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Acero-Martin upbeat about porphyry discovery at Pinaya

May 9, 2005
Acero-Martin Exploration Inc.(the "Company") is pleased to announce that it has discovered a copper-gold porphyry system at its Pinaya property, southern Peru. Recent exploration has identified mineralized porphyry within the central part of the property, including a trench that returned 58 metres of porphyry intrusive with 0.84 per cent Cu and 0.33 gram per tonne Au. A second, distinct outcropping of porphyry, currently mapped at 400 by 300 metres, has also been identified within the Don Pedro 2000 concession, more than two kilometres east of the aforementioned discovery. As reported Feb. 16, nine widely spaced grab samples collected from the Don Pedro concessions returned an average of 0.9 g/t Au (Cu results are not available). The foregoing discoveries were made as part of the company's continuing exploration program at its Pinaya gold-copper project, located in southern Peru. The current exploration program is focusing on the drilling and mapping of geophysical and geological targets identified during last year's exploration program. In addition to the drilling of several geophysical anomalies, field crews have been conducting prospecting and mapping to help identify and prioritize further drill targets. From this work, the company is pleased to confirm the discovery of porphyry-style copper and gold mineralization associated with porphyritic intrusive rocks.

Trenching one kilometre northwest of the main open pit has exposed 58 metres of porphyry intrusive returning 0.84 per cent Cu and 0.33 g/t Au. The mineralized porphyry is open in all directions and trenching is continuing to expose the size and dimensions of the intrusive. This target is currently being drill tested (hole PDH-015).

A second porphyry intrusive has been located on the recently optioned Don Pedro 2000 concession, located about two kilometres east of the open pit. Mapping and sampling identified classic potassic-style alteration consisting of magnetite and strong quartz stockworks. Abundant oxide copper mineralization is present locally. Numerous samples have been collected from this new zone; results for these samples are pending. Due to the presence of magnetite, the company has decided to conduct further magnetic surveys to aid in determining the size of the intrusive. Crews from Val D'Or Geophysics are currently on site carrying out the survey. Mapping and sampling is continuing, and based on the success to date, the company is confident that additional anomalous zones will be located.

To date this year, six holes have been completed on Pinaya and assay results for the first three holes have been received in full. Holes four through six have been submitted to SGS labs in Lima, Peru, and results are expected shortly. None of the first three drill holes targeted areas of the recently discovered porphyries.

Drill hole PDH-009 drilled approximately 100 metres east of the open pit was drilled to test a shallow induced polarity anomaly. The drill hole interested strong silicification with weak copper mineralization in the form of chalcocite. Drill hole PPH-010 was drilled 400 metres northwest of the open pit to test a coincident IP chargeability anomaly and gold-in-soil anomaly. The hole intersected mainly quartz arenites and conglomerates. However, a porphyry dike was intersected between 186.2 and 199.3 metres, and returned porphyry-style grades of 0.55 per cent Cu and 0.53 g/t Au. (from 182.0 to 201.3 m).

Drill hole PDH-011 was collared 200 metres southeast of the open cut. The hole intersected highly oxidized conglomerates throughout its length. The hole was drilled due west to test a shallow chargeability anomaly and a possible extension to the mineralization within the open cut. Significant intersections include 15.5 metres of 0.44 per cent Cu and 0.25 g/t Au, 4.5 metres of 0.56 per cent Cu and 0.22 g/t Au, and finally 13 metres 0.27 per cent Cu and 0.04 g/t Au. A summary of the drill results are as follows:


 
Hole From (meters)  To (meters)  Width (meters)  Gold (g/t)   Copper (%)
PDH-009 0.00 16.00 16.00 0.42 0.05
PDH-010 105.50 114.50 9.00 0.85 0.10
" 141.50 149.00 7.50 0.09 0.30
" 171.50 174.50 3.00 0.03 0.15
" 182.00 201.30 19.30 0.53 0.55
PDH-011 13.00 29.50 16.50 0.25 0.44
" 35.50 40.00 4.50 0.22 0.56
" 74.50 88.00 13.50 0.04 0.27

Jeff Reeder, PGeo, and James McCrea, PGeo, are the qualified persons under National Instrument 43-101 for the Pinaya project, and are supervising the quality-control and quality-assurance program. The HQ-size core is split and samples are transported to SGS Labs (a laboratory certified by International Standards Organization 9002) in Lima, Peru. Gold values are determined by 30-gram fire assay fusion with an atomic absorption spectroscopy finish. All samples are also analyzed for 35 elements by ICP, total digestion and those samples anomalous in copper are reanalyzed by atomic absorption (four-acid digestion). A quality-control program of standards, blanks and duplicates is maintained.

This press release was prepared on behalf of the board of directors, which accepts full responsibility for its contents.

For further information: Jeffrey Reeder, President and Director,
Acero-Martin Exploration Inc., PO Box 43050, Burnaby, BC Canada, V5G 3H0,
Telephone: (604) 618-3433, Fax (604) 291-9926

 
     
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