GPM Metals provides exploration update of Pasco Project - Peru
TORONTO, ON--(Marketwired - May 09, 2017) - GPM Metals Inc. (TSX VENTURE: GPM) (the "Company" or "GPM") commences Ground Magnetics Survey at the Pasco Project, Department of Pasco, Peru.
The 100% owned Pasco claims (6,300 hectares) are located in the Central Peruvian Zinc belt, approximately 30 Km NE of the Cerro de Pasco Mine and 35km N of the Votorantim / Pan American owned Shalipayco discovery.
The Pasco Project is a 6,300 hectare, district scale, greenfields, base metal discovery. These concessions had not been subjected to modern mineral exploration or drilling prior to the staking and acquisition of the properties by the Company's Peruvian Agent in 2014.
The Pucara hosted style of Pb-Zn-Ag mineralization at surface, displays similar geological characteristics to the recently discovered zinc resource at Tinka Resources, Awawilca deposit, located approximately 60 kilometers to the NW in the Department of Pasco.
Mineralization is hosted within a 5km by 500m zone of dolomitized limestones of the prolific Pucara Formation, at the contact with the Mitu Formation, within a regional scale anticline. Structurally, on a district scale, the mineralization is located at the intersection of a North South trending basement / basin margin structure and the North East oriented Chancay -- Cerro de Pasco Megafracture which cuts and offsets the Coastal Batholith, and forced igneous migration eastwards during the Cenozoic era.
The style of mineralization is carbonate replacement, though structurally hosted Au and Cu / Au mineralization in adjacent claims suggests potential for later overprints of intrusive related mineralization.
XRF analysis of the samples has defined a 4.25km by 1 km trend anomalous in Silver (20ppm to 152ppm), Lead (100ppm to 3.97%) and Zinc (1000ppm to 2.7%). Two zones highly anomalous in lead and zinc have been delineated. The southern anomaly is currently 1.2km by 500m and open to the south and the northern anomaly is 500m by 500m.
Grab samples containing up to 13.3% Zinc, 19.15% Lead and 466ppm Silver were collected from relatively fresh outcrops within the system. 130 five meter long channel rock chip samples were also collected. In the southern anomaly, samples of strongly weathered and leached outcrop are noted as generally anomalous in Lead and Silver, with 75m @ 9.4ppm Silver and 4075ppm Lead in trench 1 being the best result to date.
Location and sampling results are available at the Company web site link / Projects -- Peru http://www.gpmmetals.ca/node/49 (see April 14, 2016 Company press release available on SEDAR www.sedar.com). The grab samples disclosed above are selective samples and are not representative of the mineralization hosted on the Pasco Project.
Soil samples were taken on a grid of 50 by 50 meters. The soil samples were taken from the B horizon at 25 to 30 cm depth from the surface. The weight of each sample was 2-3 kilograms. The soil samples were analyzed using XRF (The DELTA Handheld XRF model DCC-6000) on site.
Rock Chip samples were taken in continuous channels of 30 to 75 meters long. Individual samples were 5m in length. An electric hammer was used for rock sampling. The weight of each sample was 3.5-4.5 kilograms. Rock samples were assayed at ALS Chemex Lab in Lima Peru using their ME-ICP61 (33 Elements four acid ICP-AES) method.
Asesores y Consultores Mineros S.A. has completed an ESIA study which has been approved bythe Environmental Studies General Directorate, Peruvian Ministry of Energy and Mines as a prelude to a drill program.
As a follow up to 2015 and 2016 mapping and surface sampling programs at the Pasco Concessions GC Ground SAC, Lima- Peru is currently undertaking a ground magnetic survey of approximately 140 line kilometers.
Upon completion of this survey, the data results will be analysed and interpreted by GPM Metals to further delineate and prioritize diamond drill targets for a proposed 1st pass 2000 m drill campaign.
An Exploration / Access Agreement has been signed with the commune of Huachon, and logistical support, field assistants and supply chain operate from the commune of Huachon.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a Director of GPM), a "qualified person" within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a Mineral Resource at the Pasco Project to date, and it is uncertain if further exploration will result in the property being delineated being delineated as a Mineral Resource.
About GPM Metals Inc.
GPM Metals is a zinc focused exploration company.
The Company's current holdings include the district scale Walker Gossan Project, NT., Australia, a joint venture with Rio Tinto Exploration PTY Limited; and the Pasco Project, Department of Pasco, Peru.
Both projects are advanced exploration properties with drill ready targets and have considerable potential host significant zinc resources.
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "might", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of GPM which have been used to develop such statements and/or information but which may prove to be incorrect. Although GPM believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as GPM can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; GPM's future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which GPM has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which GPM has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which GPM has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and GPM's dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in GPM's public disclosure documents, (including, without limitation, those risks identified in this news release and GPM's current management's discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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Contact
For further information:
J. Patrick Sheridan
1205 -141 Adelaide Street West
Toronto, ON. Canada
M5H 3L5
Phone 416.628.5904
info@gpmmetals.ca