Pershimco Resources Inc.
TSX VENTURE : PRO
FRANKFURT : BIZ

Pershimco Resources Inc.

August 22, 2013 08:00 ET

Pershimco Confirms Third Significant Copper-Gold System with 73 m @ 1.8 % Cu and 145 m @ 0.91% Cu

ROUYN-NORANDA, QUÉBEC--(Marketwired - Aug. 22, 2013) - Pershimco Resources Inc. (the "Company" or "Pershimco") (TSX VENTURE:PRO)(FRANKFURT:BIZ) is pleased to announce that the results of its recent exploration drilling on the Idaida target have confirmed a new copper-gold system. Importantly, this newly revealed system shows both near surface and deeper mineralized feeder structures analogous to the Company's two main targets, La Pava and Quema Deposits, the latter of whose center is located 1.3 km north-west of Idaida.

HIGHLIGHTS OF RECENT DRILLING

TABLE 1

Hole # From To Length Cu Ag Au
(m) (m) (m) % g/t g/t
PRH13316/PDH135316 (Oxide) 5 86 81 0.03 % 2.37 0.31
PRH13316/PDH135316 (Sulphide) 86 159 73 1.77 % 2.03 0.25
PRH13317/PDH135317 (Oxide) 16 51 35 0.03 % 2.64 0.51
PRH13317/PDH135317 (Sulphide) 51 196 145 0.91 % 1.56 0.13
including 51 98 47 2.48 % 3.49 0.31
PDH135317 (deep "feeder" intercept) 388 446 58 0.38 % 0.7 0.07
Including 406 413 7 1.21 % 0.8 0.06
Notes:
1. Drill hole numbers with prefix "PRH" are Reverse Circulation (RC) drill holes.
2. Drill hole numbers with prefix "PDH" are Diamond drill holes.
3. Drill intersections tabulated under "Intercept" are reported as drilled thicknesses. These intercepts are apparent widths only.

HIGHLIGHTS OF THE IDAIDA DRILLING

  • Extends high-sulphidation alteration and mineralization to depth;
  • Intercepted an oxide gold zone and an underlying sulphide copper-gold zone;
  • Intercepted new high-sulphidation "feeder" zones at depth;
  • Both upper and lower 'feeder" zones flank and dip towards the modeled airborne and ground IP geophysical targets.

Dual Reverse Circulation/Diamond drill holes (RC/DH), PRH13316/PDH135316 ('316') and PRH13317/PDH135317 ('317') are the deepest to date on the Cerro Quema project, and provide important information on the mineralization and alteration system at Idaida as well as other exploration targets within the concession. Both drill holes ('316 & 317') intercepted sulphides commencing at 85 and 50 meters downhole respectively and both continued to show sulphides and alteration to their final depths. Intercepted "feeder" zone mineralization within both the upper and lower levels show similar intense alteration (acid leach - advanced argillic) and moderate to strong sulphide mineralization.

Of particular significance, the lower feeder structure intercepted by drill hole '317' which returned 58m @ 0.38%Cu was enveloped within a broader intercept of 95m @ 0.25%Cu. This intercept showed elevated sulphides (>6%) and hosted within an advanced argillic alteration zone containing pyrophyllite. The dominance of the advance argillic mineral pyrophyllite indicates a higher temperature setting typically found within the 'root zones' of high sulphidation systems.

These "feeder" structures are on the margins of and dip towards the airborne VTEM and ground IP chargeability geophysical anomalies.

Figure 1 below shows the drill hole location plan as well as the location of the IP Chargeability target. Furthermore, a short video demonstrating the location, size and geometry of the Idaida project's IP chargeability anomaly is accessible at http://youtu.be/m8eXp0bsHkA.

During the first half of 2013, Pershimco completed important exploration activities on two new targets outside of the La Pava and Quema-Quemita deposits. This work included:

  • Idaida and Pelona were drill tested, returning significant copper and gold intercepts;
  • 7,195 meters of drilling (RC and diamond) completed;
  • 112.5 Line Kilometers of IP geophysics completed; and,
  • Commenced regional mapping and geochemical sampling program on additional exploration targets identified by previous airborne geophysics.

"The Idaida drilling results are extremely exciting in terms of the significant grades and thicknesses of copper and gold mineralization intersected near surface as well as the discovery of additional feeder structures at depth. The exploration geophysics and geological modeling undertaken by the Pershimco Team is proving to be successful as more targets are being strategically identified and developed. As we have noted previously, this deliberate multi-staged approach continues to prove to be invaluable in building on the success our project," said Alain Bureau, President and CEO of Pershimco.
The information contained in this press release has been reviewed and approved by Mr. John Kapetas, B.Sc. Hons, MAusIMM, MAIG, a Qualified Person under NI 43-101 rules and standards.

ABOUT PERSHIMCO RESOURCES INC.

Pershimco Resources Inc. is a Canadian-based resources and exploration company listed on the TSX Venture Exchange and the Frankfurt Exchange. The Company holds several mining properties in Canada and South America, including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project in the Val-d'Or Gold Mining Camp, being explored in partnership with Osisko Mining Corporation. The Company is managed by skilled and reputable people with extensive mining, exploration and development experience. The Pershimco Team and its investors are the keys to its success.

The Company's documents are available on www.sedar.com.

Please visit the Company's website at www.pershimco.ca.

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. 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" statement.

To view the map asociated with this release, please visit the following link: http://media3.marketwire.com/docs/Idaida_Level260_Drills_Fig2.pdf.

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