Prime Meridian Resources Corp.

Prime Meridian Resources Corp.

April 10, 2007 11:55 ET

Prime Meridian Nickel-Copper Drilling Underway, Acquires New Land in Michigan

CALGARY, ALBERTA--(CCNMatthews - April 10, 2007) - Prime Meridian Resources Corp (TSX VENTURE:PMR) ("Prime Meridian") is pleased to announce drilling is underway on its Midcontinent Rift projects in Michigan. Prime Meridian will be testing a series of nickel-copper and iron-oxide-copper-gold targets.

Drilling has started on the targets in the Kiernan Sills Project and will be continuous during and after the Spring breakup period. Kiernan Sills is a large mafic intrusive complex with the potential to host multiple magmatic nickel-copper deposits. Each of the targets on the Kiernan Sills Project and the other Project Areas share some or all of the geological and geophysical characteristics of the recent high grade base metal discoveries in the Midcontinent Rift region.

Drilling in the Company's Project Areas will be continuous. Field crews are currently conducting ground geophysical surveys to continue positioning drill collar locations on all of the previously defined 29 targets in 5 Michigan Project Areas scheduled for drill testing in 2007 and 2008.

Prime Meridian is also pleased to announce the acquisition of 18,695 net acres of mineral leases from the State of Michigan for its Midcontinent Rift focused exploration programs for magmatic nickel-copper massive sulfide and Iron Oxide Copper Gold ("IOCG") deposits. These acquisitions have been expected but were delayed while the State of Michigan's Department of Natural Resources re-wrote the form for all of its mineral lease documents. These new leases include new mid-stage properties that require geophysical surveys to locate drill ready targets.

Prime Meridian's land position in Michigan has been substantially enhanced by the new acquisitions, which cover some of the drill-ready targets in the existing 5 Project Areas. The drill-ready targets are based on detailed geophysical field surveys that have confirmed Prime Meridian's results from its airborne geophysical surveys and ground geological reconnaissance. The mid-stage properties have been selected through an evaluation of geological and regional geophysical data. They will be advanced to the drilling phase through systematic geological and geophysical surveys, the same approach Prime Meridian has successfully used since 2000 to develop its project portfolio.

All of the Projects and mid-stage properties are consistent with Prime Meridian's strategy to acquire, explore and develop project areas in the northern region of the Midcontinent Rift system where, historically, large and valuable base metal mines have been developed. Prime Meridian has conducted a series of work programs since 2000 to identify prospective areas within the northern, Lake Superior section of the Midcontinent Rift to acquire the mineral tenure, and advance the projects through a combination of reconnaissance mapping and prospecting and airborne and ground geophysical surveys (electromagnetic, magnetic and gravity) and drilling.

Below is a tabulation of Prime Meridian's Projects which describes the new acreages and previously acquired lands. The previously acquired lands have been reported in the NI 43-101 reports for the nickel-copper and IOCG programs by DeMatties, et al. (See


1. Kiernan Sills - Nickel-Copper

The new leases cover 5 drill targets identified from previously flown electromagnetic and magnetic airborne surveys. Two of the targets are associated with outcropping mineralization (each site averaging 0.2% nickel and 0.2% copper) discovered during reconnaissance mapping and sampling. With these new State of Michigan leases, the acquisition of all 9 of the priority electromagnetic / magnetic airborne survey targets in this Project has been completed.

2. Wilson Creek - Iron Oxide-Copper-Gold

The new leases solidify Prime Meridian's coverage of drill targets previously identified and cover the strike extension of potentially mineralized volcanic and iron formation units.

3. The Other New Acquisitions

The balance of the new acquisitions represents targets on Projects identified by previous geophysical surveys conducted by Prime Meridian or other parties and include 8 mid-stage properties. Two of the mid-stage properties are large complexes containing differentiated mafic intrusives that are highly prospective for nickel-copper mineralization.

4. Drilling and Exploration Plans

Prime Meridian plans to test the 29 drill ready targets on 5 Projects as part of its 2007-2008 drill program. It will also conduct ground and airborne geophysics, reconnaissance geological mapping and sampling on the mid-stage properties.


Prime Meridian has acquired the following projects, with a current total of 56,964 acres, in the Upper Peninsula of Michigan and Minnesota since 2000. All are associated with the Midcontinent Rift System.

Projects-Michigan Acres Exploration Stage Type
----------------- ------ --------------------- --------------
Bangston Lake 1,137 3 drill ready targets Nickel-copper
Kiernan Sills 10,375 9 drill ready targets Nickel-copper
Baraga Basin 10,290 7 drill ready targets Nickel-copper
Turner 2,199 1 drill ready target Nickel-copper
Wilson Creek 9,546 9 drill ready targets IOCG(1)
8 Mid-Stage Nickel-copper,
Properties(2) 19,087 Geophysics IOCG

Projects-Minnesota Acres Exploration Stage Type
----------------- ------ --------------------- --------------
Peterson Sill 3,530 Airborne geophysics Nickel-copper
Winterfire 800 Ground geophysics Nickel-copper

(1) IOCG - Iron oxide copper gold.

(2) The 8 mid-stage properties in Michigan require geophysical surveys to
locate drill-ready targets.

Prime Meridian Resources Corp. is a Canadian exploration company focused on the Midcontinent Rift system in Michigan and Minnesota.

Michael Senn, P.Geol., President of Prime Meridian is a "qualified person" as defined by National Instrument 43-101, prepared the information in this release. Detailed information on the projects described above can be accessed in NI43-101 reports available at

Certain disclosures in this release, including management's assessment of Prime Meridian's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Prime Meridian's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Prime Meridian expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Prime Meridian Resources Corp
    Michael Senn
    (403) 777-9210
    Prime Meridian Resources Corp
    John Boreta
    (403) 777-9210