First Pursuit Ventures Ltd.
TSX VENTURE : FPV

March 25, 2011 09:30 ET

First Pursuit Ventures Ltd.: High Grade Silver Confirmed at La Quintera

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2011) - First Pursuit Ventures Ltd. ("First Pursuit" or the "Company") (TSX VENTURE:FPV) is pleased to provide an exploration update for its La Quintera property in Mexico.

The LA QUINTERA property is located 8 km west of Alamos, Sonora, Mexico and covers an area of 4672.5 hectares. Within the claim group are several significant past producing silver mines, the largest of which are the Quintera and Promintorio mine areas where combined historic production has been reported at 121 million ounces of silver. The Quintera mine area includes separate workings named Libertad, Zapopan, Covacha, Pirongo and Tesoro, and the Promontorio mine area includes the Dios Padre, Azulacas and Promontorio workings. Historic records also indicate silver grades ranging up to 2 kilograms per ton across significant mining widths locally. The exploration target being pursued by First Pusuit is a high grade silver deposit amenable to mechanized underground mining methods.

Surface and underground rock sampling, geological mapping and geochemical analyses were done by the company over the past few months. A total of 44 historic mine workings were examined and 181 rock samples (channel samples) were collected from the mines and surface showings. Of these, 28 sites returned values between 100 and 1160 grams per tonne silver, and an additional 34 samples contained values between 30 and 100 grams per tonne silver. The highest value was a 2.5 meter wide quartz vein in the Covacha mine that assayed 1160 grams per tonne silver. The greatest mineralized width occurs below this in the Zapopan mine, where a sheeted and stockwork veined zone 23.0 meters wide assayed 162 grams per tonne silver. These and other significant results are listed in Table 1, below.

The samples were analyzed at ALS Chemex in North Vancouver by ICP-MS/AES geochemical techniques using a four-acid digestion, with high grade samples being re-analyzed by ICP AES or AAS procedures suitable for ores grade materials. QA/QC was maintained by monitoring the results for blank and standard samples which were submitted at a frequency of 10%.

The results confirm high grade silver mineralization within the Veta Madre in the Quintera and Promontorio areas. The Veta Madre (Mother Vein or Motherlode) is a classic low-sulphidation, epithermal quartz vein mineralized with native silver, argentite, tetrahedrite-tennantite and galena. The vein averages 2 meters in width but locally ranges up to 25 meters wide, and has been traced intermittently along strike for 4 kilometers. Further work is planned to investigate the mine areas, including diamond drilling and underground exploration. A large part of the project area lies within an ecological reserve (Reserve de la biosfera Sierra de Alamos-Rio Cuchujaqui) and as such a special permit is required to conduct mineral exploration.

Table 1. Significant geochemical results for silver from the Quintera project, Mexico

Area Samples East (m) North (m) Elevation (m) Width (m) Silver g/t
Covacha U/G 120736 695824 2990977 738 2.5 1160
Promontorio 120669 695824 2991315 769 2.5 581
Promontorio 120782 695318 2989896 717 4.5 550
Promontorio 120661 695322 2990127 720 3.0 483
Promontorio 120664 695313 2990056 725 4.0 476
Promontorio 120642 695134 2989791 612 6.0 398
Promontorio 120703 695317 2989971 714 4.0 382
Amalia 120639 695769 2989992 895 3.0 346
Cotera 120626 696769 2993110 650 1.2 330
Unnamed 120717 695943 2990862 752 3.0 326
Amalia 120640 695769 2989992 895 3.0 282
Covacha U/G 120758 695821 2990974 749 2.0 279
Covacha U/G 120737 695822 2990960 738 2.5 275
Zapopan 120611 695709 2991220 852 2.0 269
La Panchita 120633 695941 2990262 903 3.0 266
El Tigre 120637 696039 2989538 882 0.8 254
Zapopan U/G 120744 695814 2991132 717 1.5 201
Promontorio 120641 695134 2989791 612 10.0 192
Las Palomas 120601-04 694835 2991408 799 5.6 189
Covacha U/G 120738 695815 2990936 738 2.5 176
Zapopan U/G 120741-53, 120770-75 695806 2991071 717 23.0 162
Promontorio 120662-63 695333 2990098 724 3.7 154
El Pulpito 120627 696586 2993170 750 3.0 149
El Tesoro II 120613-15 695760 2990849 848 4.3 140
Promontorio 120667 695169 2989638 618 1.5 136
Promontorio 120699 695596 2989857 863 2.0 132
Unnamed 120753 697322 2991450 550 1.2 114
Promontorio 120702 695396 2989824 749 1.5 104
Note: coordinates are NAD 27 zone 12N, U/G = underground, g/t = grams per tonne

The company considers the results highly significant but also cautions that they are preliminary in nature and not conclusive evidence of the likelihood of the occurrence of an economic mineral deposit.

Dr. Matt Ball, P.Geo., is the qualified person who prepared the technical information contained in this news release.

For more information, please visit the website at: www.firstpursuit.com

ON BEHALF OF FIRST PURSUIT VENTURES LTD.

Terry Fields President and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • First Pursuit Ventures Ltd.
    Investor Relations
    604-733-7923
    604-689-7816 (FAX)
    www.firstpursuit.com