Pershimco and Abitex Set Up Strategic Alliance to Develop the Courville Gold Project in Abitibi
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 04/26/11 -- PERSHIMCO RESOURCES INC. (the 'Corporation' or 'Pershimco') (TSX VENTURE: PRO)(FRANKFURT: BIZ) is pleased to announce the signing of a Letter of Intent ('LOI') allowing the formation of a strategic alliance with Abitex Resources Inc. ('Abitex') (TSX VENTURE: ABE) on the Courville Gold Project in the Val-d'Or - Malartic Gold Mining Camp in northern Quebec.
Through the terms of the alliance, Pershimco will acquire a 20% interest in the Jolin Gold Property as it is added to its Courville Gold Project forming a Joint Venture (the 'JV') in the new consolidated Courville Gold Project (the 'Project') (refer to www.pershimco.ca website for a Project location map). The mineral claims hosting the Jolin Gold Property sit contiguous to the north of the Project land package. In the JV, Pershimco will retain 80% interest in all its JV's original claims as Abitex will acquire 20% interest on Pershimco's land package. The JV's final agreement with Abitex will be subject to final regulatory approvals.
Pershimco will manage and operate the Courville Gold Project being developed under the new JV with Abitex.
Mr. Alain Bureau, P. Eng., President and CEO of Pershimco, stated: 'The strategic alliance between Pershimco and Abitex will allow both parties to unlock the full potential of the 16 km by 6 km prospective gold corridor covering the new consolidated East Courville Gold Project. Our plan is to fast track our exploration efforts.' Mr. Bureau also added: 'The mineralization footprint is believed to be similar to the lower grade and higher tonnage gold system, such as Osisko's Canadian-Malartic Gold Deposit in the Malartic segment of the Val-d'Or-Malartic Mining Camp. Pershimco's Dr. Mathieu Piche, Ph.D., P. Geo., and Mr. Jean Lafleur, M.Sc., P. Geo., will lead Pershimco's Exploration Team. Both individuals were instrumental in the original database compilation and bulk gold interpretation of the Canadian-Malartic Gold deposit for McWatters Mining in 2002-2003.'
Mr. Jean Lafleur, M.Sc., P. Geo., Director of Pershimco added: 'For the last year, Pershimco has been adding smaller land positions surrounding its Courville Gold Project by purchasing individual and blocks of mineral claims. The Courville land package now represents more than 200 km(2) of continuous and prospective land holdings along the gold bearing Porcupine-Destor Deformation Zone and its subsidiary faults. Pershimco has already compiled all of the historic works, prospected, mapped, sampled and assayed, as well as completed ground geophysical surveys over the southern mineral claims. Over 100 km of IP surveys have been completed this winter and added to the existing database managed by Dr. Piche. This database now includes close to 700 technical reports outlining all of the exploration work completed by Pershimco and others that include more than 1,100 maps, from geophysical, geological, litho-geochemical surveys, bulk sampling and metallurgical test work, as well as from 700 drill holes and 18,400 gold assays.'
The East Courville Property
The Courville property is located in Courville Township, QC approximately 50 km northeast of Val- d'Or near the town of Belcourt.
The project hosts the TIC (Thibodeau Intrusive Complex) and also various known gold anomalies including the historical Pershing-Manitou gold mine. Pershimco has significantly progressed in the exploration of the Courville Property by means of geophysics, geochemistry, RC and Core drilling indicating interesting mineralization at shallow depth and bulk tonnage potential. Several metallurgical tests have been performed using bulk sampling methods. The first bulk of 14,000 tons yielded 786.75 ounces of gold, equivalent to a grade of 1.93 g/t Au. The second bulk, of 2,500 tons of siliceous material, realized at the Xstrata's Horne operations yielded grades of 1.011 g/t Au and 5.2 g/t Ag.
The Jolin Gold Property
The Jolin property is located in Courville and Carpentier Townships, adjacent to the North to Pershimco's East Courville property.
Abitex' Jolin property is host to the historic Jolin gold deposit. More than 150 drill holes totaling over 30,000 meters have been completed on the deposit over the years, including over 8,000 meters by Abitex since 2005. The deposit consists of structurally controlled quartz vein systems hosted mainly by quartz-feldspar porphyry intrusive (QFP). Abitex intersected visible gold in the Main vein zone at a vertical depth of 2,200 feet (750m), more than 1,000 feet (300m) below the previous deepest drilling of the deposit, demonstrating the strength and continuity of the structures and mineralization. Past work was concentrated on the Main vein zone but secondary gold intersections are recognized in the porphyry outside this zone, suggesting potential for discovery and/or definition of a larger tonnage, lower grade gold deposit.
A non-compliant historical resource estimate completed in 1996 suggested the Jolin deposit hosts Indicated Resources totaling 190,000 tons grading 6.6 g/t Au and Inferred Resources totaling 250,000 tons grading 8.2 g/t Au (Geoconseil Marcel Vallee Inc, 1996) down to the 1,200 foot level (400m). This resource estimate predates and does not conform with National Instrument 43-101. The resource therefore cannot be relied upon and should only be seen as an historical reference to the potential of the project.
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 Corporation 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 Corporation 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 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 Corporation's Qualified Person under NI 43-101 regulations.
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.
Contacts:
Pershimco Resources Inc.
Alain Bureau, P. Eng.
1-819-797-2180
ressources@pershimco.ca