Pershimco Identifies a High-Grade Zone at Surface with 36m of Oxide Grading 3.61 g/t Gold on Quema
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 09/29/11 -- PERSHIMCO RESOURCES INC. (the 'Company' or 'Pershimco') (TSX VENTURE: PRO) (FRANKFURT: BIZ) is pleased to announce assay results from the 2011 exploration campaign at the Company's Cerro Quema Gold-Copper Project (the 'Project') in Panama. The new assay results, part of the Quema Target validation drilling includes a higher-grade surface intercept of 36 meters at 3.61 g/t Gold and 94 meters at 0.93 g/t gold. These new results are part of the most eastern drilling holes done by Pershimco to date.
These new vertical holes drilled on the Quema Target brings the longitudinal footprint to over 4.3 kilometers including the LaPava Target at the western end where the two drill rigs are presently working. The exercise of these reverse circulation (RC) drill hole where to rapidly validate the oxide gold cap on the Quema-Quemita gold oxide cap in order bring the resources to a 43-101 industry standard. In the process, the RC hole PRH11009 was stopped in the supergene layer for mechanical reasons giving 3 meters of 1.66% Copper with 0.57g/t Gold and 2g/t Silver. Based on these results and LaPava results, Pershimco's will double the number of drill rigs as soon as the rainy season ends in mid-november. These new essay results, are represented in the following table and can be located on the longitudinal view attached to this press release:
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Core
DDH # From To Length Au Ag Cu
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(m) (m) (m) g/t g/t %
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PRH11009 6 100 94 0.93 2.02 0.08
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Incl. 16 43 27 1.58 0.56 0.01
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64 76 12 1.12 3.68 0.04
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97 100 3 0.57 2 1.66
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PRH11010 13 49 36 0.03 0.14 0.25
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PRH11011 3 74 71 1.84 0.85 0.2
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Incl. 3 39 36 3.61 1.54 0.06
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11 24 13 6.48 2.05 0.06
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39 74 35 0.03 0.15 0.34
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PRH110112 2 29 27 2.09 0.66 0.18
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PRH110113 1 23 22 0.37 0.41 0.06
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Core length is based on vertical drilling through the mineralized oxide dome. Further exploration will permit detailed modeling of the deposit.
During this rainy season in Panama, Pershimco has still two drill rigs fan-drilling along the northern segment of the LaPava Target in order to rapidly bring the mineralization towards NI 43-101 compliant mineral resources and exploring the deeper copper-gold potential of LaPava. All access roads and drill site platforms have been prepared for the drill rigs along the LaPava Target's northern slope.
Quality Assurance / Quality Control ('QA/QC')
Drill cores from diamond and RC holes cuts are transported by Pershimco technical personnel from the drill sites to the Cerro Quema Core Shack. There, qualified geologists and technicians log, sample tag and half-split the core in 1 m lengths using stationary saws. The individual sampled intervals of half-split core are then inserted in tagged plastic bag, and sent to the Activation Laboratories (Actlabs) sample preparation facilities in Panama. Individual samples are inventoried by Actlabs personnels, dried, finely crushed to 70% at less than 2 mm, then pulverized to 85% at less than 75 um, and riffle-split to 150 grams. There is 1 Standard, 1 Duplicate and 1 Blank inserted for every 15 samples batch. Samples are then inserted in sealed 5-gallon plastic pails then shipped by courier to the Activation Laboratories main facilities in Ancaster (Ontario, Canada) for assaying using the Muti-element ICP Method and the Pyro-analysis Method with Atomic Absorption Finish for Gold, Silver and Copper. Re-assays are done on samples with results greater than to 2.5 g/t Gold and greater than 10,000 ppm Copper.
The information contained in this news release has been reviewed and approved by Mr. Jean Lafleur, M. Sc., P. Geo., Vice-President Exploration and Director, a Qualified Person under NI 43-101 rules and standards.
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 Corporation's documents are available on www.sedar.com
Please visit the Corporation's website at www.pershimco.ca
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Contacts:
Alain Bureau, P. Eng.
President and Chief Executive Officer
(819) 797-2180
ressources@pershimco.ca