BROOMFIELD, COLORADO--(CCNMatthews - Oct. 26, 2004) - Palladon Ventures Ltd. (TSXV:PLL) ("Palladon") is pleased to provide this update on its Three Dimensional Induced Polarization geophysical survey ("3D IP") with ground magnetics currently underway on its 70,000-care Western Utah Copper Project (See press release dated August 19, 2004) and results from additional drilling performed in concert with the geophysics. The copper project is located in the Milford Mineral Belt west-northwest of the town of Milford, Utah, approximately 200 miles south of Salt Lake City. Palladon believes the Milford Mineral Belt has significant potential to host one or more large copper porphyry systems.
Geophysics
Geophysics and other exploration have continued throughout the summer, concentrating on target definition for subsequent drilling. SJ Geophysics Ltd. of Vancouver, B.C. was contracted to conduct Phase I of an extensive 3D-IP survey with ground magnetics. The survey began on September 9 and is currently about 50% complete, with completion of this phase of the survey expected by November 1. The area currently being surveyed is a 10,000-acre block in the eastern part of the joint venture property and includes most of the significant past producing copper mines on the property. Approximately 150 line-kilometers will have been completed of a total of approximately 315 line-kilometers planned for the 3D-IP survey in this portion of the property. Initially, the spacing of the survey was a line every 300 feet with a station every 300 feet (91.5 by 91.5 meters). After preliminary evaluation of the data, the line spacing has been increased to 600 feet with a station every 300 feet (183 by 91.5 meters). Preliminary results of the survey indicate that the structural framework of the survey block can be defined as related to known mineralization. Detailed mapping of the copper pits has been completed, one of the purposes being to define structural controls and to update geologic data for the 3D-IP interpretation.
As announced, the 3D-IP and ground magnetic survey has several objectives: 1) to better define the lateral and vertical extent of known significant tonnages of copper mineralization with grades of up to 2.50% Cu; 2) to define new potential areas of copper mineralization in magnetite- and/or sulfide-rich altered sediments and buried intrusive rocks; 3) to define continuity between exposed and buried copper mineralization intersected in drill holes at variable distances from the mineralized exposures; and 4) define and trace major structures that may have acted as feeder zones and/or offset mineralized bodies. The surveys were initially planned to include six areas covering approximately 13,500 acres within the district and over 350 line miles of survey lines and associated interpretive work. Palladon is now considering expanding the program to cover a much greater acreage, pending the final interpretation of the results of Phase I, due in part to the success of the Phase I work and the effectiveness of wider line spacing. Palladon expects to delineate numerous major drill targets as a result of the surveys, in combination with the previous work performed on the project by Palladon and various predecessors, including the recent drilling completed by Palladon earlier this year. See press releases dated May 27, May 31, June 11, July 6, July 27, and August 19, 2004.
Additional Drilling
Additional drilling was completed to expand areas of known mineralization and to aid in the interpretation of the ongoing geophysics. Drilling was conducted in two areas, the Sunshine Mine area on the eastern edge of the District, where the geophysics commenced, and in the OK Southwest area, where a large porphyry system is thought to exist. Seven holes were drilled in the Sunrise area to expand the known copper resource. Complete assay results have been returned for two of those holes and partial results have been returned for holes PSU-5 and 6. The holes were located within areas of visible mineralization and in the covered area east of the exposed mineralization. Significant copper oxide and sulfide mineralization, including bornite, chalcopyrite and chalcocite, were intersected in 5 of the 7 holes. Holes PSU-1 and PSU-2 were drilled 100 feet (30.5 meters) apart. Current assay results are summarized below:
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Drill Hole Intercept
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Sunrise Hole PSU-1 20 to 170 Feet: 150 Ft (45.7 m) of 1.26% Cu
Incl: 35-95 Feet: 60 Ft (18.3 m) of 1.57% Cu
20 to 170 Feet: 150 Ft (45.7m) of 0.396 ppm Au
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Sunrise Hole PSU-2 60 to 175 Feet: 115 Ft (35.1m) of 1.81% Cu(i)
Incl: 95-150 Feet: 55 Ft of (16.8m) of 2.37% Cu(i)
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Sunrise Hole PSU-5 0 to 190 Feet: 190 Ft (57.9m) of .373 ppm Au
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Sunrise Hole PSU-6 0 to 40 Feet: 40 Ft (12.2m)of 0.535 ppm Au
55 to 150 Feet: 95 Ft (29m)of 0.371 ppm Au
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(i) Average of ICP analyses and 4-acid digestion copper assays. The
4-acid digestion assays are consistently higher. Hole PSU-1 has only ICP
analyses.
