Home / Mining Company News Releases (Unreviewed) / Phase 1 Drilling Program on Tr-Ue Vein in Oatman, Az

Phase 1 Drilling Program on Tr-Ue Vein in Oatman, Az

Vein width of between 0.61 m and 4.7 m at grades between 9.4 and 13.6 gpt Au

Vancouver, British Columbia–(Newsfile Corp. – September 17, 2019) – Para Resources Inc. (TSXV: PBR) (WKN: A14YF1) (OTC PINK: PRSRF) (the “Company” or “Para”) is pleased to announce the initial certified assay results of the phase 1 drilling program on the Tr-Ue vein started this summer. The Tr-Ue vein forms a part of the Gold Road claims and is approximately 1.6 kms from the Gold Road mill on a paved highway.

Results from the first 4 holes of the 9-hole program have been received from ALS Laboratories in Tucson, Az. The program is focused on the Tr-Ue vein which is about 1.6 kilometers from and is parallel to the Gold Road vein. The program was developed to orient historical production maps and drill information, much of which is from the early 1900’s and most of which show historical production at significantly higher grades that Gold Road.

Highlights include (with full details included in the table below):

  • Quartz-calcite vein material with gold mineralization was encountered in all but one of the 4 completed holes 
  • Drill hole TVGR-2 intersected 4.72 m (3.38 m true width) of gold mineralization in a quartz-calcite vein which    averaged 9.39 gpt gold, including a 1.7 m intercept (1.18 m true width) at 13.61 gpt gold. 
  • TVGR-06 intersected 3.2 m at an average grade of 11.55 gpt gold (true width of 2.28 m)
  • TVGR-07 intersected 0.61 m at 13.99 gpt gold (true width 0.43 m).

Ian Harris, President of Para Resources stated, “We are very pleased with the initial results of our drilling program at Gold Road. The program has consistently hit the mineralized structure we were targeting and, in many cases, at significant grade and thickness. The program is the first step in orienting our sizeable database of historical data on the Tr-Ue vein, and goal of establishing future high-grade feed for the Gold Road mill. The full drilling program planned for the Tr-Ue has been designed to identify economically significant tons of mineralized material that can be transported 1.6 kms to the Company’s fully permitted, highly efficient and operating mill at Gold Road. The goal is to process higher grade material which could have a significant impact on the number of ounces produced and a reduction in AISC”.

Background:

Initial exploration drilling conducted during the summer included 9 core/reverse-circulation drill holes. Initial holes were drilled with a reverse circulation drill (holes TVGR-01 to 05). TVGR-02 was completed with HQ core. Hole TVGR-6 was drilled with NQ core (wedged out of TVGR-02) and hole TVGR-07 was drilled HQ core. Of these 9 holes, 7 have been completed to date. Drilling is continuing at this time. Results for assays were received on September 11, 2019. Quartz-calcite vein material with gold mineralization has been encountered in all but one of the completed holes. Certified results have been received for 4 holes on all sections that tested above 0.10 opt in internal laboratory.

Hole Highlights:

Drill hole TVGR-2 intersected 15.5 feet (about 11.1 feet – true width) of gold mineralization in a quartz-calcite vein which averaged 9.39 gpt (0.274 opt) gold. A 5.5 feet intercept (true width 3.9 feet assayed 13.61 gpt (0.397 opt) gold).

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Figure 1: HQ core of higher grade rock in TVGR-02 (675′ to 685′ interval)

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TVGR-06 intersected 10.5 feet at an average of 11.55 gpt (0.337 opt) gold (true width of 7.5 feet).

TVGR-07 intersected 2.0 feet which assayed 13.99 gpt (0.408 opt) gold (true width 1.4 feet).

TVGR-01 was drilled above stopes of the United Western mine, intersected the vein containing 5.0′ of 2.19 gpt (0.064 opt) gold (true width 3.6 feet).

Holes TVGR-02, TVGR-06 and TVGR-07 (reported here) are all within a zone between the United Western mine and the higher grade United Eastern mine.

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Figure 2: Drill rig completing the HQ core portion of TVGR-02

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Holes TVGR-08 is pending assays and TVGR-09 is currently being drilled.

