Esperanza Updates Cerro Jumil Project
17 Outubro 2011 - 9:00AM
Marketwired
Esperanza Resources Corp. (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is
pleased to provide this update on its Cerro Jumil, Mexico project.
An additional 5,566 meters of drilling has now been completed since
the start of the current campaign for a project total of over
47,148 meters. The current program is designed to evaluate areas
adjacent to the known resources and to fill-in those areas now
classified as inferred resource. Highlights of the drill results
include:
-- Drill Hole RCHE-11-205 intersected 27.0 meters containing 1.0 grams of
gold per tonne.
-- Drill Hole RCHE-11-206 intersected 24.0 meters containing 1.2 grams gold
per tonne.
-- Drill Hole RCHE-11-208 intersected 21.0 meters containing 1.0 grams gold
per tonne.
Complete results are in the accompanying table and drill hole
locations are shown on the accompanying map.
Drill holes RCHE-205,206 and 208 are considered to be step-out
drill holes and appear to extend the Calabazas and Southeast Zones
(the principal zones) of mineralization in a southwesterly
direction. Skarn alteration (often related to gold mineralization)
outcrops a further 400 meters southwest of these drill holes
identifying an area for new exploration. These holes are the first
indicating potential new mineralization in this area. (See attached
map)
Current work is now focused on completing in-fill drilling of
the West Zone and exploration of the Maiz target area. Future
efforts will continue to explore the newly identified southwestern
extension described above, as well as the Colotepec target.
Additionally the Company has identified a further 6 drill
targets within a 10 km radius of Cerro Jumil. Work has begun on
securing necessary government and community approvals to begin
their exploration. (See attached Exploration Target map)
Preliminary Economic Assessment (PEA)
Esperanza provided the results of an Updated Preliminary
Economic Assessment in a news release dated September 13, 2011.
According to the study completed by Golder Associates, a proposed
mine would produce 103,000 gold ounces annually at a cash cost of
US$499 per ounce. Initial capital, including pre-stripping, is
estimated to be US$114 million. The Company will move the project
into full feasibility and is now preparing a request for proposals
to qualified engineering companies.
Pucarana and Colqui Orcco, Peru
Esperanza also announces that it has completed initial
exploration drilling campaigns on its Pucarana and Colqui Orcco
projects in Peru. Although low-grade mineralization was encountered
in vein structures the company does not anticipate further
drilling. It is reviewing its options in regards to the
properties.
About Esperanza
Esperanza is focused on advancing the development of its
principal property, the wholly-owned Cerro Jumil gold project in
Morelos State, Mexico. It is also actively investigating 11 other
exploration interests in Peru and Mexico. In October of 2010 it
announced a strategic investment which resulted in a 28% interest
in Global Minerals Ltd., owner of the Strieborna silver/copper
project in Roznava, Slovakia.
QUALIFIED PERSON: William Bond, CPG and Vice-President,
Esperanza Resources is the Qualified Person (QP) under NI 43-101
responsible for the Cerro Jumil exploration program. He has
verified the drill results and other data disclosed in this news
release, including sampling, analytical and test data. Field work
has been conducted under his supervision. All samples were
submitted to ALS Chemex laboratories for analysis in Vancouver,
Canada. Gold samples were analyzed by fire assay and atomic
absorption spectroscopy with a 30 g nominal sample weight. Silver
is analyzed by induction coupled plasma - atomic emission
spectroscopy (ICP-AES). A description of quality control and
quality assurance protocols can be found at:
http://www.epzresources.com/protocols.php
SAFE HARBOUR: Some statements in this release are
forward-looking in nature. The United States Private Securities
Litigation Reform Act of 1995 provides a "safe harbour" for certain
forward-looking statements. Such statements include statements as
to the potential of the Cerro Jumil property, the ability to
finance further exploration, permit drilling and other exploration
work, and the availability of drill rigs.
The forward-looking statements involve risks and uncertainties
and other factors that could cause actual results to differ
materially, including those relating to exploration and bringing
properties into production. Please refer to a discussion of some of
these and other risk factors in Esperanza's Form 20-F filed with
the U.S. Securities and Exchange Commission. The forward-looking
statements contained in this document constitute managements'
current estimates as of the date of this release with respect to
the matters covered herein. Esperanza expects that these
forward-looking statements will change as new information is
received and that actual results will vary, possibly in material
ways. Forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and the company does not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change. For these reasons,
investors should not place undue reliance on forward-looking
statements.
We advise U.S. investors that while such terms are recognized
and permitted under Canadian regulations, the SEC does not
recognize them. U.S. investors are cautioned not to assume that any
part or all of the mineral deposits in the measured and indicated
categories will be converted into reserves.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States of America. The securities have not been and will not be
registered under the United States Securities Act of 1933 (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons (as
defined in the U.S. Securities Act) unless registered under the
U.S. Securities Act and applicable state securities laws, or an
exemption from such registration is available.
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Cerro Jumil RC Drill Results
October 2011
----------------------------------------------------------------------------
Grade
From To Interval (grams
Drill Hole (meters) (meters) (meters) gold/tn)
----------------------------------------------------------------------------
RCHE-11-198 No significant intervals
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RCHE-11-199 No significant intervals
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RCHE-11-200 0.0 6.0 6.0 1.03
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RCHE-11-201 No significant intervals
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RCHE-11-202 No significant intervals
----------------------------------------------------------------------------
RCHE-11-203 No significant intervals
----------------------------------------------------------------------------
RCHE-11-204 No significant intervals
----------------------------------------------------------------------------
RCHE-11-205 156.0 183.0 27.0 1.04
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RCHE-11-205 205.5 213.0 7.5 0.95
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RCHE-11-206 115.5 126.0 10.5 0.74
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RCHE-11-206 198.0 214.5 16.5 0.67
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No Rec. from
280.5-282.0,
Lost hole @303
RCHE-11-206 270.0 295.5 24.0 1.24 in min.
----------------------------------------------------------------------------
RCHE-11-207 No significant intervals
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RCHE-11-208 118.5 130.5 12.0 1.57
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RCHE-11-208 189.0 210.0 21.0 0.98
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RCHE-11-209 No significant intervals
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EOH @ 400.5 in
weakly
mineralized
RCHE-11-210 No significant intervals skarn
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To view the maps associated with this Press Release, please
visit: http://media3.marketwire.com/docs/EPZ-1017-MAPS.pdf.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Esperanza Resources Corp. Bill Pincus President and
CEO Toll Free: 1 866 890
5509info@epzresources.comwww.epzresources.com
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