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Pershimco Resources Inc
Symbol PRO
Shares Issued 223,036,984
Close 2015-01-26 C$ 0.18
Market Cap C$ 40,146,657
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Pershimco finds Cu-Au-Mo mineralization at Cerro Quema

2015-01-27 07:16 ET - News Release

Mr. Alain Bureau reports

PERSHIMCO DISCOVERS NEW GOLD-COPPER-MOLYBDENUM TREND AT ITS CERRO QUEMA PROJECT IN PANAMA

Pershimco Resources Inc.'s reconnaissance exploration campaign has revealed a new copper-gold-molybdenum mineralized trend at the company's Cerro Quema project in Panama. Surface sampling results have identified a new trend with porphyry-style copper-gold-molybdenum mineralization and high-sulphidation epithermal gold-copper mineralization.

Highlights of the reconnaissance geochemical sampling and mapping program:

  • Identified a new, seven-kilometre-long, northwest-southeast mineralized trend within the concession;
  • Identified multiple geochemical anomalies characterized as:
    • Copper-gold-molybdenum porphyry-style targets;
    • High sulphidation gold oxide targets;
    • Carbonate base-metal gold-silver targets;
  • Identified zones of outcropping mineralized intrusive covering up to two kilometres by two kilometres;
  • Reinforced the Cerro Quema geological model.

During 2014, the exploration reconnaissance activities, conducted over partial sections of the company's 15,000-hectare concession package, have been focused on geological mapping, as well as stream sediment, rock and soil geochemical sampling. More than 3,000 reconnaissance samples covering less than half of the company's concession area have been collected and assayed for gold, silver, copper and 36 additional pathfinder elements.

The newly discovered trend is oriented northwest-southeast, and crosses the known principal HS epithermal gold corridor which extend east-west. This approximately trend, seven kilometres by two kilometres, which is centred on the Quema-Idaida HS epithermal system, is characterized by elevated copper-gold-molybdenum assay values.

Field mapping in the northwestern and southeastern portions of the trend has identified important porphyry-style intrusives that host chalcopyrite-bornite vein and disseminated mineralization along with potassic (K-feldpar-biotite-magnetite) and phyllic (quartz-sericite-pyrite) alterations.

Additional geochemical anomalies have identified carbonate base metal gold-silver targets characterized by gold-zinc-lead values. Elevated surface rock chip sample assay results from these areas have returned values up to three grams per tonne gold and 2.8 per cent copper.

Plotted copper, gold and molybdenum assay values for surface rock samples have also identified extensions off the known gold oxide deposits at Cerro Quema and additional new targets within and outside of the main east-west-trending HS epithermal gold (copper) mineralization corridor. The reconnaissance exploration activities will focus on detailed sampling and mapping of priority surface geochemical gold targets considered to have potential to host high-sulphidation leach cap gold mineralization similar to the deposits at La Pava and Quema-Quemita. In addition, follow-up detailed mapping and grid sampling are planned over intrusions with copper-gold-molybdenum geochemical anomalies and copper sulphide porphyry-style targets.

This successful program leads to additional surface exploration over the entire concession area and will focus on stream sediment, soil grid, ridge and spur geochemical sampling. In addition, all geochemical targets will be classified and prioritized with the incorporation of airborne (VTEM, magnetics, radiometrics) and ground (IP) geophysical anomalies.

"The results from this successful reconnaissance exploration program represent a significant step forward for Pershimco by identifying the projects' additional mineral potential. Historically, limited work has been completed outside of the La Pava and Quemita gold deposit areas. The mapping and sampling completed to date on only a portion of the concession area have identified several new styles of mineralization with very encouraging early results," said John Kapetas, vice-president of exploration of Pershimco.

Added Alain Bureau, president and chief executive officer, "Not only does this exciting discovery further underline the increasing value and world class footprint of our project, but it also continues to demonstrate the strength of our technical team, our scientific approach and our geological model."

The information contained in this press release has been reviewed and approved by John Kapetas, BSc hons, MAusIMM, MAIG, a qualified person under National Instrument 43-101 rules and standards.

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