Collar locations have been tied to satellite photography and prior drilling collars. Collars are to be surveyed and tied to BLM surveyed patented claim corners in the coming weeks. In-the-hole surveying of azimuth and dip are to be contracted at the completion of this phase of drilling.

QA/QC: After completion of drilling each day the core was secured in a locked facility at the mine site to preserve the chain of custody. Under supervision at the mine site the core was subsequently sawed in half and one half was sawed in half and the quarter intervals were shipped to ALS laboratories in Tucson, Arizona for prep and then assayed at ALS’s lab in Reno, Nevada. The other quarter core intervals were assayed by the mine site laboratory. The remaining ½ core interval was retained in secure storage for potential further assay and metallurgical test work.

Complete assay data received from ALS:

Hole # Sample ID Top Bottom Width ALS FIRE
 Results 
AU GPT
ALS FIRE 
Results 
AG GPT
TVGR-2 HQ not assayed 0 425
TVGR-2 HQ 1632201 425 426 1.0′ 1.34 <0.3
TVGR-2 HQ not assayed 426 437
TVGR-2 HQ 1632202 437 437.5 0.5′ 0.41 <0.3
TVGR-2 HQ not assayed 437.5 473
TVGR-2 HQ 1632203 473 474.5 1.5′ 0.86 <0.3
TVGR-2 HQ not assayed 474.5 543
TVGR-2 HQ 1632205 543 544 1.0′ 4.35 <0.3
TVGR-2 HQ not assayed 544 548
TVGR-2 HQ 1632209 548 549 1.0′ 1.71 <0.3
TVGR-2 HQ not assayed 549 549.5
TVGR-2 HQ 1632210 549.5 550.5 1.0′ 2.54 <0.3
TVGR-2 HQ not assayed 550.5 618
TVGR-2 HQ 1632217 618 618.5 0.5′ 5.11 <0.3
TVGR-2 HQ 1632218 618.5 637
TVGR-2 HQ 1632220 637 637.5 0.5′ 0.38 <0.3
TVGR-2 HQ 1632221 637.5 642 4.5′ 2.61 <0.3
TVGR-2 HQ not assayed 642 670
TVGR-2 HQ 1632234 670 671.5 1.5′ 1.44 34.3
TVGR-2 HQ 1632235 671.5 673 1.5′ 22.25 6.9
TVGR-2 HQ 1632236 673 675 2.0′ 11.62 <0.3
TVGR-2 HQ 1632237 675 677 2.0′ 9.09 <0.3
TVGR-2 HQ 1632238 677 679 2.0′ 1.37 <0.3
TVGR-2 HQ 1632239 679 681 2.0′ 1.20 <0.3
TVGR-2 HQ 1632240 681 683 2.0′ 26.30 10.3
TVGR-2 HQ 1632241 683 685 2.0′ 4.01 <.1
TVGR-2 HQ 1632242 685 686 1.0′ 1.20 <.1
TVGR-2 HQ 1632243 686 687 1.0′ 4.08 <.1
TVGR-2 HQ 1632244 687 688 1.0′ 2.64 24.0
TVGR-2 HQ not assayed 688 693.8
TVGR-2 HQ 1632245 693.8 696 2.2′ 0.38 10.3
TVGR-2 HQ not assayed 696 699
TVGR-2 HQ 1632248 699 700.7 1.7′ 0.38 27.4
TVGR-2 HQ 1632249 700.7 702.7 2.0′ 0.69 20.6
TVGR-2 HQ not assayed 702.7 837
TVGR-2 HQ 1632207 Blank <0.03 <0.3
TVGR-2 HQ 1632208 Standard Fire assay 26.3 ppm+ 99% 97%
Hole # Sample ID Top Bottom ALS FIRE
Results 
AU GPT
ALS FIRE
Results
 AG GPT
TVGR-6 NQ not assayed 0 553.3
TVGR-6 NQ 1632253 553.3 554.3 1.0′ 4.56 <0.3
TVGR-6 NQ not assayed 554.3 558
TVGR-6 NQ 1632254 558 558.6 0.6′ 1.82 <0.3
TVGR-6 NQ not assayed 558.6 559.6
TVGR-6 NQ 1632255 559.6 560 0.4′ 1.44 <0.3
TVGR-6 NQ not assayed 560 632
TVGR-6 NQ 1632256 632 633 1.0′ 1.13 <0.3
TVGR-6 NQ not assayed 633 648.5
TVGR-6 NQ 1632257 648.5 649.5 1.0′ 3.15 <0.3
TVGR-6 NQ not assayed 649.5 678.6
TVGR-6 NQ 1632259 678.6 680.6 2.0′ 1.13 <0.3
TVGR-6 NQ 1632260 680.6 682.8 2.2′ 0.93 24.0
