Playfair Drilling Risby Tungsten Deposit
Wednesday August 23, 10:37 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 23, 2006) - Playfair Mining Ltd. (TSX VENTURE:PLY - News) is pleased to announce that BC based Westcore Drilling Ltd. have been awarded a contract to drill a minimum of 2,500 metres on Playfair's 100% owned Risby tungsten deposit located approximately 55 kilometres west of Ross River, Yukon. The drill is currently being mobilized to the property with drilling anticipated this week.
The drill program is based on a recent report completed for Playfair by Mr. Peter Dadson, P. Geo and is designed to provide confirmation of some of the earlier drill results and, importantly, to drill untested areas which may increase the known deposit size (historic estimate(i) calculated by Hudson Bay Exploration and Development Co. Ltd. in 1982 using a 0.4% WO3 cutoff grade is 2.7 million tonnes of 0.81% WO3).
Mr. Dadson's compilation report summarizes the geology, mineralization and previous work on the property as follows:
"The property is underlain by a lower Paleozoic sedimentary sequence of argillite, limestone and calcareous siltstone and their metamorphic equivalents which have been intruded by a Cretaceous biotite quartz monzonite.
There are two tungsten bearing zones on the property with Scheelite mineralization developed in two sub-parallel stratiform skarns which occur at or in close proximity and paralleling the quartz monzonite contact. Both pyrite and pyrrhotite are present in the zones in concentrations of several percent while chalcopyrite and molybdenite have been noted as accessory sulphides.
Exploration began on the property in 1968 and proceeded into 1982. During this time frame 8,057 m of diamond drilling in 46 holes was completed in addition to geological mapping, rock trenching, stream sediment geochemistry and magnetometer and EM surveys."
Playfair owns 100% of four high-grade tungsten deposits(i) in Canada.------------------------------------------------------------------
Property Tonnes % WO3 MTU's Company
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Grey River 473,000 0.97 458,500 ASARCO 1970
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Risby 2,700,000 0.81 2,187,000 HBED 1982
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Lened 737,000 1.14 840,200 Union Carbide 1986
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Clea 257,000 0.93 239,000 Placer Dome 1980
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Total 4,167,000 0.89 3,724,700
------------------------------------------------------------------(i) Estimates of tungsten resources are historical in nature, predate
and are noncompliant with NI 43-101. Playfair is not treating the
historical estimates as current mineral resources or reserves. Playfair
has not undertaken any independent investigation of the resource
estimates nor has it independently analyzed the results of the previous
exploration work in order to verify the resources, and therefore the
historical estimates should not be relied upon. However, Playfair
believes that these historical estimates provide a conceptual
indication of the potential of the occurrences and are relevant to
ongoing exploration.
Playfair is well financed and intends to aggressively advance these deposits towards production to take advantage of the buoyant tungsten market.
Mr. Michael Moore, P.Geo is the qualified person who has reviewed the technical information contained in this news release on behalf of Playfair.
Visit our website at www.playfairmining.com for more information.
ON BEHALF OF THE BOARD
D. Neil Briggs, President and Director
No Stock Exchange Has Approved or Disapproved The Information Contained Herein.
