|December 13, 2010|
Playfair to Drill Seal Lake Copper-Silver Project - Drill Contract Signed - Drilling to Commence January 2011
|Playfair Mining Ltd will drill its 100% owned copper-silver Seal Lake project located in central Labrador, Canada. Playfair has executed a drill contract to begin Phase 1 drilling at Seal Lake, designed to test the continuity of known mineralization in two areas centred approximately 25 km apart. |
The planned program will consist of 4,000m of drilling to test the basin-wide continuity of copper-silver occurrences previously drilled in 1956 and 1972. The first target area is located near the west end of the property. Drilling in this area will test a 10km strike length with holes spaced 1km apart. The second target area is located near the east end of the property. Drilling in the second area will test a 5km strike length with holes spaced 1km apart.
Highlights of previous work on the property are 6.4m of 2.5% Copper at Adeline Island, 11.3m of 1.0% Copper and 30.4 gpt Silver (including 4.9m of 2.5% Copper and 93.0 gpt Silver) at Ellis, 6km East of Adeline Island and 11.0m of 2.9% Copper and 45.9 gpt Silver at Whiskey Lake, about 30 km East of Adeline Island.
Seal Lake copper-silver mineralization covers a large area in the Central Mineral Belt of Labrador. Some 136 copper-silver occurrences, showings and prospects are known on Playfair's 16,825 Ha property. The majority of the 16 showings and 9 prospects occur within a consistent and laterally extensive stratigraphic horizon -- the basal gray shale of the Upper Adeline Island Formation. The overall stratigraphy and host rocks at Seal Lake are similar to the rocks hosting the world-famous White Pine copper-silver district in Michigan.
In addition to the Seal Lake copper-silver exploration opportunity, Playfair has four properties with substantial high-grade tungsten deposits. Playfair continues to believe that there is a strong case for an impending global Tungsten shortage, as is evidenced by the continued strong rebound in the price of Tungsten which has recently increased by over 50% to an all-time high price of $325 per MTU.
Michael Moore, PGeo, is the qualified person who has reviewed the technical information contained in this news release on behalf of the company
Visit our website at www.playfairmining.com for more information
ON BEHALF OF THE BOARD
"D. Neil Briggs"
D. Neil Briggs
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Forward-Looking Statements: This Playfair Mining Ltd News Release may contain certain "forward-looking" statements and information relating to Playfair which are based on the beliefs of Playfair management, as well as assumptions made by and information currently available to Playfair management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.