Pershimco Resources Inc.: Positive Validation Drilling Reports Similar Results on the Cerro Quema Historical Work
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 11/25/10 -- Pershimco Resources Inc. ('Pershimco' or the 'Corporation') (TSX VENTURE: PRO) (FRANKFURT: BIZ) is pleased to announce positive and significant results from the second batch of an ongoing verification Reverse Circulation ('RC') drilling at the Corporation's wholly owned Cerro Quema Gold Project in Panama.
The program is designed to test and bring the historic exploration results to current National Instrument ('NI') standards, and expand the oxide Mineral Resources found in multiple gold oxide caps along a 12 kilometers long corridor. Based on historical drilling, the mineralization being tested by the drilling campaign covered a mineralized silicified dome included in a 750 meters by 350 meters zone with historical oxide or supergene mineralization to a depth of more than 160 meters.
All new interval assay results and QA/QC protocols are summarized in the appended table. Drilling has confirmed the gold mineralization expected. RC hole PRH10005 (70 meters southeast of PRH10004) yielded 1.04 g/t Gold over 127.0 meters, including grades of 2.36 g/t Gold in the last 2 meters and twinning RC hole PRH92085 which graded 3.22 g/t over the same interval, as well as 3.35 g/t Gold over 5.0 meters. RC hole PRH10006 intersected 1.19 g/t Gold over 46.7 meters. RC hole PRH10007 cut 1.02 g/t Gold over 76.2 meters. The remaining RC holes are similar to the historical results.
These assay results, combined with previously released assays (refer to the Pershimco news release dated November 18, 2010) confirm the presence of Gold and Copper, its extent and grades in areas historically drilled from the La Pava Zone.
Dr. Michael Druecker, P. Geo., Advisor and Consultant to Pershimco's Latin America Projects, stated 'The Cerro Quema gold (copper) deposit is part of a northwest trending, 140 kilometer long mineral belt of volcanic and intrusive rocks located within the southern Azuero peninsula. This dacitic island-arc belt, composed of pyroclasitc, flow and dome rocks, hosts numerous, large areas of high-temperature (advanced to intermediate argillic) alteration associated with high-sulfidation, epithermal gold mineralization. Many of these gold (copper) prospects are under-explored and untested by drilling'.
URS/Scott Wilson Roscoe Postle and Associates ('RPA') are presently performing a complete statistical comparison of the current and historical results. A detailed description of results with maps can be found on the Corporation's website at www.pershimco.ca.
Current drill holes uniformly covered the mineralized domes, twinning historical holes and adding new holes as recommended by RPA in their NI 43-101 titled 'Technical Report on the Cerro Quema Project, Panama, by W. W. Valliant, P. Geo., S. Collins, P. E., and H. Krutzelmann, P. Eng.', available at www.sedar.com. Current drilling also aimed at confirming not only the presence of gold, but the distribution of gold grades, and the presence of Copper at depth previously reported in the 16,251 meters of historical drilling completed on the La Pava Zone. Newly received copper assays and historical results are presently being reviewed and compiled.
The Cerro Quema Project
The Cerro Quema Project is located on the Azuero Peninsula in Los Santos Province of southwestern Panama some 45 km southwest of Chitre, a well-serviced city located along a major national highway. A fully functional exploration camp has been activated and the project is fully permitted for exploration. The ongoing exploration program is designed to upgrade and expand the near surface oxide Mineral Resources in order to build a low cost open pit leaching operation. The project is located in an area of low population, close to paved roads and to the national power grid. These infrastructure advantages and geological settings could potentially reduce future project development costs and lower operating costs.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining projects in Canada and South America including the recently acquired and wholly owned Cerro Quema Project in Panama, and the Courville Gold Project in the Val-d'Or Gold Mining Camp. The Corporation is managed by qualified and responsible individuals with extensive mineral exploration and mining development experience. The Pershimco Team and its Shareholders are the key to the Corporation's success.
The technical information in this news release was approved by Mr. Jean Lafleur, P. Geo., Director of Pershimco Resources Inc., a Qualified Person under NI 43-101.
