-through share at $0.05 for 24 months. The proceeds will be used for exploration work at the Red Lake property.
For more information, please visit the company's website www.alliancemining.com, contact Antony Claydon, Investor Relations, at 604-445-5421 or email ir@alliancemining.com.
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