The application for the Class C drilling permit is in the final phase and approval is eminent. The company has contracted with Geodrill SA to commence drilling immediately upon receipt of the Class C permit.
Recent exploration has enhanced the understanding of the Pinaya copper-gold system, and continues to identify new gold and copper mineralization. The property lies within a typical porphyry environment, similar to some of those in southeastern Peru and northern Chile and encompasses at least two porphyry copper-gold centres and gold-copper associated with an open pit. The copper-gold tenor within these mineralized centres varies depending on intrusive phase association, structural complexities and alteration overprints. The open-pit mineralization appears to be later than the original porphyry Cu-Au event. These mineralized centres host a yet undefined potentially SX-EW treatable copper resource in supergene and hypogene chalcocite to a depth of up to 200 metres. The open-pit gold-copper zone is host to a potentially large oxide gold deposit.
Significant exploration targets that have evolved from the continuing exploration include:
1) the western copper-gold porphyry;
2) the Pedro Dos Mil (Don Pedro) copper-gold porphyry;
3) the Montana de Cobre copper-gold zone; and
4) the open-pit copper-gold mineralization.
The western copper-gold porphyry consists of classic porphyry copper-gold mineralization, which has been defined by outcrop, trench and drill core samples over a strike length of 2,700 metres and a width of 800 metres. The copper-gold mineralization is coincident with a multiphase intrusive complex and associated breccias, the Pinaya intrusive complex (Caira, 2005). Approximately 2,079 rock samples were collected from surface exposures and trenches, with average grades of 122 parts per billion Au and 739 parts per million Cu. The area is coincident with a large Au-Cu soil geochemical anomaly and is roughly coincident with an intense induced polarization resistivity anomaly. To date, seven drill holes have been completed within the western copper-gold porphyry target area (see news in Stockwatch Aug. 23, 2005).
The Pedro Dos Mil (Don Pedro) mineralization is a second porphyry copper centre located about two kilometres to the east of the open-pit copper-gold skarn. The area is dominated by potassic alteration with coextensive copper mineralization in hypogene chalcopyrite-covellite mineralization in megacrystic tonalite porphyry. Sheeted quartz-magnetite-orthoclase veins are common in this area coincident, with two bull's eye magnetic susceptibility anomalies that measure several hundred metres. Seventy-one samples have been collected from weathered surface exposures within the Don Pedro area, and have returned an average grade of 0.30 per cent Cu. Flanking this area to the northwest, nine widely spaced samples collected from outcrops returned an average grade of 0.9 gram per tonne Au and 0.08 per cent Cu.
The Montana de Cobre copper-gold zone is located within the north-central part of the project area, and is about one kilometre north of the western porphyry copper-gold occurrence. Montana de Cobre is characterized by a widespread soil geochemical anomaly, defined by strong zinc-arsenic-antimony-lead-copper and gold anomalism. This area is coincident with major fault zones and related erosional remnants of silica-hematite cemented hydrothermal breccias and outcropping pebble dikes and related breccias. This feature measures approximately 200 metres wide by 1,500 metres along strike, and is roughly coincident with an induced polarization chargeability geophysical anomaly and a magnetic anomaly. About 200 widely spaced rock samples were collected from scattered outcrops and trenches within this area; 28 samples contained in excess of 200 parts per billion gold, with a high value of 4,771 parts per billion Au.
Copper prices have continued to reach record highs in excess of $1.84 (U.S.) per pound, with continued strong demand.
Jeff Reeder, P.Geo, and James McCrea, P.Geo, 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.
About Acero-Martin Exploration Inc.
Acero-Martin Exploration Inc. is an exploration company, which is focused in locating and defining
economic precious metals deposits. Currently the Company has two exploration projects: Red Mountain
in the Yukon Territories and Pinaya in southern Peru.
This press release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On Behalf of the Board:
Jeffrey Reeder, President and Director
For further information contact: Jeffrey Reeder, President & CEO (780) 720-3290.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release
© Copyright AM Gold Inc. 2016