TVGR-6 NQ not assayed 682.8 684.5
TVGR-6 NQ 1632262 684.5 686.5 2.0′ 4.94 6.9
TVGR-6 NQ 1632263 686.5 688.5 2.0′ 9.63 3.4
TVGR-6 NQ 1632264 688.5 690.5 2.0′ 17.83 1.0
TVGR-6 NQ 1632265 690.5 692.5 2.0′ 13.99 6.9
TVGR-6 NQ not assayed 692.5 693
TVGR-6 NQ 1632266 693 695 2.0′ 11.42 <0.3
TVGR-6 NQ not assayed 695 696.5
TVGR-6 NQ 1632267 696.5 697 0.5′ 6.86 <0.3
TVGR-6 NQ not assayed 697 706
TVGR-6 NQ 1632270 706 707.3 1.3′ 0.55 27.4
TVGR-6 NQ 1632271 707.3 712.5 5.2′ 0.51 13.7
TVGR-6 NQ not assayed 712.5 727
TVGR-6 NQ 1632273 Blank 0.21 <0.3
TVGR-6 NQ 1632276 Standard Fire assay 26.3 ppm 99%
Hole # Sample ID Top Bottom ALS FIRE
Results 
AU GPT
ALS FIRE
Results 
AG GPT
TVGR-7HQ not assayed 0 449.5
TVGR-7HQ 1583902 449.5 451.6 2.1′ 11.42 6.9
TVGR-7HQ not assayed 451.6 547.8
TVGR-7HQ 1583903 547.8 549 1.2′ 2.23 <0.3
TVGR-7HQ not assayed 549 550.5
TVGR-7HQ 1583905 550.5 551.5 1.0′ 8.40 3.4
TVGR-7HQ 1583906 551.5 552.5 1.0′ 1.58 <0.3
TVGR-7HQ not assayed 552.5 595.5
TVGR-7HQ 1583910 595.5 597.5 2.0′ 4.87 <0.3
TVGR-7HQ 1583911 597.5 599.4 1.9′ 5.04 <0.3
TVGR-7HQ 1583912 599.4 601.4 2.0′ 2.33 <0.3
TVGR-7HQ 1583913 601.4 603 1.6′ 1.95 <0.3
TVGR-7HQ 1583914 603 604.5 1.5′ 2.19 <0.3
TVGR-7HQ 1583915 604.5 606.5 2.0′ 0.69 <0.3
TVGR-7HQ 1583916 606.5 607.8 1.3′ 2.71 <0.3
TVGR-7HQ 1583917 607.8 608.8 1.0′ 1.78 <0.3
TVGR-7HQ not assayed 608.8 611.8
TVGR-7HQ 1583919 611.8 614 2.2′ 2.23 <0.3
TVGR-7HQ 1583920 614 616 2.0′ 2.33 <0.3
TVGR-7HQ not assayed 616 617
TVGR-7HQ 1583922 617 619 2.0′ 0.41 17.1
TVGR-7HQ 1583923 619 621 2.0′ 0.62 27.4
TVGR-7HQ not assayed 621 624.5
TVGR-7HQ 1583926 624.5 626.5 2.0′ 0.51 20.6
TVGR-7HQ 1583927 626.5 628.5
TVGR-7HQ 1583928 628.5 629.5 1.0′ 3.26 13.7
TVGR-7HQ 1583929 629.5 631 1.5′ 1.17 <0.3
TVGR-7HQ not assayed 631 633
TVGR-7HQ 1583934 633 635 2.0′ 1.20 <0.3
TVGR-7HQ 1583930 635 637 2.0′ 13.99 3.4
TVGR-7HQ 1583935 635 639 4.0′ 0.82 <0.3
TVGR-7HQ not assayed 639 646
TVGR-7HQ 1583931 646 647 1.0′ 0.14 6.9
TVGR-7HQ not assayed 647 707
TVGR-7HQ 1583937 Blank <0.03 <0.3
TVGR-7HQ Blank 5 Blank <0.03 <0.3
TVGR-7HQ Standard 5 Standard Fire assay 4.85 ppm 100% 100%
Hole # Sample ID Top Bottom ALS FIRE
Results 
AU GPT
ALS FIRE
Results 
AG GPT
TVGR-1 RC not assayed 0 520
TVGR-1 RC 1632001 520 525 5.0′ 0.14 <0.3
TVGR-1 RC 1632002 525 528 3.0′ 0.27 61.7
TVGR-1 RC 1632003 528 530 2.0′ 0.45 <0.3
TVGR-1 RC 1632004 530 532.5 2.5′ 0.65 <0.3
TVGR-1 RC 1632005 532.5 535 2.5′ 0.82 <0.3
TVGR-1 RC 1632006 535 537.5 2.5′ 1.17 <0.3
TVGR-1 RC 1632007 537.5 540 2.5′ 1.82 <0.3
TVGR-1 RC not assayed 540 555
TVGR-1 RC 1632010 555 557.5 2.5′ 0.27 <0.3
TVGR-1 RC not assayed 557.5 575
TVGR-1 RC 1632019 575 577.5 2.5′ 0.24 <0.3
TVGR-1 RC not assayed 577.5 627
TVGR-1 RC 1632022A 627 630 3.0′ 0.65 <0.3
TVGR-1 RC 1632022B 627 630 3.0′ 0.65 <0.3
TVGR-1 RC 1632023 630 632.5 2.5′ 3.33 <0.3
TVGR-1 RC 1632024 632.5 635 2.5′ 1.10 <0.3
TVGR-1 RC 1632025 635 637.5 2.5′ 0.38 <0.3
TVGR-1 RC not assayed 637.5 670
TVGR-1 RC 1632015 Blank <0.03 <0.3
TVGR-1 RC 1632016 Standard AA 5 ppm Standard 99% 99%

