PRO :TSX 183 Meters at 1.00 g/t Gold
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6/15/2011 8:16:48 AM - Market Wire
PDH-11-006 confirms supergene and an important second sulphide-rich zone with Gold-Silver-Copper including 39m @ 1.3% Cu New assay results identified gold oxides in the Chontal target.
ROUYN-NORANDA, QUEBEC, Jun 15, 2011 (MARKETWIRE via COMTEX News Network) --
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. Pershimco has already completed over half of the planned 6,000 metres diamond and Reverse Circulation drilling within the western 4 km segment of the east-southeast trending 17-kilometre Cerro Quema Gold-Copper Trend (the "Trend"), that includes La Pava, Chontal and Quema-Quemita targets (refer to the appended Figure 1 at the following address: http://media3.marketwire.com/docs/110615_PRO_F1.pdf). The aim is to expand the limits of the known mineralization outside the known limits of the historic mineralization.
The first assay results came from drill holes PDH-11-006 located at the northern edge part of the La Pava mineral resources limits (refer to the appended Figure 2 at the following address: http://media3.marketwire.com/docs/110615_PRO_F2.pdf), and PDH-11-001 at the Chontal target located roughly halfway between La Pava and Quema-Quemita. Refer to the table detailing the assay intervals from both drill holes.
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CORE
FROM TO LENGTH G/T G/T %
DDH# (m) (m) (m) GOLD SILVER COPPER COMMENTS
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La Pava Target
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PDH-11-006 0.0 95.0 95.0 0.39 6.45 0.07 OXIDE ZONE
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Gold
Equivalent(i) 0.68
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95.0 117.0 22.0 0.19 0.54 0.45 SULPHIDE ZONE
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Gold
Equivalent(i) 1.04
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144.0 183.0 39.0 0.28 1.57 1.3 SULPHIDE ZONE
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Gold
Equivalent(i) 2.36
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Chontal Target
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PDH-11-001 0.0 19.0 19.0 0.41 n/a n/a OXIDE ZONE
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(i) Gold Equivalent calculated using last 12 months average price at ; US
$1,446 / oz Gold, US $28.89 / oz Silver and US $4.52 / lb Copper, and is not
adjusted for metallurgical recoveries as these remain uncertain.
n/a - assays pending
Serge Biron, Pershimco's Exploration Manager in Panama, stated "Diamond drill hole PDH-11-006 was about completely mineralized from top to 183 metres whether in the oxide or sulphide zones, and has also confirmed the presence of multiple lenses of disseminated and vein-type copper sulphides ranging from 10 to 30 metres core lengths, below the oxide zone, with assays in the 0.5 to 3% Copper range. We now await results from the next drill hole PDH-11-009 that will help to define the Copper system extension to the North."
Mr. Biron added "The Chontal interval adds to the premise that the three western targets of Quema-Quemita, La Pava and Chontal are linked to the same mineralized system along a 4-kilometre segment which bodes well for the remaining 13 kilometres of the Cerro Quema Gold-Copper Trend."