Anyone with in interest in a small base metals speculative play might care to do some research on this one.

Share price has done nothing much over the last year, but the story continues to slowly unfold.

Prairie Downs Project:

The extracts below come from their quarterly activities report, released on Thursday 26 April 2007.

In January, Lycopodium Engineering was engaged to evaluate the economics of an operation processing around 250,000 tpa and producing around 20,000 tonnes per annum of zinc in concentrate. This operation would be based upon the current resource of one million tonnes at a grade of 8.3% zinc, 1.7% lead, and 22 g/t silver augmented by the recently discovered Zed Lode. (this info has been released previously)

Initial results from this year's drilling are very encouraging. Visually identified zinc and lead mineralisation remains strong, and further gossans have been located on the surface to the west of current drilling. Significant copper mineralisation has also been identified for the first time. It may also be relevant that the total sulphide content (including the gangue mineral pyrite) is increasing to the west. (this is new information)

The assays from the first 8 holes in the 2007 drilling program are expected within a fortnight (subject to delays at the lab). I believe that these holes are stepouts on the Zed Lode. A further 10,000 meters of RC drilling is planned for this first program, with diamond and more RC drilling planned for later in the year. There have been delays in the 2007 drilling program due to cyclones, associated rain and mechanical failure.

It's all taking time, but the story continues to build - hopefully the pending assays will reveal decent grade and width.

What interests me is that PDZ's market cap is only some $20m, so the market is not currently ascribing much value to the project.

As I mentioned previously, please do your own detailed research if you are interested.