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Alliance Mining (TSXV:ALM) announced results from its winter drill program at its Packsack gold property

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The Packsack gold property, which forms part of the company’s Red Rice Lake gold project, is located in Manitoba’s Bissett gold camp, close to the town of Bissett.

Additional Information:

Company: Alliance Mining
Website: http://www.alliancemining.com
Stock Symbol: TSXV: ALM
Date Published: Jun 14, 2018
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

Alliance Mining Corp. has announced results from its winter drill program at its Packsack gold property, which began on March 15th.

The Packsack gold property, which forms part of the company’s Red Rice Lake gold project, is located in Manitoba’s Bissett gold camp, close to the town of Bissett.

Alliance has an option to acquire 100% of the Red Rice Lake gold property, located in the centre of Bissett gold camp in Manitoba, Canada.

The property is located close to the town of Bissett, Manitoba, and just four kilometres south from Klondex Mines' True North gold mine.

The Red Rice Lake gold property claims are located within the Archean Rice Lake greenstone belt in southeastern Manitoba.

This belt forms part of the Uchi sub province that includes the Red Lake and Pickle Lake belts in Northwestern Ontario.

The program, the first significant drill program to test under the 500 foot (152 metre) level exploration drift, was completed with four NQ drill holes totaling 793 metres.

All technical objectives of the program were accomplished, with the significant results shown in this table.

Packsack Drill Results from March 2018 Drilling
Drill Hole # From
(metres) To
(metres) Width
(metres) Zone/Vein Gold
(grams per tonne)
PK-18-2 113.85 122.95 9.10 Mafic Dike Zone 0.45
including 119.00 120.22 1.22 Hargrave Vein 2.33
PK-18-4 56.50 77.68 21.18 Mafic Dike Zone 0.86
including 56.80 65.53 8.73 Big Dome Vein 1.78
including 62.58 63.96 1.38 Big Dome Vein 4.02

Alliance’s consulting geologist, Bill Hood, P.Geo., who has four decades of mineral exploration experience and has supervised multiple drill and exploration programs in the Bissett gold camp, stated:
“This drill program was targeted mainly on the Big Dome vein, which was explored by underground development in the 1930s, but I’ll be suggesting a re-interpretation of the Packsack property toward a larger-tonnage, lower-grade open-pittable style of mineralization. We may want to view the entire Packsack group of veins, including the Big Dome, Hargraves, Golden Stairway, Central Montcalm and South Montcalm veins, all within a larger mineralized alteration envelope.”

Drill hole PK-18-1 encountered unexpected deep overburden and was not cased, and hole PK-18-3 was drilled to the east of the Packsack veins and did not intersect the cross-cutting Mafic Dike Zone.

Christopher Anderson, President and CEO, stated: “We are pleased with this initial drill test on the Packsack claims, and we now have excellent data to move forward with a re-interpretation of the Packsack mineralization. With substantial mill capacity available only a few kilometers away, this is an opportune time to explore and develop gold deposits in the Rice Lake belt.”

Alliance will be undertaking a summer work program of geologic mapping and geophysics to refine targets for a more substantial drill program along the Red Rice Lake structure.

The company is actively seeking to expand its presence in the Bissett Gold camp through future property acquisitions and/or potential joint venture exploration partnerships with neighbouring companies.

The shares are trading at $0.02

For more information, please visit the company’s website www.alliancemining.com, contact Antony Claydon, Investor Relations, at 604-445-5421 or email ir@alliancemining.com

I’m Samantha Deutscher for Investmentpitch Media