CARSON CITY, Nev., Dec. 4, 2015 (GLOBE NEWSWIRE) -- Preston Corporation (OTCBB:PSNP) (ISIN US 74113J1079 – www.prestoncorporation.com) reports that as its field crews were initiating geological mapping and sampling, they identified that local artisanal miners have found alluvial gold on the property and the adjacent Prospecting License. While the artisanal miner results report gold, no quantifiable numbers are available.
On the adjacent property, the workings which in some cases were only 2 to 3 days old, included several quartz veins up to 10 cm thick in a dark mafic amphibolitic rock, and were associated with a resistant "knob" of rock standing above the surrounding plain. This structure is similar to that found at the East Africa Metals' (formerly Canaco Resources) one million ounce Magambazi gold discovery which can be seen to the SSW.
There are at least three resistant knob rock types (possibly up to 5 or 6) and several workings reported to be on Preston's property, with similar rock types to that found around the Magambazi zone. Due to the likeness of the geologic setting to that outlined in the SHV gold deposit model, these are currently being delineated in the detailed exploration program, which will include geological mapping, geochemical soil sampling, and geophysics surveying prior to selecting drill targets.
The detailed exploration program being initiated will be the first one in the area since the significance of the East Africa Metals' Magambazi gold discovery was recognized as being in a new geological setting consisting of high grade granulite facies metamorphic terrain which can produce sizable mineralized deposits. The company's consultants' work continues to find visible gold showings throughout the area.
Preston's Prospective Gold Deposits Located in Sediment Hosted Vein (SHV) Models
The Sediment Hosted Vein (SHV) model containing significant fields of prolific placer gold is proposed for the Handeni area of Tanzania due to the similarities of regions around the world where major SHV gold deposits are located. Evidence in favour of the SHV model is seen in the presence of significant carbonate and the amphibolite and biotite garnetiferous units as probable continental shelf marine sediments +/- volcanic with potential intrusive equivalents.
The SHV term is applied to a family of gold deposits that occur throughout the world. SHV deposits typically have low grade gold (1-3 grams per ton) with some high-grade veins representing some of the largest deposits in the world. Included in this group of giant gold deposits are Muruntau (80,000,000 oz) in Uzbekistan and Sukhoy Log (20,000,000 oz) in Siberia. In Australia, the numerous deposits of the Victorian gold fields include Bendigo, Ballarat, Fosterville and Stawell. In New Zealand, the Otago Schist Belt hosts Macraes Flat. Other smaller deposit examples occur in Nova Scotia (Canada), Nome (Alaska) and in the pre-Cordillera rocks of South America.
Tanzania is a democratic country that gained peaceful independence in 1961, and is predominantly English speaking and uses British Common Law. The country has a good infrastructure base and an accessible labour pool of local experienced geologists and other mining personnel. Endorsed by the World Bank and the International Monetary Fund, the country modernized its Mining Act in 1998 to make it attractive to foreign mining companies. Since then it has become the 3rd largest gold producing nation in Africa and the fastest growing gold producing nation in the world.
About Preston Corporation
Preston Corporation is a mineral exploration company with an objective of enhancing shareholder value through the astute acquisition of exceptional projects in undervalued situations. Preston's president, Laurence Stephenson has over 40 years of mineral exploration experience and has a considerable network of industry specialists in the mining sector. He has worked on mineral exploration projects in Tanzania for many years, and has a thorough understanding of the country's mineral resources and mining regulations. His background includes being part of teams that raised over $12 million for mineral exploration in Tanzania. The value of the "yellow metal" has persisted over the ages and has been a contributing factor to the rise and fall of empires since the beginning of recorded history. Current gold prices are at an all time high when compared to the last 200 years. Preston's management has recognized the inherent value of gold and its worldwide acceptance as the premier precious metal commodity, and has geared its exploration to focus on gold as its primary objective. With that objective in mind, the company is investigating prospects that have a real promise to host significant gold resources.
ON BEHALF OF THE BOARD
Laurence Stephenson, President
President & CEO
311 West Third Street
Carson City, NV 89703
No. 604 Africanus Road
Dar Es Salaam, Tanzania
Under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.