Pershimco Intercepts 41 Meters of 1.17% Copper in the Deepest Portion of a 200 Meter Hole Grading 0.44g/t Gold on Lapava
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 03/22/12 -- PERSHIMCO RESOURCES INC. (the "Company" or "Pershimco") (TSX VENTURE: PRO)(FRANKFURT: BIZ) is pleased to announce recent drilling results of its on-going campaign with 41 meters of sulfides at 1.17% Cu on LaPava including 13 meters of 3.06% Cu and 0.92g/t Au. This copper intercept is located within a wider gold interval extending 200 meters from the surface and grading 0.44g/t in hole PDH11011. Gold and silver mineralization is present at depth within the copper mineralization.
The company intercepted gold in all holes recently drilled on LaPava. These holes contained significant gold mineralized lengths grading above 0.35g/t used previously as the cut-off grade for the first mineral resource calculation. The table below shows these recent intercepts at LaPava as part of Pershimco's ongoing exploration efforts. The success of this drilling at LaPava that includes the 98 meter oxide interval of 0.91g/t gold and 4.47g/t silver in hole PDH11010 should have a positive impact on the gold-in-oxide mineral resource. With this drilling, Pershimco continues to increase its understanding of the significant copper-gold-silver sulfide system below the gold-in-oxide cap. At LaPava, the deeper high sulfidation epithermal sulfide mineralization continues to expand in both vertical and lateral dimensions. Recent assay and observational results are helping to model the sulfide body and are beginning to show a zoned sulfide system with higher gold and silver values and the presence of covellite (copper sulfide) in copper-rich hydrothermal breccias associated with deeper, sub-vertical mineralized structures.
The Company currently has three drill rigs turning and is in the process of mobilizing a fourth rig to the project. Based on the continuous positive results and to help fast-forward the exploration objectives for 2012, Pershimco has ordered a fifth drilling rig. A map of all 2012 holes will be posted in the upcoming days on the Company's website for additional reference.
RECENT RESULTS ON LAPAVA INCLUDES
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Core
From To Length Au Ag Cu
Drill Hole # (m) (m) (m) (g/t) (g/t) (%) Observations
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PRH11017 + PDH11517 71 73 2 0.405 13.9 0.07% Oxides
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PRH11017 + PDH11517 125 128 3 0.53 0.4 0.54% Sulph.
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PDH11018 150 157 7 0.5214 1.243 0.12% Oxides
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PDH11019 242 248 6 0.36666 1.31666 0.25% Sulph.
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PRH11039 59 78 19 0.504 3.623 0.05% Oxides
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PRH11040 1 28 27 0.92 0.543 0.02% Oxides
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PRH11041 0 18 18 0.66 0.578 0.02% Oxides
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PDH11010 0 98 98 0.914 4.47 0.06% Oxides
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including PDH11010 79 95 16 0.507 20.35 0.09% Oxides
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PDH11010 124 143 19 0.494 1.23 0.17% transition
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PDH11010 195 214 19 0.382 1.426 0.48% Sulph.
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PRH92072 - PDH11012 38 100 62 0.844 0.579 0.09% Oxides
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PRH92072 - PDH11012 104 132 28 0.124 0.518 1.04% Sulph.
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PDH11011 0 159 159 0.465 4.791 0.04% Oxides
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including PDH11011 23 42 19 1.187 0.468 0.05% Oxides
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including PDH11011 42 124 82 0.317 1.167 0.03% Oxides
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including PDH11011 124 159 35 0.497 18.409 0.06% Oxides
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PDH11011 159 200 41 0.323 2.141 1.17% Sulph.
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including PDH11011 159 172 13 0.919 6.215 3.06% Sulph.
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Mr. Alain Bureau, President and Chief Executive Officer of Pershimco commented on the results: "We are very satisfied with these latest results which keeps increasing the value of the project. With the airborne geophysics exercise that already started and the high-grade copper covellite intercepts at dept, my team is definitely showing that we are heading in the right direction."
Quality Assurance / Quality Control ("QA/QC")
Core from the diamond and RC drill holes are transported by Pershimco technical personnel from the drill sites to the core and sample prep facility on site. Once there, geologists and qualified technicians log, sample tag and half-split the core in 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 every 15 samples. The 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 Gold and greater than 10,000 ppm Copper.
The information contained in this news release has been reviewed and approved by Dr. Michael D. Druecker, Ph.D. CPG, a Qualified Person under NI 43-101 rules and standards.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange (symbol PRO.V) and the Frankfurt Exchange (symbol BIZ). The Corporation 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 Corporation is managed by skilled, reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our success.
The Corporation's documents are available on www.sedar.com
Please visit the Corporation'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
Tel: +1 (819) 797-2180
ressources@pershimco.ca
Richard Leroux
Investors Relations
Tel: +1(514) 993-4510
info@pershimco.ca