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



Drilling Continues to Expand Copper-Gold Porphyry Mineralization at Acero-Martin’s Pinaya Project, Southeastern Peru

July 20, 2007

Acero-Martin Exploration Inc. (the “Company” or “Acero-Martin”) is pleased to report that three new widely spaced drill holes from the North Western Porphyry Zone of its Pinaya project in Peru have all intersected long intervals of significant porphyry gold-copper mineralization; including:

  • 1.24% copper and 0.12 grams per tonne gold over 27.25 meters and a separate zone of 0.74% copper and 0.12 grams per tonne gold over 89.50 meters in drill hole PDH-116.
  • 0.47 grams per tonne gold and 0.34% copper over 33.50 meters and a separate zone of 0.36 grams per tonne gold and 0.35% copper over 158.50 meters in drill hole PDH-110.

The new drill holes were located outside the limits of the 2006 resource estimate boundaries and indicate that the deposit is still open for expansion.

The holes (PDH-110, 112, and 116) were drilled as 100 meter step outs to the northeast of PDH-48, 36, and 52 respectively.  All were drilled at an orientation of 225 degrees azimuth and an inclination of -60 degrees. 

A table of drilling highlights is provided below for further reference.

Hole
Number

From

To

Interval

Interval

Au

Cu

 

(m)

(m)

(m)

(ft)

g/t

%

 

 

 

 

 

 

 

PDH-110 

26.50 

60.00 

33.50 

109.91 

0.47 

0.34 

 

66.00

80.50

14.50

47.57

0.31

0.04

 

114.50

137.00

22.50

73.82

0.23

0.27

 

175.00 

333.50 

158.50 

520.01 

0.36 

0.35 

Incl.

175.00 

247.00 

72.00 

236.22 

0.33 

0.44 

Incl.

275.00 

333.50 

58.50 

191.93 

0.44 

0.40 

 

 

 

 

 

 

 

PDH-112 

40.40

50.70

10.30

33.79

0.05

0.19

 

92.00

104.00

12.00

39.37

0.18

0.02

 

214.00

223.10

9.10

29.86

0.16

0.13

 

233.50

247.00

13.50

44.29

0.09

0.20

 

258.00

267.00

9.00

29.53

0.09

0.28

 

 

 

 

 

 

 

PDH-116 

27.50

59.00

31.50

103.35

0.34

0.05

 

95.75 

123.00 

27.25 

89.40 

0.12 

1.24 

 

172.50

196.00

23.50

77.10

0.30

0.17

 

258.00 

347.50 

89.50 

293.64 

0.12 

0.74 

 

350.50

362.50

12.00

39.37

0.13

0.05

 

376.00

410.00

34.00

111.55

0.18

0.04

The intersections represent apparent thicknesses, and are 1.25 to 1.5 times the true thickness. For a location map of the drill holes, please use the following link:  http://www.aceromartinexp.com/_resources/topo_drilling_06_07.pdf

A total of 125 drill holes, for more than 31,000 meters of drilling, have now been completed at Pinaya.  In September of 2006, based on just the first 70 of these holes Acero-Martin released an initial NI 41-101 compliant mineral resource estimate as prepared by J.D. Blanchflower, P. Geo.  Using a US$5.50 Gross Metal Value (GMV) cut off, the report estimated that the Western Porphyry and Gold Oxide Skarn Zones together contain an Indicated Resource of 29.13 million tonnes grading 0.53 g/t gold and 0.42% copper and an Inferred Resource of 12.72 million tonnes grading 0.41 g/t gold and 0.41% copper.  This equates to approximately 498,000 troy ounces of gold and 269,000,000 pounds of copper in the Indicated category, and 168,000 troy ounces of gold and 115,000,000 pounds of copper in the Inferred.

Ongoing drilling since the release of the initial resource estimate has expanded and further defined the Western Porphyry and Gold Oxide Skarn Zones, which remain open for expansion along strike and down dip. 

Drilling is continuing at the project.  Additional assay results from the Gold Oxide Skarn Zone (PDH-111, 113, 114, 115, and 117) are pending and will be released as they become available.  A scoping study in support of the development of an initial starter pit at the Gold Oxide Skarn Zone is also in progress.

Owned 100% by Acero-Martin, the Pinaya project is located in the newly emerging “Andahuaylas-Yauri” belt of southern Peru, 110 kilometers northeast of Arequipa, and just seven kilometers off of the haul road to Xstrata’s Tintaya mine.  The deposit can be characterized as a porphyry copper-gold, skarn, and supergene gold-copper deposit.  Similar deposits nearby include Tintaya 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. 

The Company is compliant under National Instrument 43-101 for the Pinaya project. Cary Pothorin, P. Geo is the qualified person 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.
Acero-Martin also wishes to announce that under the terms of its rolling stock option plan approved at its annual general meeting, and subject to regulatory approval, the Company has granted incentive stock options to directors and officers to purchase up to 400,000 common shares in the capital of the Company exercisable at a price of $0.50 per share for a period of five years.  Options to purchase an additional 360,000 common shares were granted to other eligible optionees under the Plan, on the same terms.

In addition, the Company has extended its option to Mau Capital Management LLC to purchase 150,000 common shares of the Company at a price of $0.50 per share for a period of one additional year, subject to regulatory approval.

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 .

 
     
Sign up for latest updates
*  Email Address:

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