VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2012) - Parlane Resource Corp. (TSX VENTURE:PPP) ("Parlane" or the "Company") has completed its 2012 soil, rock and stream sediment geochemical survey and an induced polarization (IP) and magnetometer survey. Results from the program have been received.
Field personnel have collected a total of 827 soil samples, 25 stream sediment and 50 rock samples over 9 areas that returned anomalous results during the 2011 field season (see Parlane news release June 25, 2012 www.parlaneresource.com). Results from this year's sampling have been received from an accredited laboratory. In addition, a 14-line kilometre pole-dipole induced polarization (IP) and magnetometer survey have been conducted over 9 zones and the results of this survey have also been received.
Nine zones that were identified during the 2011 sampling program were targeted for additional soil sampling this field season. Sample results supported continued exploration in these areas including induced polarization and magnetometer surveying. Four of the nine zones that were surveyed by IP produced moderate to high chargeability, with moderate resistivity. The Chedakuz and Chedakuz South zones, about 1 kilometre apart, both yielded moderate to high chargeability of 20.9 - 41.7 mV/V, resistivity between 273 - 540 ohm-metre and soil geochemical analyses ranging from less than 0.1 to 6.2 grams per tonne silver and less than 0.5 to 334 parts per billion gold. An area approximately 100 metres by 200 metres, on the east side of the Chedakuz zone, contains numerous boulders at surface that are mineralized with pyrite, sericite, epidote and quartz: one of these float boulders assayed 2,502 parts per million zinc. The Top Lake South zone contains high chargeability (31 - 51.2 mV/V) that extends 600 metres east - west and a zone of sharp magnetic contrast (56200 to 57300 nT across 75 metres). Soil geochemical analysis in this area includes values of less than 0.1 to 1.7, 1.9 and 2.0 grams per tonne silver along an E-W soil line with 50-metre sample spacing. The Top Lake North zone contains an 80-metre wide east-west chargeability of 15.5 - 21.7 mV/V.
Robert Eadie, President & CEO, said the Company is encouraged by the results obtained so far at the Big Bear property and looks forward to continued exploration. Big Bear is permitted under the BC Mines Act for 10,000 metres of drilling.
The property is located in the Omineca Mining Division, Nechako Plateau in central British Columbia, approximately 100 kilometres south of Vanderhoof and contains 14,366 hectares. It is located between two mineralized systems: New Gold Inc.'s Blackwater and the Capoose properties. The Big Bear is highly prospective for the discovery of similar epithermal, subvolcanic porphyry and transitional mineralization.
Ian Webster, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of this release.
The Company also reports that it is extending its agreement with Doug McKay & Associates as its investor relations and corporate communications service provider on the same terms as accepted by the TSX Venture Exchange in 2011, which includes a monthly remuneration of $5,000 and stock options to acquire 324,950 shares in the capital of the Company at an exercise price of $0.15 for one year.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
Neither the 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.
Contact Information:
Robert Eadie
President, Chief Executive Officer and Director
1-604-602-4935
1-604-602-4936 (FAX)
info@parlaneresource.com
www.parlaneresource.com