The Corporation's documents are available on www.sedar.com.
For more information, please visit the Corporation's website at www.pershimco.ca.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements made in this news release that are not historical facts are 'forward-looking statements' and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these 'forward-looking' statements.
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Distance Elevation
from twinned above sea From To Length Gold
Hole Number Year hole (m) level (m) (m) (m) (g/t)
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PRH10001 2010 4.84 505.68 0 74.17 74.17 0.513
incl. 2.03 22.35 20.32 0.762
incl. 61.98 74.17 12.19 0.487
PRH92081 1992 0 507.01 0 88 88 0.351
incl. 8 21 13 0.638
incl. 62 88 26 0.584
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PRH10002 2010 4.5 507.65 0 96.52 96.52 0.177
incl. 12.19 25.4 13.21 0.238
incl. 60.96 83.31 22.35 0.32
PHR94132 1994 0 507.65 0 84 84 0.218
incl. 12 27 15 0.328
incl. 54 79.5 25.5 0.359
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PRH10002 2010 4.5 507.65 86.36 96.52 10.16
PHR94132 1994 0 507.65 81 84 3
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PRH10003 2010 9.66 522.19 0 49.78 49.78 1.64
incl. 33.53 49.78 16.26 2.9
incl. 105.66 115.82 10.16
PRH92084/ 1992/
PDH93020(i) 1993 0 519.89 0 50 50 2
incl. 34 49 15 2.42
incl. 117 149 32
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PRH10004 2010 6.96 539.78 0 128 128 1.41
PDH92010 1992 0 540.3 0 127 127 1.15
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PRH10005 2010 11.82 530.41 0 127 127 1.04
incl. 0 4.06 4.06 2.3
incl. 78.23 127 48.77 1.6
incl. 124.97 127 2.03 2.36
PRH92085 1992 0 531 0 140 140 1.33
incl. 0 127 127 1.22
incl. 125 127 2 3.22
incl. 135 140 5 3.35
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PRH10006 2010 3.55 551.73 109.73 156.46 46.73 1.19
131.06 142.24 11.108 1.74
PDH93011 1991 0 551.8 110 156 46 1.52
131 142 11 1.99
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PRH10007 2010 3.86 543.66 0 137 137 0,66
incl. 5.08 81.28 76.2 1.02
incl. 15.24 24.38 9.14 2.47
104.65 121.92 17.27 0.14
PRH91025 1991 0 543.6 0 100 100 0,82
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PRH10008 2010 6.56 560.33 27.43 50.8 23.37 1.07
93.47 173.74 80.27 0.51
incl. 159.51 173.74 14.23 0.76
PRH94127 1994 0 560.3 27 49.5 22.5 0.62
93 123 30 0.83
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PRH10009 2010 3.11 557 0 51.82 51.82 1.07
inclus 0 13.21 13.21 2.59
87.38 102.62 15.24 0.18
PRH91002 1991 0 556 0 30 30 0.73
incl. 0 13 13 1.16
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PRH10011 2010 6.83 548.21 0 40.64 40.64 0.63
PRH10011B 2010 5.43 548.13 16.26 45.72 29.46 0.95
PRH92087 1992 0 548 16 45 29 0.85
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PRH10012 2010 4.08 540.63 5.08 47.75 42.67 0.95
PRH91034 1991 0 540.7 5 48 43 0.98
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PRH10013 2010 6.56 522.71 0 30.48 30.48 0.38
81.28 105.66 24.38 0.12
PRH92067 1992 0 527.1 5 35 30 0.48
100 103 3
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Note 1: The present drilling has been realized in 4 7/8' diameter. All holes are vertical (RC) Reverse Circulation type drilling. Samples, averaging 1 meter in length, have been analyzed by Activation Laboratories Ltd using 50g pyro with gravimetric finish.
Note 2: PRH10001, PRH10002, PRH10003 and PRH10004 assay results have been previously published in Pershimco's news release dated November 18, 2010.
Contacts:
Pershimco Resources Inc.
Alain Bureau, P. Eng.
President and Chief Executive Officer
1-819-797-2180
ressources@pershimco.ca