...86 Meters Located 3 Kilometers to the East at Cerro Quema (Panama)
ROUYN-NORANDA, QUEBEC--(Marketwire - Aug. 2, 2011) - PERSHIMCO RESOURCES INC. (the "Company" or "Pershimco")(TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce additional assay results from the on-going 2011 exploration campaign at the Company's Cerro Quema Gold-Copper Project (the "Project") in Panama. The 6,000 meters drilling program is progressing as planned 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. The aim is to expand the mineralization outside the limits of the historic mineralization.
The current assay results are from the:
- LaPava Target (refer to the appended Figure 1 Section) diamond drill holes ("DDH") PDH-11-005, located 190 meters west-southwest of the previously reported PDH-11-006; and step out hole PDH-11-009, located 225 meters north of PDH-11-006; and the
- Quema Quemita Target (3000 meters east of the LaPava Target) combined Reverse Circulation ("RCH") and DDH PRH-11-002+PDH-11-502, PRH-11-003+PDH-11-503, located 25 meters south of PRH-11-002+PDH-11-502, and PRH-11-004, located 140 meters North-East of PRH-11-002+PDH-11-502.
The new assay results intervals are outlined in the following table along with PDH-11-006 (also refer to the appended cross-section):
|+ PDH-11-502||0||77||77||0.91||3.20||0.03||1.04||oxide zone|
|* The current Gold Equivalent grades were calculated using the last 200 days average prices of US $1,436 / oz Gold, US $33 / oz Silver and US $4.20 / lb Copper, and were not adjusted for metallurgical recoveries as these remain uncertain. The Gold Equivalent interval results from PDH-11-006 were originally issued using last 12 months average price at US $1,446 / oz Gold, US $28.89 / oz Silver and US $4.52 / lb Copper.|
Assay results are still pending from 5 of 13 completed DDH and 11 of 14 completed RCH to date.
Alain Bureau, P. Eng., President CEO of Pershimco stated "The on-going drilling combined with the geophysical work are rapidly confirming the ever increasing size of the Gold-Copper system at the La Pava Target, now estimated to cover a width of 400 meters by an average 150 meters depth along the known 1,000 meters LaPava ridge line that already hosts Indicated Mineral Resources of 7,231,000 tonnes grading 1.10 g/t gold for 256,000 ounces of gold."
Mr. Bureau added "We now have confirmation that the Quema-Quemita Target, some 3 to 4 kilometers to the east, contains Gold and Copper giving support that the 4 kilometers segment contains a significant Gold-Copper lower grade and higher tonnage potential. Drilling is continuing within the segment to upgrade this potential into compliant Mineral Resources by year-end."
The Mineral Resources are based on a National Instrument 43-101 Technical Report submitted by Scott Wilson Roscoe Postle Associates and dated August 10, 2010, currently available on SEDAR (www.sedar.com).
To demonstrate the importance of these new results, the Company has uploaded a project presentation which will be made available on the Company website.
Quality Assurance / Quality Control ("QA/QC")
Drill core from diamond and RC drill holes are transported by Pershimco technical personnel from the drill sites to the Cerro Quema field office logging facilities. There, qualified geologists and technicians log, sample tag and half-split the core in 1 m lengths using a saw. The individual sampled intervals of half-split core are then inserted in tagged plastic bag, and sent to the Activation Laboratories sample preparation facility on-site. Individual samples are inventoried, dried, finely crushed to 70% at 2 mm, then pulverized to 85% at 75 m, and riffle-split to 150 grams. There is 1 Standard and 1 Duplicate at every 5 meters and 1 Blank at every second 5 meters interval. Samples are then inserted in sealed 5-gallon plastic pails then shipped by courier to the Activation Laboratories facility in Ancaster (Ontario, Canada) for assaying using the Muti-element ICP Method and the Pyro-analysis Method with Atomic Absorption Finish for Gold, Silver and Copper. Re-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 Mr. Jean Lafleur, M. Sc., P. Geo., Vice-President Exploration and Director, a Qualified Person under NI 43-101 rules and standards.
The Figure 1 is available at the following address: http://media3.marketwire.com/docs/PRO0802.pdf
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 recently acquired Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp. 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" statements.