Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

December 15, 2010 09:00 ET

Pershimco Confirms Significant Copper Intersections Under the La Pava Oxyde Cap.

ROUYN-NORANDA, QUEBEC--(Marketwire - Dec. 15, 2010) - Pershimco Resources Inc. ("Pershimco" or the "Corporation") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to inform its shareholders of the presence of significant copper assays immediately below the gold oxide caps at its Cerro Quema project. Historical drill hole gold and copper values have also been validated by the ongoing verification reverse circulation (RC) drilling at the Cerro Quema Gold Project in Panama. 

Current and historical drilling below the oxide zone have encountered numerous zones of supergene copper (gold) mineralization at LaPava. The new and previous rel eased gold and copper assay intercept results at La Pava (refer to the Pershimco news release dated November 18, 2010) have confirmed the historical results. These assay results are summarized and tabulated below. Based upon these results, Pershimco has already mobilized one drill rig and is currently planning a second special drill rig, allowing RC drilling as well as Core drilling. As the rainy season is slowing down, the exploration team has worked on access and platforms for the next set of drilling targets. Exploration infrastructure has also been expanded during this time to accommodate the growing team.

The verification drill holes completed during fall 2010, intended to verify the gold oxide cap potential, also reported copper grades as the drill holes continued below the oxides. The following chart shows copper results of drill holes reaching the supergene copper on their last meters of RC drilling.

New hole number Year Distance
from
twinned
hole (m)
From
(m)
To
(m)
Length
(m)
Au
(g/t)
Cu
(%)
PRH10002 2010 4.5 86.36 96.52 10.16   0.79%
PRH10003 2010 9.66 105.66 115.82 10.16   0.56%
PRH10005 2010 11.82 124.97 127 2.03 2.36 0.47%
PRH10007 2010 3.86 104.65 121.92 17.27 0.14 0.54%
PRH10008 2010 6.56 159.51 173.74 14.23 0.76 0.34%
PRH10009 2010 3.11 87.38 102.62 15.24 0.18 0.24%
PRH10013 2010 6.56 81.28 105.66 24.38 0.12 1.40%

Note 1: The current drilling has been realized in 4 7/8" diameter. All holes are vertical (RC) Reverse Circulation type drilling. Samples, averaging 1 meter in length, have been analyzed by Activation Laboratories Ltd. using 50g fire assays with gravimetric finish.

Note 2: The 2010 gold assay results were previously published in Pershimco's news release dated November 18 and November 25, 2010.

Pershimco also reviewed historical drill hole results which have also intersected significant supergene copper (gold) grades at depth in many prospect locations within the project as shown in maps located at www.pershimco.ca. Most of these historical copper and gold assay intervals are only documented in the original log books, and will be validated and potentially expanded as the Corporation proceeds with additional and deeper drilling. Highlights of these historical results are presented below, including drill hole PDH-9209 that intersected 101.7m of 1.07% Cu, including 25 meters of 3.49% Cu and 1.21g/t gold.

Hole From To Length Au
(g/t)
Cu
(%)
Au eq. Location
PDH92008 140.3 205 64.7 0.78 1.11 2.84 La Pava
PDH92009 148.3 250 101.7 0.59 1.07 2.57 La Pava
PDH92010 141 163.3 22.3 0.61 0.76 2.02 La Pava
PDH93011 161 177 16 0.76 1.63 3.78 La Pava
PDH93012 88.4 102 13.6 0.12 0.76 1.53 La Pava
PDH93014 97 122 25 0.49 1.7 3.64 La Pava
PDH93014 150 180 30 0.35 1.06 2.32 La Pava
PDH93015 98 121.5 23.5 0.14 0.45 0.97 target #2 Cerro Quema east
PDH93017 86 116 30 0.49 1.65 3.55 La Pava
PDH93019 115 136 21 0.32 1.34 2.81 target #2 Cerro Quema east
PDH93025 48.8 59.5 10.7 0.28 1.16 2.43 Cerro Idalda
PDH93040 87 99.4 12.4 0.35 1.21 2.59 Cerro Idalda
PDH93043 61 89 28 0.3 1.55 3.18 Cerro Idalda
PRH92085 135 140 5 3.35 6.05 14.57 La Pava
PRH92093 76 88 12 0.17 0.7 1.47 La Pava
       
copper price ($/lbs) 4.1    
gold price ($/oz) 1375    
       
Gold equivalent for 1% Cu (g/t) 1.85  * Assuming 100% recoveries

Dr. Michael Druecker, P. Geo., advisor and consultant to Pershimco's Latin America Projects, stated "The supergene and porphyry-style copper (gold) potential of the belt has yet to be fully explored. This is particularly the case along the +16 kilometer length of the Cerro Quema gold (copper) mineralized zone that hosts the La Pava and Quema deposits. Ongoing exploration (mapping, geochemical sampling, PIMA, IP surveys and drilling along this highly prospective trend will continue to assess the continuity and size potential of the high-sulfidation, epithermal gold (copper) mineralization at Cerro Quema".

The Cerro Quema Project

The Cerro Quema Project is located on the Azuero Peninsula in Los Santos Province of southwestern Panama some 45 km southwest of Chitré, a well-serviced city located along a major national highway. A fully functional exploration camp has been activated and the project is fully permitted for exploration. The ongoing exploration program is designed to upgrade and expand the near surface oxide Mineral Resources in order to build a low cost open pit leaching operation. The project is located in an area of low population, close to paved roads and to the national power grid. These infrastructure advantages and geological settings could potentially reduce future project development costs and lower operating costs.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resource and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining projects in Canada and South America including the recently acquired and wholly owned Cerro Quema Project in Panama, and the Courville Gold Project in the Val-d'Or Gold Mining Camp. The Corporation is managed by qualified and responsible individuals with extensive mineral exploration and mining development experience. The Pershimco Team and its shareholders are the key to the Corporation's success.

The Corporation's documents are available on www.sedar.com. Please visit the Corporation's website at www.pershimco.ca.

The technical information in this news release was approved by Dr. Mike Druecker, a Qualified Person under NI 43-101.

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 news release. The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those in these "forward-looking" statements.

Contact Information

  • Pershimco Resources Inc.
    Alain Bureau, P. Eng.
    President and Chief Executive Officer
    819-797-2180