Home Corporate projects News Investors Contact
Gold, Copper and Growth
 
2021
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004


News



Acero-Martin Earns 100% Interest In Main Concessions At Pinaya Gold-Copper Deposit

May 28, 2007

Acero-Martin Exploration Inc. (the “Company”) is pleased to report that the Company has made its final property payment to Compañía Minera Aurifera Los Andes de Pinaya S.A. (“COMAPI”) for the three main concessions that make up the Pinaya deposit in Southern Peru.

The final payment of US$1,100,000 was the last installment of a three year option agreement with COMAPI.  Under the terms of the agreement signed in 2004, the Company could earn 100% interest in the concessions by making staged payments totaling US$2,500,000 over three years.  Acero-Martin has now made all of these payments and through its wholly owned Peruvian subsidiary Canper Exploraciones S.A.C. now owns 100% of the concessions which are not subject to any royalties or back-in interests by COMAPI.

Acero-Martin controls a large, approximately 16,900 hectare land package at Pinaya.  The property is located near the south-eastern end of the Andahuaylas-Yauri metallogenic belt of Southern Peru, 110 kilometers northeast of Arequipa, and can be characterized as a porphyry copper-gold, skarn, and supergene gold-copper deposit.  These types of deposits are widespread throughout the belt and continue from southern Peru to northern Chile.  Similar deposits in the region include Xstrata`s Tintaya Mine which is host to a resource of about 139 Mt with 1.39 % Cu and 0.23 g/t Au, Antapaccay with 383 Mt averaging 0.89 % Cu and 0.16 g/t Au; Quechua with 300 Mt averaging 0.68 % Cu; and Coroccohuayco with 155 Mt averaging 1.57 % Cu and 0.16 g/t Au.

To date the Company has completed more than 23,000 meters of diamond drilling in 100 holes at the property.  Five mineralized zones have been identified, with the bulk of the drilling focused on the Western Porphyry and Gold Oxide Skarn Zones to define NI 43-101 compliant resources.

Acero-Martin’s development strategy for the project is to fast track the Gold Oxide Skarn Zone to production, while continuing to drill and expand the larger copper-rich Western Porphyry Zone, and conducting exploratory drilling on the trend followed by the Montana de Cobre, Minas Jorge, and Don Pedro targets. 

Drilling and exploration is continuing at the Pinaya project.  Currently there are two rigs working on site with a third scheduled to arrive in June.  In parallel to the drilling, development work for an initial gold operation is in progress with environmental, social-economic, metallurgical, and preliminary economic assessment (“scoping study”) studies underway.

The Company is compliant under National Instrument 43-101 for the Pinaya project.  Cary Pothorin, P. Geo is the qualified persons responsible for the exploration program at Pinaya and is supervising the quality control and quality assurance program. A quality control program of standards, blanks and duplicates is maintained.

About Acero-Martin Exploration Inc.

Acero-Martin Exploration Inc is a mineral exploration and development company with projects in North and South America.  The Company is currently focused on developing its flagship Pinaya gold-copper project in southern Peru.  Acero-Martin offers investors the opportunity to share ownership in the rapid development of the project to production.  Acero-Martin trades on the TSX-Venture exchange under the symbol ASD and the Frankfurt stock exchange under the symbol AMX.   

ON BEHALF OF THE BOARD

 “Donald Gee”

Donald Gee, President and Director

For more information please visit the company website at http://www.acero-martin.com  or contact investor relations at 877-646-0067 or [email protected]

 
     
Sign up for latest updates
*  Email Address:

 
 
© Copyright AM Gold Inc. 2016
 
 
HOME  |  CORPORATE  |  PROJECTS  |  NEWS  |  INVESTORS  |  CONTACT  |  DISCLAIMER