Quick search
Pershimco and Dia Bras outline new higher grade silver zone at the San Miguel Mine, Cusi Mining District, Mexico
Montréal, Québec, - July 10, 2008 -
Pershimco Resources Inc. (TSX-V: PRO) (FSE: BIZ) (“Pershimco”) and Dia Bras Exploration Inc. (TSX-V: DIB) (“Dia Bras”) (the Joint Venture or “JV”) are pleased to announce the discovery of a new silver zone outlined by underground chip sampling at the historical San Miguel Mine, located on the San Miguel and La Bamba Properties (the “Properties”) in the Cusi Mining District, State of Chihuahua, Mexico.
The new zone, termed El Convento Chimney, is a higher grade silver, zinc and lead target with significant gold. This new zone adds, with the known La Bamba and San Miguel zones, a third chimney in the silver mineralized system.
Dia Bras previously chip sampled the 410 m long 5th Level in 2007, located approximately 150 m below surface along the San Miguel / La Bamba mineralized corridor. A total of 91 chip-channel samples were taken from the “back” or top of the 5th Level drift across the silver-sulphide mineralization at approximately 5 m intervals along the entire 410 m drift and the 25 m long cross-cut (chip-channel assay results for silver are given in the Table 1 - click here to view to the table). The 410 m drift averaged 103 g/t silver; whereas the crosscut averaged 168 g/t silver over a 25 m length.
The JV, operated by Pershimco, undertook structural mapping and selective channel sampling program on the 5th Level to verify and validate the recent and historical underground work (assay results from channel samples are given in the appended Table 2 - click here to view to the table). Results of this sampling are as follows:
- the hanging wall section of the 75° plunging El Convento Chimney averaged 0.27 g/t gold, 209 g/t silver, 0.55% zinc, 0.06% copper and 0.65% lead over 1.70 m (samples N5-23 and 24);
- the El Convento Chimney graded 0.62 g/t gold, 297 g/t silver, 6.53% zinc, 0.42% copper and 8.62% lead over 1.50 m (sample N5-25); and
- the footwall of the El Convento Chimney averaged 0.96 g/t gold, 311 g/t silver, 3.64% zinc, 0.16% copper and 3.77% lead over 1.50 m (samples N5-26 and 27).
Click here to view the Longitudinal Section of San Miguel and La Bamba Properties
Samples from the El Convento Chimney represent an area of approximately 535 m2. The potential to extend to a vertical depth of -500 m based on the known silver mineralization in the Cusi Mining Camp appears promising, thus potentially increasing significantly the known mineralized structure. Further work will be required to define a National Instrument (NI) 43-101 compliant mineral resource. There is no certainty that any future work would demonstrate viable Mineral Resources.
Pershimco’s President and CEO, Mr. Alain Bureau, P. Eng., states “The latest underground work by the JV is showing the potential for higher grade silver-rich chimneys in three areas of the Properties extending from the La Bamba open pit, within the San Miguel underground workings, to the north of La Bamba, and now a new area termed El Convento Chimney further to the north, covering a distance of more than 600 m. We are also quite surprised with the significant content of gold and base metals as we go deeper.”
Dia Bras President and CEO, Mr. Daniel Tellechea, states “The work undertaken under the auspices of the new JV partnership with Pershimco demonstrates the favourable potential of the La Bamba-San Miguel area and could add significant resources in the future to the resource base of the Cusi project of Dia Bras.”
Jean Lafleur, P. Geo., Director and Technical Advisor at Pershimco, the Company’s Qualified Person under National Instrument (NI) 43-101 regulations.
About Pershimco Resources Inc
Pershimco is a Canadian-based resource exploration company which holds strategic properties located in State of Chihuahua, Mexico and in Quebec, Canada. Pershimco’s strategy is to advance its mid-stage exploration properties towards NI 43-101 compliant Mineral Resources.
The Company hold a 50% interest in the highly prospective La Bamba and San Miguel Silver properties located in the Cusi Silver Mining District. Pershimco has the option to increase its interest in the project to 70% based on a new agreement signed with its partner Dia Bras. Pershimco also holds 100% of the polymetallic (copper-gold-silver-zinc) Skarn Magistral Project, also located in the State of Chihuahua, Mexico.
The Company holds a 100% interest in the highly prospective Courville Gold Project, located in the Val-d’Or/Malartic Gold Mining Camp in Quebec which has historically produced 25 million ounces of gold. The Company trades on the TSX Venture Exchange under the symbol “PRO”.
For further information on Pershimco, visit www.pershimco.ca
About Dia Bras Exploration Inc.
Dia Bras is a Canadian mining and exploration company focused on precious and base metals in Mexico. The Company is committed to developing and adding value to its assets – the Bolivar copper-zinc project and the Cusi silver mining camp in the renowned Sierra Madre mining district of northern Mexico and La Engañosa copper-silver property in the State of Jalisco. The Company trades on the TSX Venture Exchange under the symbol “DIB”.
In fiscal 2008, Dia Bras focus is on increasing its Mineral Resources through an aggressive $5.5 million exploration program at the Bolivar and Cusi projects. In addition, the Company intends to maintain its pilot mining at Bolivar, to initiate a feasibility study on this project and start up the pilot mining at Cusi.
For further information on Dia Bras, visit www.diabras.com.
For further information, contact
Pershimco Resources Inc. |
|
Dia Bras Exploration Inc. |
Alain Bureau, P. Eng. |
|
Daniel Tellechea |
|
|
|
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
Forward-looking statements:
Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.