Acero-Martin releases drill results from Pinaya
|May 31, 2005
Acero-Martin Exploration Inc. is releasing further results from the continuing diamond drill program on the Pinaya property located 110 kilometres northeast of Arequipa in southern Peru. The company is now in receipt of assays for holes PDH-012, 013, 014 and 015.
Highlights include the discovery of 46.8 metres of porphyry intrusive, grading 1.10 per cent Cu and 0.32 gram per tonne (g/t) Au in hole PDH-015 from 9.5 metres to 56.30 metres. A second hole (PDH-014) located 850 metres south of PDH-015 also intersected porphyry mineralization, with 0.34 per cent Cu and 0.31 g/t Au across 47.50 metres between 13.5 and 61 metres. This hole was abandoned at 67.85 metres due to a cave-in.
Following the positive results, drill hole PDH-016 was collared 50 metres southeast of PDH-014. Assay results for PDH-016 are expected shortly.
Drill hole PDH-012 tested a chargeability geophysical anomaly located to the northwest of the pit. It intersected variably altered and sheared sedimentary rocks. The hole did not intersect porphyry.
Hole PDH-013 was collared 750 metres east of the main pit, and did not intersect porphyry intrusive. The hole contained low concentrations of gold and copper.
Hole PDH-014 collared about 400 metres west of the main pit and 850 metres south of hole PDH-015 was drilled to the northeast at an angle of 50 degrees. It intersected strongly altered porphyry intrusive from 9.5 to 67.85 metres, and returned 47.5 metres of 0.34 per cent Cu and 0.31 g/t Au from 13.50 to 61 metres. However, the hole was lost at 67.85 metres due to a cave-in. The hole bottomed in porphyry intrusive and ended with a grade 0.51 g/t Au and anomalous copper values (0.02 per cent Cu) in the final sample.
PDH-015 was collared to test the depth extension of the mineralization identified within a surface trench that returned 58 metres of porphyry intrusive grading 0.84 per cent Cu and 0.33 g/t Au (previously reported May 9, 2005). Hole PDH-015 intersected porphyry intrusive from 7.85 to 56.3 metres and returned 46.8 metres of 1.1 per cent copper and 0.32 g/t Au, beginning at a depth of 9.5 metres. This drill hole was drilled toward the southwest at an angle of 60 degrees.
The company is continuing with its surface program, including trenching, soil sampling, mapping and prospecting. The surface program has been highly successful and is continuing to uncover porphyry intrusive rocks. Several trenches north of hole PDH-015 have exposed porphyry intrusive rocks. Several assays results are pending from this area and the company expects to follow up with additional trenching and drilling.
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. Holes were composited using a 0.3 per cent copper cut-off.
The company has cancelled 905,000 stock options issued to directors, employees and consultants granted Nov. 26, 2004, Oct. 2, 2004, and Oct. 27, 2004, at prices ranging from $1.18 to $1.65. The company has issued 1.06 million incentive stock options to directors, employees and consultants, exercisable at 90 cents per share, expiring May 27, 2009.