Pershimco Intercepts 120m @ 0.56% Copper & 267m @ 0.89g/t Gold
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 08/21/12 -- Pershimco Resources Inc. (the "Corporation" or "Pershimco") (TSX VENTURE: PRO) (FRANKFURT: BIZ) is pleased to announce recent sulphide and oxide diamond drilling and Reverse Circulation (RC) drilling results at its 15,000 Ha 100% owned Cerro Quema property.
Drill hole PDH-11014 returned from surface a long gold intercept of 267m @ 0.89 g/t Au including 120m @ 0.56% Cu. Within this larger gold intercept, 0 to 147m is within the oxide zone and 147 to 267m is within the sulphide zone.
The 147 meter oxide intercept also includes 31m of near surface higher grade @ 2.53 g/t Au from 11 meters down to 42 meters. As the drill hole passes through the Sulphide Zone commencing at a depth of 147 meters, the average grade is 0.60g/t Au and 0.56% Cu on the subsequent 120 meters including 10m @ 2.97% Cu. Please refer to Figure 1 for drill hole location. Tables 1 and 2 below summarize these results.
Table 1: New Copper Results From La Pava
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From To Length Copper Gold
DRILL HOLE NO. (m) (m) (m) (%) (g/t)
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PDH-11014 147 267 120 0.56 0.60
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Incl. 153 187 34 1.60 1.06
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Incl. 153 164 11 2.97 1.45
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Table 2: New Gold Results From La Pava
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From To Length Gold
DRILL HOLE NO. (m) (m) (m) (g/t)
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PDH-11014 0 267 267 0.89
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Incl. 11 42 31 2.53
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Incl. 25 39 14 3.23
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Notes for Tables 1 and 2:
1. Drill hole numbers with prefix 'PDH' are diamond drill holes.
2. Drill intersections tabulated under 'Intercept' are reported as drilled
thicknesses. These intercepts are apparent widths only.
Alain Bureau, P.Eng, Pershimco's President and CEO commented: "We are excited about these results and this week we have brought back from the field various boxes of visually similar sulphides in drill core from holes just completed. Drill hole PDH-11014 was completed within the La Pava deposit area after the company's geology team continued its drilling efforts focusing on the Induced Polarization (IP) geophysics anomaly, in addition to a better understanding and interpretation of the deposit from previous mineralized intercepts. We expect to release additional similar results this fall."
In parallel to the ongoing drilling at La Pava, the Corporation is also drilling at its Quema and Quemita deposits as part of its oxide resource definition drilling program.
New results from recent drilling at the Quema and Quemita deposit areas are listed below in Table 3. Please refer to Figure 2 for drill hole locations.
Table 3: New Gold Results From Quema-Quemita:
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From To Length Gold
DRILL HOLE NO. (m) (m) (m) (g/t)
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PRH-12116 0 15 15 3.28
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PRH-11043 52 89 37 0.47
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PRH-12061 4 32 28 0.39
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PRH-12071 0 7 7 0.55
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PRH-12071 34 41 7 0.42
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PRH-12072 6 28 22 0.44
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PRH-12076 0 22 22 0.49
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PRH-12089 24 25 1 1.33
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PRH-12099 1 7 6 0.44
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PRH-12112 3 5 2 1.43
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PRH-12128 0 4 4 1.11
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PRH-12128 56 62 6 0.85
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PRH-12128 64 71 7 0.39
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PRH-12116 0 15 15 3.28
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PRH11043 52 89 37 0.47
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Notes:
1. Drill hole numbers with prefix 'PRH' are Reverse Circulation (RC) drill
holes.
2. Drill intersections tabulated under 'Intercept' are reported as drilled
thicknesses. These intercepts are apparent widths only.
Similar to the La Pava deposit, the Corporation has also intercepted copper sulphide mineralization beneath the oxide caps at its Quema and Quemita deposts. Additional exploration work is underway including interpretation of geophysical data in order to increase the understanding of the sulphides potential under both the Quema and Quemita deposits.
The Cerro Quema sample preparation protocol related to the hygroscopic fine material has proven successful and has been fully accepted by the Corporation and its independent QP. The procedures put in place in the preparation laboratory include a two-stage drying process to counter effect the high humidity present at the project. The re-assaying program on previous samples is now nearing completion and the Corporation expects to receive these results in the upcoming days. The receipt of these last re-assay results will allow the Corporation to complete the update of the global resources estimate.
Quality Assurance / Quality Control ("QA/QC")
Drill core from the diamond and Reverse Circulation (RC) drill holes are transported by Pershimco technical personnel from the drill site to the core and sample preparation facility on site. Once there, geologists and qualified technicians log, sample tag and half-split the core in 1 meter lengths using stationary saws. Individual sampled meter intervals of split core and RC chips are then put in tagged and sealed plastic bags with a standard, duplicate and blank inserted at regular intervals. The prepared samples are then sent to the Activation Laboratories (Actlabs) sample preparation facilities in Panama. Individual samples are inventoried by Actlabs personnel, 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. Prepared samples are then placed into sealed 5-gallon plastic containers and shipped by courier services to the Actlabs' main facilities in Ancaster (Ontario, Canada) for assaying using a multi-element ICP method and fire assay method with atomic absorption finish for Gold, Silver and Copper. Over limit assays are done on samples with results greater than to 2.5 g/t. The new protocol also includes that samples be dried at 125 degree Fahrenheit just before crushing and also immediately before pulverizing.
The information contained in this news release has been reviewed and approved by Mr. John Kapetas, B.Sc. Hons, MAusIMM, MAIG, a Qualified Person under NI 43-101 rules and standards.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resources and exploration company listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining properties in Canada and South America, including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project in the Val-d'Or Gold Mining Camp, being explored in partnership with Osisko Mining Corporation. The Corporation is managed by skilled and reputable people with extensive mining, exploration and development experience. The Pershimco Team and its investors are the key to its success.
The Corporation's documents are available on www.sedar.com.
Please visit the Corporation's website at www.pershimco.ca.
Figure 1 and Figure 2 are available at the following addresses:
http://media3.marketwire.com/docs/Pershimco_Figure1_0821.pdf
http://media3.marketwire.com/docs/Pershimco_Figure2_0821.pdf
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" statement.
Contacts:
Alain Bureau, P. Eng.
President and Chief Executive Officer
+1 (819) 797-2180
ressources@pershimco.ca
Richard Leroux
Investor Relations
+1 (514) 993-4510
info@pershimco.ca