Seven holes have been completed about 3,000 feet (0.9 kilometer)
southwest of the OK Mine in an area approximately 2,000 feet (610
meters) by 1,000 feet (305 meters). Chalcocite in potentially
significant amounts was observed in drill holes WP-2 and WP-4.
Chalcopyrite, chalcocite, molybdenite, cuprite and native copper were
observed in one or more of the other four holes in at least minor
quantities. Assays for 25-foot composite samples were returned for drill
hole WP-1. Assays are pending for the remaining holes. The following
table summarizes the observations for the cuttings for these holes:
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Drill
Hole Total Depth Description
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WP-1 600 Feet (183 meters) Trace chalcocite with 2 to 10% pyrite in
intensely altered volcanics or
granodiorite to quartz-sericite-pyrite
("QSP"). Scattered chalcopyrite.
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WP-2 500 Feet (152 meters) Trace to significant chalcocite 25 to 175
Ft (7.6 to 53 m). Intense QSP to 147 Ft
(45 m), mod. altered granodiorite to 175
Ft (53 m), fresh granodiorite to TD.
------------------------------------------------------------------------
WP-A12 400 Feet (122 meters) Trace to minor chalcocite to 50 to 210 Ft
(15.2 to 64 m) with intense QSP alt.
Weakly altered granodiorite to TD.
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WP-3 400 Feet (122 meters) Trace to minor chalcocite 53 to 340 Ft
(16.2 to 104 m) with flakes Native Cu,
325 to 385 Ft (99 m to 117 m), trace to
mod. molybdenite 85 to 245 Ft
(26 to 74.7 m). Intense QSP to 327 Ft
(100 m), weakly altered granodiorite to
TD.
------------------------------------------------------------------------
WP-4 500 Feet (152 meters) Trace to mod. chalcocite 25 to 177 Ft
(7.6 to 54 m). Intense QSP to 177 Ft,
weakly altered granodiorite to TD.
------------------------------------------------------------------------
WP-6 625 Feet (206 meters) Minor to trace chalcocite 45 to 80 Ft
(13.7 to 24.4 m), intense QSP in
volcanics entire hole. Pyrite 1 to 7%.
------------------------------------------------------------------------
WP-7 400 Feet (122 meters) Moderate chalcocite scattered in hole
with mod. to intense QSP to TD.
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Palladon president George Young said "our drilling continues to demonstrate the existence of the type of alteration and mineralization we have been targeting and confirm much of the work of previous operators such as Anaconda, Kennecott, Noranda and others. In combination with the geophysics, we expect our work will delineate targets that will add tremendous value to the project and that will be worthy of a large, systematic drill campaign to prove up an economic copper porphyry system."
The drilling described above is in addition to the 22 holes described in the previous press releases referenced above.
Qualified Person and Quality Assurance and control
Mr. R. H. Russell, M.Sc, Geology, who has over 36 years experience in the mining industry, is a Licensed Geologist in the State of Washington (#205), and is a member of S.E.G, is acting as the qualified person as defined in National Instrument 43-101 for the purpose of the technical release of information contained herein relating to the Western Utah Copper Project. Mr. Russell is an independent consultant and does not have any ownership or financial interest in either Palladon Ventures Ltd. or Western Utah Copper Company.
ON BEHALF OF THE BOARD OF DIRECTORS OF PALLADON VENTURES LTD. per: George S. Young, President, Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Palladon Ventures Ltd. George S. Young (303) 327-1535 (303) 327-1526 (FAX) Email: info@palladonventures.com Website: www.palladonmining.com
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