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Parlane Resource Corp. (“Parlane” or the “Company”) is pleased to announce that it has received assay results from a drill program at its Big Bear property (“Big Bear”), on the Nechako Plateau, approximately 100 kilometres southwest of Vanderhoof. Big Bear is situated between two mineralized systems: New Gold Inc.’s Blackwater and Capoose properties.
Six drill holes were completed at 5 sites for a total of 1,637 metres of core. The objective of this drill program was to target areas yielding moderate to high chargeability responses that were coincident with anomalous results from soil sampling (see Parlane news release Aug. 8, 2012 at www.parlaneresource.com).
Two of the 6 drill holes intersected newly discovered mineralization. Drill hole BB12-4 was drilled at the Black Bear anomaly to a depth of 330.71 metres and was sampled at 1-metre or 2-metre intervals for its entirety. Significant mineralized sections are shown in Table 1 and include 9 metres assaying 2.14 grams per tonne (g/t) gold, 12.64 g/t silver and 0.76 % zinc. Within this section, a 1-metre interval, at 196 metres depth, assayed 13.50 g/t gold, 58.10 g/t silver and 1.36 % zinc. The average grade for all of the samples over the entire hole is 0.26 g/t gold, 2.67 g/t silver and 0.21 % zinc. Hole BB12-6 was also drilled at the Black Bear anomaly and was collared 200 metres west of BB12-4. Significant mineralized intersections (Table 1) include 8 metres assaying 0.67 g/t gold, 4.99 g/t silver and 0.67 % zinc and within this section a 1-metre interval assayed 2.06 g/t gold, 6.69 g/t silver and 1.63 % zinc. Mineralization at the Black Bear is hosted in thick units of intermediate to felsic lapilli and crystal tuff. The orientation of this volcanic package is considered to be dipping moderately to the northeast, based on outcroppings at higher elevations in the area, and drill intersections are approximately perpendicular to layering thereby giving true thicknesses plus or minus 90 per cent. The Black Bear is situated directly on-line between the Blackwater and Capoose properties (to see map click on http://media3.marketwire.com/docs/ppp.pdf or see website at www.parlaneresource.com).
“This is a very significant discovery for the Company,” said Robert Eadie, President and CEO of the Company. “We are anxious to get underway on our 2013 drilling program as I believe we have extended the Blackwater deposit and are on a definite path to increasing shareholder value.”
Table 1. Drill Hole Information and Significant Drill Hole Intersections
| Drill Hole Information | Significant Drill Hole Intersections | ||||||||||||
| Hole | Easting | Northing | Elev. | Azimuth | Dip | Length (m) | From (m) | To (m) | Length (m) | gold g/t | silver g/t | copper % | zinc % |
| BB12-4 | 365225 | 5901000 | 1248 | 270 | -50 | 330.71 | 18 | 24 | 6 | 1.34 | 3.62 | 0.04 | 0.25 |
| including | 18 | 20 | 2 | 3.83 | 1.51 | 0.00 | 0.23 | ||||||
| and | 114 | 126 | 12 | 1.12 | 9.30 | 0.11 | 0.43 | ||||||
| including | 124 | 125 | 1 | 8.63 | 65.40 | 0.75 | 1.10 | ||||||
| and | 195 | 204 | 9 | 2.14 | 12.64 | 0.06 | 0.76 | ||||||
| including | 195 | 196 | 1 | 3.93 | 28.20 | 0.16 | 2.80 | ||||||
| including | 196 | 197 | 1 | 13.50 | 58.10 | 0.11 | 1.36 | ||||||
| BB12-6 | 364991 | 5901019 | 1255 | 360 | 90 | 300.84 | 7 | 15 | 8 | 0.67 | 4.99 | 0.06 | 0.67 |
| including | 12 | 13 | 1 | 2.06 | 6.69 | 0.04 | 1.63 | ||||||
| and | 24 | 25 | 1 | 0.20 | 5.38 | 0.01 | 1.05 | ||||||
| and | 37 | 38 | 1 | 1.00 | 6.84 | 0.00 | 0.09 | ||||||
| and (with 1.92% lead) | 53 | 54 | 1 | 0.10 | 17.20 | 0.10 | 0.77 | ||||||
| and | 188 | 190 | 2 | 0.62 | 10.10 | 0.03 | 0.20 | ||||||
| BB12-1 | 371500 | 5904950 | 1262 | 260 | -60 | 317.92 | No significant intersections | ||||||
| BB12-2 | 371941 | 5906105 | 1222 | 360 | -75 | 203.00 | No significant intersections | ||||||
| BB12-3 | 373600 | 5906075 | 1160 | 360 | -60 | 218.00 | No significant intersections | ||||||
| BB12-5 | 368945 | 5905705 | 1430 | 225 | -70 | 267.00 | No significant intersections | ||||||
The Black Bear mineralization requires more geophysical surveying and drilling to determine its extent. Parlane has scheduled to return early in the 2013 season to begin further work at this site.
The Brown Bear anomaly is located 2.6 kilometres south of the Black Bear and is characterized by anomalous silver, copper, lead and zinc values in soils and is coincident with a strong chargeability over an area approximately 500 metres by 700 metres. It was targeted for drilling in 2012; however, snow and ice made access difficult and a decision was made to suspend further work until 2013.
The Medley Zone was discovered late in 2012 within the western block of the Big Bear tenure. Closely spaced, 1 to 5 centimetre-wide quartz and epidote veins carry silver and copper mineralization extending approximately 700 metres northerly. A selected hand sample assayed 2.67 g/t silver and 0.83 % copper. Further sampling and geological mapping is planned for this area in 2013.
Drill core samples were analyzed by AGAT Laboratories Ltd., an ISO 9001 – ISO/IEC 17025 certified laboratory. Parlane maintains a quality assurance and quality control program whereby standard samples and blanks are inserted into the sample stream.
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.
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.
