Pershimco Continues to Extend Mineralised Trend by Drilling Oxydes and High Grade Copper Sulphides
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 02/19/13 -- Pershimco Resources Inc. (the "Company" or "Pershimco") (TSX VENTURE: PRO) (FRANKFURT: BIZ) is pleased to report that assay results from its latest two drill holes completed at the recently identified Idaida target have intercepted notable copper and gold mineralization, expanded the mineralized trend to the east, and demonstrated the value of last year's airborne geophysical program. Pershimco's technical team identified Idaida in 2012 approximately 1.5 km south east from the Company's Quema-Quemita deposit on its wholly owned 15,000 ha Cerro Quema concession in Panama.
Highlights of Idaida Drilling
-- Extended the mineralized trend toward the east;
-- Intercepted oxide gold halo and supergene copper-gold mineralization:
-- PRH-12275: 137 m @ 0.28 g/t Au and 0.34% Cu; 5 m @ 2.5% Cu (end of
hole);
-- PRH-12279: sulphides 52 m @ 1.29% Cu (incl. 4 m @ 3.32% Cu);
-- Drill holes intercepted multiple zones of high grade copper (over 1%
Cu); and
-- Validates airborne geophysics target generated in 2012.
The Company had advanced its geological understanding of this new area known as Idaida in the last quarter of 2012. During the Q4 2012 drilling season, the Company planned and completed two reverse circulation drill holes totaling 255 m on the Idaida target. These drill holes were sited based on historical drill holes completed in 1993, as well as on alteration mapping and access.
This initial drilling intercepted oxide gold and supergene copper/gold mineralization with tenors analogous to drill holes located on the perimeter (halo) of both the Company's La Pava and Quema-Quemita deposits, which are the focus of a systematic drill-out to define the extent of economic mineralization.
"We consider the results from this latest drilling to be very significant, not only because it validated the easterly direction of our exploration program, but also because it revealed mineralization that is quite similar to what we have found at both of our nearby deposits, further underlining the increasing size potential of our project area," commented John Kapetas, Exploration Manager of Cerro Quema.
Highlights of the new assay results returned from this drilling on Idaida are listed in Table 1 below. As a reference, Figure 1 shows the location of the Idaida target and its proximity to the Company's other deposits currently in development.
Table 1: New Assay Results from Idaida
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Drill Hole No. From To Length Gold Silver Copper
(m) (m) (m) (g/t) (g/t) (%)
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PRH-12275 5 142 137 0.28 2.22 0.34
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PRH-12275 (Oxide) 5 86 81 0.30 2.21 0.025
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PRH-12275 (Sulphide) 86 142 56 0.24 2.30 0.77
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Incl. 137 142 5 0.45 0.45 2.50
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PRH-12279 61 113 52 0.13 0.39 1.29
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Incl. 61 75 14 0.27 1.95 2.70
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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.
Pershimco's first drill hole on Idaida, PRH-12275, returned 137 m at 0.28 g/t Au & 0.34% Cu, beginning from a depth of 5 m. The oxide zone within this drill hole returned 81 m at 0.30g/t Au. The sulphide zone returned 56 m at 0.77% Cu and 0.24g/t Au, including 5 m at 2.50% Cu at the end of the hole, which stopped, for technical difficulties, in sulphides containing over 5.5% Cu. The presence of silver mineralization was also observed throughout much of the hole.
The Company's second drill hole, PRH-12279, returned 52 m at 1.29% Cu from 61 m to the end of hole at 113 m, including 14 m at 2.70% Cu from the top of the intercept and 4 m at 3.34% Cu from 86 m to 90 m. This hole also contained silver credits.
Figure 1: Location map showing Idaida's proximity to the Quema-Quemita deposit (available at the following address: http://media3.marketwire.com/docs/PRO-0219.jpg)
As outlined in the Company's previous press release issued February 6, 2013, the exploration department has mobilized its Induced Polarization ("IP") geophysics contractor to commence a resistivity and chargeability survey over the new target. The IP geophysics method has been proven to be highly effective in defining drilling targets at the Company's two main projects, the La Pava & Quema-Quemita deposits.
Upon completion of the IP geophysics program, the Company will initiate another round of drilling on these new targets.
In addition to the Idaida target, the Company's regional exploration department is commencing groundwork, including surface mapping and sampling, which will be followed by the completion of an IP geophysics survey over its largest airborne geophysical target, La Pelona. Figure 1 shows the location of La Pelona, which is found 3.6 km south east of Idaida.
Added Alain Bureau, Pres & CEO of the Company, "We are excited about the numerous positive results of our exploration and development efforts on this large and growing project area. In 2013, we will continue to focus on exploring and validating the numerous high priority geophysical targets we've identified in tandem with our continued resource definition work at the La Pava and Quema-Quemita deposits."
In parallel with the ongoing exploration work at Idaida, the Company is also drilling at its La Pava and Quema-Quemita deposits as part of its oxide resource definition drilling program. New assay results from the Company's current oxide resource definition drilling program at the La Pava and Quema-Quemita deposits are expected to be available by early March.
Quality Assurance / Quality Control ("QA/QC")
Drill core from the diamond and 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 into 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 Activation Laboratories' 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 Company 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 Company is managed by skilled and reputable individuals with extensive mining, exploration and development experience. The Pershimco Team and its investors are the key to its success.
The Company's documents are available on www.sedar.com.
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" 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