Pershimco Resources Inc.: Update on Cerro Quema, Panama
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 02/07/11 -- PERSHIMCO RESOURCES INC. (the 'Company' or 'Pershimco') (TSX VENTURE: PRO)(FRANKFURT: BIZ) is pleased to update shareholders on recent exploration developments from its Cerro Quema Project Gold-Copper Project (the 'Project') in Panama. Based on recent results, Pershimco has increased its activities at the Project with the addition of a 6,000 metres drilling program in the western portion of the 17-kilometre mineralized trend.
Drilling Program
Pershimco is presently drilling with one drill rig in the Chontal area, located between the two historical gold zones LaPava and Quemita. Access roads and platforms are being put in place for the mobilization of a second drill rig.
Drilling was slowed down during November and December due to extraordinary rainfall in the country, but is now back on-track. Previously built access roads held up against the heavy rains. Pershimco's technical experts have now optimized the drilling process and increased the daily coring footage.
The 6,000 metre drill program will also include validation drilling of the Quema/Quemita area and will also test the Chontal, Mesita and Pava Norte priority targets. The LaPava area will also be drilled to depth and laterally to the north.
The ultimate objective of this campaign is to rapidly increase the gold resources in the oxides and delineate the copper/gold potential contained in the supergene and primary environments.
To date Pershimco has completed 3 drill holes. Core samples are being logged and will be shipped to the lab. The verification of these initial targets will be quickly followed by definition drilling on each of the targets.
Surface Sampling and Geophysics
Pershimco's technical team are advancing the systematic surface litho-structural mapping with channel and rock chip sampling of the western trend. The work will complement the existing database and add to the regional picture along the 17 kilometre trend. Pershimco is of the opinion that Cerro Quema Project belongs to a class of multi-million ounce gold systems and copper belonging to the High-Sulphidation Epithermal deposits and mineralized zones found elsewhere in the North American, Mexican, Central American and South American Cordillera.
Targeting criteria along the 17 kilometre trend include brecciated dacite lapilli tuffs, silica-alunite-clay alteration and oxides after pyrite; advanced argillic alteration halos. These silica altered rocks are typical of the residual quartz that many of the copper-gold high-sulphidation deposits. The advanced argillic alteration minerals may include dickite, alunite, and at lower elevations pyrophyllite. Pershimco has initiated a PIMA program to help map out the alteration patterns leading to gold mineralization.
The Pershimco geophysics team will also be moving to the project during Q1 to start an IP (Induced Polarization) based on Resistivity and Chargebility campaign, which could also bring , after the inversion process, additional 3-D imagery on Copper-Gold rich zones that would not be visible at surface.
The information contained in this news release has been reviewed and approved by Mr. Jean Lafleur, M.Sc., P. Geo., Director and Technical Advisor at Pershimco, the Company's Qualified Person under NI 43-101 regulations.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange (symbol PRO.V) and the Frankfurt Exchange (symbol BIZ). The Company holds several mining properties in Canada and South America including the recently acquired Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp. The Company is managed by skilled, reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our success.
The Company's documents are available on www.sedar.com.
For more information, please visit the Company'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.
Contacts:
Pershimco Resources Inc.
Alain Bureau, P. Eng.
President and Chief Executive Officer
1-819-797-2180
ressources@pershimco.ca