ROUYN-NORANDA, QUEBEC–(Marketwired – Nov. 12, 2015) – Ressources Pershimco Inc. (the “Company” or “Pershimco”) (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce that it has purchased Aurum Exploration Inc. (“Aurum”), a wholly owned subsidiary of Bellhaven Copper and Gold inc. (TSX VENTURE:BHV), giving the Company access to over 72,000 hectares of concession and concession application rights along the Azuero mineralized belt. This underexplored belt forms part of a long mineralized trend stretching 120Km from east to west across Panama’s Azuero Peninsula (please refer the maps at the end of this news release). By closing this transaction, Pershimco now owns the largest concessions and concession applications package in southern Panama, contributing to a substantial increase to the prospecting valuation of the entire Azuero mineral district. Pershimco bought all shares of Aurum for the cash consideration of US$140,000.
Some historical trenching results on the Pitaloza Concession reported positive values:
|Trench 1 (2006)||52 m @ 2.3 g/t Au|
|Trench 2 (2006)||16m @ 1.8 g/t Au|
|Trench 3 (2006)||12m @ 8.9 g/t Au|
|Trench 4 (2006)||34m @ 0.6 g/t Au|
|Trench A (2010)||18m @ 4.4 g/t Au|
|Trench B (2010)||6m @ 1.6 g/t Au|
|Trench C (2010)||10m @ 1.0 g/ t Au|
|Trench 1 (1993)||45m @ 1.10 g/t Au|
|Trench 2 (1993)||40m @ 2.24 g/t Au|
|Trench 3 (1993)||40m @ 1.09 g/t Au|
|(1)||Trench results listed for Bejucosa Area are quoted from a Bellhaven Copper & Gold Inc. news release dated July 8, 2010.|
|(2)||Trench results listed for the Caracucho Area are quoted from an Independent NI 43-101 compliant report prepared by Peter G. Folk (July 20, 2004) for Bellhaven Copper & Gold Inc..|
|(3)||No verification of these results has been completed by Resources Pershimco Inc.|
These promising surface gold-in-oxide results at Pitalloza were obtained with only limited exploration work and drilling completed over the Pitaloza Concession and Applications package. Initial evaluation of the historical database shows a promising potential for discovery of porphyry-style Cu-Au-Mo deposits given the following observations:
- Under explored property package over a large area (nearly four times the size of the Cerro Quema concessions), with comparable geology, structure and mineralization to the Cerro Quema Project.
- Located immediately west-northwest of the Cerro Quema concessions, and hence, within the same Cretaceous island arc belt of rocks.
- Exploration work to date identified several prospects showing exposed, high temperature, high sulphidation (HS) feeder structures with Cu-Au mineralization, which may indicate deeper near porphyry sources.
- Large complex batholith surrounded by multiple intrusive stocks and plugs that outcrop and sub-crop within volcanic belt rocks. Similar in geology and structural setting to the intrusive complexes hosting porphyry Cu-Au deposits in Panama.
The technical geological information contained in this press 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. (TSX VENTURE:PRO)(FRANKFURT:BIZ) is a mineral exploration and development company with a near-term gold oxide production scenario and a copper-gold porphyry target at its 100%-owned Cerro Quema Project in Panama. Cerro Quema’s concession boasts paved road access, no indigenous groups and the most favorable climate in the country. Based on the results from an independent Pre-feasibility Study (August 2014), the Company’s extraction-permitted gold oxide project has a pre-tax NPV of $165 million US with a pre-tax internal rate of return of 46.8% ($110 million US after tax with an after-tax rate of return of 33.7%), supported by great recovery rates (86%) and lowest quartile all-in sustaining cash cost of $631/oz. Led by a skilled management team with a proven track record of building successful operating mining facilities in the Americas, Pershimco’s project is scheduled to be in production in 2016. Additionally, the Cerro Quema Project has proven to have significant exploration upside with resource expansion potential in over 12 oxide targets identified along a 17km trend as well as porphyry indicators along a 12km strike length that highlights the potential for a nearby copper-gold porphyry system. With strong shareholder support, Pershimco aims to achieve cash flowing status in the near term to continue uncovering the value of Cerro Quema. Please refer to the Cerro Quema Project – Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits, available on the Company’s website, and filed on SEDAR on August 22, 2014 as well as to the press release of July 8, 2014.
The Company’s documents are available on www.sedar.com.
Please visit the Company’s website at www.pershimco.ca.
Statements made in this press release, including those regarding management objectives, forecasts, estimates, expectations, or predictions of the future may constitute “forward-looking statements”, which can be identified by the use of conditional or future tenses or by the use of such verbs as “believe”, “expect”, “may”, “will”, “should”, “estimate”, “anticipate”, “project”, “plan”, and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Pershimco’s expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Pershimco believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Pershimco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
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.
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