Pinaya's PDH-017 intersects 57.70 metres of 1.04 g/t Au and 1.00% Cu
|August 23, 2005
- Drill hole maps can be viewed at:
Mr. Jeffrey Reeder reports
Acero-Martin Exploration Inc. has released results of the final four core holes from its continuing exploration program at the Pinaya copper-gold project, located in southern Peru. Recent drilling has intersected significant copper-gold porphyry mineralization at two locations within a target area measuring more than 1,000 metres along strike. Results include 169.50 metres of 0.69 g/t Au and 0.51 % Cu within PDH-016 (previously reported on June 6, 2005); and 96.5 metres of 0.78 g/t Au and 0.67 % Cu in hole PDH-017 which includes 57.70 metres of 1.04 g/t Au and 1.00 % Cu. Within this area, porphyry mineralization has been intersected within surface trenches, and at depths of up to 225 metres vertical within drill holes. Exploration to date indicates the presence of a potentially large, high-grade, copper-gold, porphyry deposit.
Within the Western porphyry target area, drilling has tested two distinct styles of mineralization. Within the southern part of the target area, holes PDH-014, 16, 17 and 20, copper mineralization is in the form of copper-oxides and chalcocite, with significant concentrations of gold. Within the central part of the target area, holes PDH-015, 18 and 19, copper mineralization is in the form of copper-oxides, also with significant concentrations of gold. Results follow:
* Results for PDH-014 and 15 were previously released on May 30, 2005.
** Results for PDH-016 were released on June 6, 2005.
The Western porphyry target area is roughly coincident with an intense IP resistivity anomaly that measures approximately 3,000 metres along strike and is up to 800 metres wide with an average width of about 400 metres. Exploration along this trend identified a series of mineralized porphyry dikes and/or sills that are presumed to represent the uppermost levels of a copper-gold porphyry deposit, and which continue to vertical depths of up to 225 metres in drill holes. Given the foregoing and favourable topography, the deposit will be amenable to open-pit mining with low strip ratios.
Drilling to date has only tested a small portion of the Western porphyry target area. In addition, numerous additional drill targets remain; such as, the extensions to the oxide gold mineralization identified in the open-pit area, IP geophysical and magnetometer survey targets, soil geochemical targets, and a significant occurrence of porphyry mineralization recently identified within the Don Pedro 2000 concession. This concession is located approximately 2,000 metres east of the open pit. As previously reported on Feb. 16, 2005, nine samples taken from this claim returned an average of 0.9 g/t Au.
During the last few months numerous trenches have been completed, sampled and mapped. Additional geologic mapping, soil geochemical surveys and ground geophysics surveys have been completed. Results are currently being compiled and will be reported on shortly.
Copper prices have recently reached record highs in excess of $1.70 (U.S.) per pound, with strong demand continuing from China, India and Russia. Demand for the first five months of 2005, increased between 8.8 and 17 per cent from the previous year for the three nations.
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. Rock and core 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.