 (data converted from troy oz/short ton to grams /metric tonne – using 34.2857)

Mr. James R Guilinger, SEG, MMSA#01172QP is a qualified person under NI 43-101 and is the author of the Company’s Technical Report, Preliminary Economic Assessment of the Gold Road Mine, Arizona, USA dated May 3, 2018 and is responsible for the technical disclosure in this news release.

Para also announces the resignation of James Randall Martin from the Board of Directors. The Company would like to thank Mr. Martin for his time, services, and for the valuable contributions he made during his tenure as a director. Mr. Martin is going to pursue other interests but will continue to provide assistance when needed.

ABOUT PARA RESOURCES:

Para Resources Inc. (“Para”) is a junior gold mining and exploration company. The Company owns two projects that both include existing or near-term mining and milling operations as well as highly prospective exploration properties. The company has acquired fully permitted mines and facilities with adjacent properties that have either been past producers or where there are an abundance of small artisanal miners, dramatically reducing the exploration risk. It is anticipated that the operating mines will be profitable in the short term, providing a return on capital, as a stand-alone entities and funding regional exploration to build out resources.

Para is unique in that the Insiders have invested more than US $30 million of their own capital and own approximately 70% of the company’s equity.

Para’s management team is seasoned and proven, having discovered, built, managed and sold several different mines over the last 40 years. The Company has two major projects: The Gold Road Mine in Arizona, USA and the El Limon Mine in Zaragoza, Colombia.

On behalf of the Board of Directors

“C. Geoffrey Hampson”
C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director

For further information, please contact Andrea Laird, telephone: +1-604-259-0302

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 release.

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties; success of exploration, development and mill processing activities; and the anticipated results to be achieved from operation of the Gold Road Mine. The Company also cautions that there is no assurance that past production at Gold Road or production at nearby mines is indicative that the Company will achieve similar results. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the asset purchase agreement will close as anticipated. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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