VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2011) - Parlane Resource Corp. (the "Company") (TSX VENTURE:PPP) is pleased to announce the completion of a Phase I surface exploration program on its 360 hectare Mercedes epithermal gold-silver project in the Sierra Madre gold-silver belt, in Sonora, Mexico.
The Phase 1 exploration program evaluated the potential of the main mineralized zone, "La Lamosa" ridge, as well as additional areas of interest regionally and on the property, prior to a 2000-metre diamond drilling program scheduled to commence late summer 2011.
The main mineralized zone "La Lamosa" was mapped and a hydrothermal breccia zone was confirmed to be up to 40 metres wide and to extend for at least 200 metres. This northeast-southwest trending zone displays alteration and textures consistent with a high-sulphidation epithermal gold-silver system, and the "La Lamosa" prospect represents a viable gold/silver drill target. The true width and down dip extent of the gold mineralization zone is not known but will be confirmed by the scheduled drill program later this summer.
Previous diamond drilling on the "La Lamosa" ridge in 2008 intersected gold mineralization starting from surface and returned 144 metres averaging 0.49 g/t gold and 12.4 g/t silver in hole 08MER001, 113 metres averaging 0.37 g/t gold and 11.6 g/t silver in hole 08MER002, and 57 metres averaging 1.15 g/t gold and 13.5 g/t silver in hole 08MER003.
The 2011 reconnaissance soil lines expanded the main mineralized zone (defined by the 2010 soil line) to the southwest and northeast. During the 2011 exploration program, 214 soil samples were collected along reconnaissance lines 100 and 200 metres apart and samples were taken at 30 metre intervals. Additional reconnaissance soil lines were placed in areas of resistant ridges and alteration zones (silica, argillic) to test the gold/silver potential and geochemical signatures. Positive values for soil samples (greater than 90th percentile) are greater than 0.0342 ppm (parts per million) gold and 2.0 ppm silver. Soil samples results range from less than 0.0005 ppm to 0.2785 ppm gold and less than 0.1 ppm up to 12.3 ppm (12.3 g/t) silver.
Previous soil sampling in 2010, directly above the main mineralized zone, returned up to 1.399 ppm (1.399 g/t) gold and 77.2 ppm (77.2 g/t) silver. A compilation of the soil sample results for gold and silver on the main mineralized zone indicate a south to southwesterly trend of positive gold and silver values as individual sample anomalies extending approximately 300 to 400 metres from previous soil sampling. At the south end of this survey area, eight soil samples contain positive anomalies for gold (0.0391 to 0.2076 ppm) over a 240 metre width and may suggest a parallel zone or an offset to the main zone. This gold anomaly is open in extent to the northeast. Positive gold values occur to the northeast of previous soil sampling for approximately 100 metres as individual sample anomalies up to 0.0695 ppm. Positive silver anomalies do not occur to the northeast in areas sampled.
Silt samples taken during the 2011 exploration program confirm anomalies in silver, arsenic, antimony, molybdenum and mercury. These geochemical anomalies are present in the northwest region of the claim block and represent a typical geochemical signature of a high sulphidation epithermal gold/silver system.
Also, during the Phase 1 surface exploration program, 73 continuous rock chip samples were collected from regional areas of interest. Rock samples results range from less than 0.005 ppm up to 0.071 ppm gold (0.071 g/t). The highest gold assay from the regional rock sampling program was found just off the property to the southeast approximately 1750 metres from the main mineralized "La Lamosa" zone. This mineralized zone returned 3.14 g/t gold, 4.7 g/t silver over 4.0 metres including 5.93 g/t gold and 1.8 g/t silver over 2.0 metres.
The Mercedes property is located approximately 200 kilometers southeast of Hermosillo, in the state of Sonora, Mexico and consists of three contiguous claims totaling 360 hectares: La Mina del Oro, 16 hectares; Ampliacion Mina del Oro, 251 hectares; and C.R., 93 hectares.
Parlane has also initiated negotiations with other property owners adjacent to the Mercedes project with the intent of expanding the current size of the Mercedes property.
The project is located in a historic mining district, which has had many operating mines in the past. The Mercedes property covers 360 hectares and is located in the southern quadrant of the state of Sonora, southeast of the city of Hermosillo and 16.5 kilometers west of the city of Yecora. Exploration activities in the area have been ongoing and a number of properties have current operations, including Alamos Gold's Mulatos project, Dia Bras Exploration's Moris project, and Gammon Gold's Ocampo project.
Brian Malahoff, 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.
Contact Information:
Robert Eadie
1-604-602-4935
1-604-602-4936 (FAX)
info@parlaneresource.com
www.parlaneresource.com