Acero-Martin Exploration Inc. (the “Company”) is pleased report that ongoing drilling has intersected significant gold-copper mineralization in four target areas of the Pinaya project, southern Peru.
Eight new drill holes from the North Western Porphyry Zone, Gold Oxide Skarn Zone, Viscachani Zone, and Minas Jorge Zone all returned significant intervals of gold-copper mineralization.
The holes at the North Western Porphyry and Gold Oxide Skarn Zones were drilled to expand the projects overall resource base and to upgrade resource classification levels; while the holes at Viscachani and Minas Jorge were exploratory, testing new zones that are located apart from the 2006 resource area.
For a map showing the location of the zones, please use the following link: http://aceromartinexp.com/_resources/zonesoct07.pdf
NORTH WESTERN PORPHYRY ZONE (NWPZ):
Expansion drilling at the North Western Porphyry Zone continues to yield very encouraging results. In particular:
1. PDH-135, located 100 meters northeast of the 2006 Pinaya resource boundary, intersected 0.94 grams per tonne gold and 0.21% copper over 38.90 meters.
2. PDH-136, located 200 meters northeast of the 2006 Pinaya resource boundary, intersected 1.19% copper and 0.05 grams per tonne gold over 12.50 meters.
3. PDH-142, located 200 meters northeast of the 2006 Pinaya resource boundary, returned 0.80% copper and 0.04 grams per tonne gold over 38.50 meters.
A table of drilling results is provided below for further reference:
Drilling will continue at the North Western Porphyry Zone to year end in order to continue to expand the zone’s resource base.
GOLD OXIDE SKARN ZONE (GOSZ):
A section of hole PDH-129 from the Gold Oxide Skarn Zone required re-assaying, and the full mineralized interval can now be reported:
1. Starting near surface, PDH-129 intersected 1.75 grams per tonne gold over 54.85 meters including 3.07 grams per tonne over 23.70 meters (previously reported).
The 2007 drilling at the Gold Oxide Skarn Zone has now been completed. Minefill Services Inc. is currently completing a NI 43-101 compliant preliminary economic assessment or “scoping study” to determine the potential for, and economic parameters of, developing an initial open pit starter mining operation at the zone; the results of which are expected to be received within the coming weeks.
MINAS JORGE (MJZ) AND VISCACHANI ZONES (VZ):
Exploration holes were drilled at the Minas Jorge and Viscachani Zones to test surface gold and copper anomalies identified through previous sampling and trenching (see news release dated April 4, 2007).
The Minas Jorge Zone is located on a separate geological trend approximately one kilometer to the northeast of the main resource area at Pinaya and Viscachani is located to the southeast of the Gold Oxide Skarn Zone.
Initial drilling at the zones returned several long intersections with relatively low grade gold and occasional higher grade individual samples. In particular:
1. Starting near surface, PDH-137 at the Viscachani Zone intersected 1.16 grams per tonne gold over 19.50 meters.
2. PDH-138, located 300 meters south of PDH-137 in the Viscachani Zone, intersected high grade cores of 12.14 grams per tonne gold over 1.50 meters and 3.12 grams per tonne gold over 1.40 meters.
3. PDH-140, drilled at the Minas Jorge Zone returned a high grade core of 1.19 grams per tonne gold over 3.80 meters.
The initial drilling results at these new zones are encouraging and indicate the important exploration potential of the Pinaya property. The Company plans to continue to explore these target areas with the objective of testing the mineralization with further drill holes.
“We continue to be encouraged by the size and continuity of the mineralization we are encountering with step-out drilling at the main North Western Porphyry and Gold Oxide Skarn Zones,” said Don Currie, President and CEO. “All the while exploratory drilling at the Minas Jorge and Viscachani Zones indicates the strong exploration and growth potential of the large claim block we control at Pinaya.”
The orientation of mineralized zones reported above is variable but, true widths are estimated to be roughly 75 per cent of those stated. For a location map of the drill holes in the Pinaya area, please use the following link: http://www.aceromartinexp.com/topodrillingoct07.pdf
A total of 144 drill holes, for 38,500 meters, have now been completed at Pinaya. In September of 2006, based on the first 70 of these holes the Company 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 Pinaya hosted 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.
Acero-Martin’s development strategy for the Pinaya project is to fast-track production from the high-grade Gold Oxide Skarn Zone, while continuing to drill and expand the other mineralized zones located on the property.
Drilling is ongoing at the Pinaya project. The 2007 diamond drilling program will continue to expand the North Western Porphyry Zone area, and if time permits will test some outlying target areas in the Montana de Cobre Zone.
Additional drill results will be released as they become available.
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.
About Acero-Martin Exploration Inc.
Acero Martin’s 100%-owned Pinaya project is one of Peru’s newest and richest copper-gold porphyry deposits. The project is located approximately 110 km northeast of Arequipa, Peru and is favored with excellent nearby mining infrastructure. An initial independently calculated, indicated, and inferred resource estimated the mineralization to contain 41.85 million tonnes grading 0.42% Cu and 0.47 g/t Au. Non-stop drilling since the release of the initial resource continues to expand the size of the deposit. Alongside the drilling the company is currently completing a scoping study to determine the potential for, and economic parameters of, developing an initial open pit mining operation. 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
Don Currie, President and CEO
For more information please visit the company website at http://www.acero-martin.com or contact investor relations at 877-646-0067 or .
© Copyright AM Gold Inc. 2016