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Acero-Martin Provides Remaining Assay Results - 121.95m of 1.21g/t Gold, 0.25% Copper

December 8, 2004
Acero-Martin Exploration Inc. has provided the remaining assays from its wholly owned Pinaya gold project in southern Peru. The final assays for diamond drill hole PDH-01 (previously announced in Stockwatch Dec. 2, 2004), are as follows:

PINAYA DRILL HOLE ASSAYS
Hole From To Width Au Cu*
PDH-01 (metres) (g/t) (%)

30.80 152.75 121.95 1.21 0.25
incl. 30.80 108.35 77.55 1.83 0.16
or 49.50 80.50 31.00 4.14 0.26
incl. 108.35 152.75 44.40 0.11 0.40

* Results not previously reported

Drill holes 2, 3 and 4 have been completed, and core has been forwarded to SGS Laboratories in Lima, Peru, for analysis. Drill holes 5 and 6 are in progress. The entirety of the first hole consists of strongly oxidized host rocks. Copper mineralization is present in the form of chalcocite and appears to be enriched below the main gold zone.

The company also has acquired an additional 2,300 hectares of land adjacent to its Pinaya gold project in southern Peru. It has also acquired claims totalling 1,200 hectares, in the province of San Roman, Peru. The claims cover an extensive zone of alteration, which lies along trend of a structurally controlled zone of gold mineralization.

In addition, the company has signed an agreement with Trivello Ventures to acquire the La Mamita mining right (comprising 1,000 hectares) located in the Ancash mining department in northern Peru. Consideration will be $25,000 cash plus 25,000 common shares. The La Mamita concession is underlain by quartzites belonging to the Cretaceous-age Chimu and Chicama formations. The sedimentary rocks are strongly fractured and brecciated. Results from a recent surface sampling program show highly anomalous gold values ranging from 0.23 gram per tonne (g/t) to 6.37 g/t gold, and averaging 1.43 g/t gold. The acquisition is subject to regulatory approval.

Private placement

The company is further negotiating a non-brokered private placement for up to one million units at a price of $1.50 per unit. Each unit will comprise one common share and one-half share purchase warrant. Each whole warrant will entitle the holder to acquire one additional non-flow-through common share at a price of $1.80 within nine months. The units will have a four-month hold period in accordance with regulatory policies. Fifty per cent of the unit cost will be eligible for flow-through income tax treatment. The proceeds will be used for exploration costs related to the Red Mountain and Peruvian properties as well as for general working capital. The private placement is subject to regulatory approval.
 
     
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