Ressources Pershimco Inc.

Ressources Pershimco Inc.

December 04, 2007 14:03 ET

Pershimco Resources Inc.: Mexican Projects Update

CHIHUAHUA, MEXICO--(Marketwire - Dec. 4, 2007) - PERSHIMCO RESOURCES INC. (TSX VENTURE:PRO)(FRANKFURT:BIZ) wishes to update its shareholders on the continuing exploration programs and progress made in 2007 at its projects, and the upcoming Q1-2008 exploration campaigns in Mexico. Pershimco is currently pursuing exploration programs at the Cusi, Las Minitas and Magistral projects in northern Mexico.

La Minitas Project

- Indicated Mineral Resources of 13.53 million tonnes grading 260 g/t silver and 0.31 g/t gold for 102.6 million ounces of silver and 120,500 ounces of gold

- Discovered significant gold component in the mineralization

- Strike extent of 3 km with potential for 10+ km

- 2 new properties acquired: the El Mezquite and Mariana properties

Mr. Jean Lafleur, Director and Technical Advisor to Pershimco states (...) As the Las Minitas historical data is being uncovered and validated, it has become clear that the higher grade silver mineralization is essentially located at the Las Minitas target, along the northern boundary of a major mineralization corridor (...) We essentially drilled a series of short holes 125 m SW of the main silver system. Nevertheless, the drilling identified a major gold system which appears to extend for at least 3 km in length and is more than 100 m wide linking the Las Minitas and El Negro targets (...) The gold mineralization was not previously recognized, and along with the 100 million ounce silver mineral resources remains open in all directions as drilling is to continue (...) Our opinion on the silver content of the Las Minitas Project has not changed (...).

Pershimco has been steadily working the Las Minitas project in the Las Minitas (South Zone) and El Negro (Northwest Zone) targets areas, including surveying of all drill holes and trenches dating from the 1990's campaigns, field mapping and sampling, trenching and drilling, in part to validate the historical database and outline the full extent of the mineralization. Results to date from field observations, 6 trenches at El Negro, 19 drill holes for 3,000 metres, and assays from 10 of these holes (3 at Las Minitas and 16 at El Negro) are indicating that:

- the Las Minitas and El Negro targets are part of the same 3 km long mineralization corridor;

- at least 4 targets remain untested at this time and form part of the same corridor that would extend for at least 10 km heading north on the Las Minitas project;

- there is a significant gold component in the mineralization, which as up until now been considered mostly a silver system (07-MN-10 at the El Negro target intersected 3.12 g/t gold and 43.80 g/t silver over 24.5 m, including a 1 m section grading 26.07 g/t gold, 273.50 g/t silver).

Las Minitas hosts Indicated Mineral Resources of 13.53 million tonnes grading 260 g/t silver and 0.31 g/t gold (102.6 million ounces of silver and 120,500 ounces of gold), according to a National Instrument 43-101 Technical Report completed in September 2006 by M. H. Sandidge, P. Geo. In order to secure the northern extension of the newly discovered mineralized corridor, Pershimco and Tara Gold acquired the El Mezquite and Mariana properties adding another 2.8 km2 to the project.

Cusi Project

- 20,000 m drill campaign planned

- Assay results from level 5 samples expected shortly

- Drift samples yield a total length 134.5 m grading 155 g/t silver

The Company expects to re-start its exploration efforts on the Cusi project early in the New Year, as Pershimco and Dia Bras are putting the final touches to the joint venture agreement. Details on the final joint-venture agreement should be communicated to shareholders in the near term. A total of 20,000 m of drilling is planned for the project, all to delineate higher quality mineral resources in 2008 to a depth of nearly 500 m below surface.

In 2007, underground mapping and channel sampling from the historical sub-level La Cabras Tunnel 1, some 50 m below and parallel to the La Bamba Pit, outlined silver bearing veinlets and stockworks within breccias. The total length of drift sampled totalled 134.5 m and graded 155 g/t silver. Host rocks are highly oxidized, but still reveal the black silver veinlets and stockworks, in places accompanied by quartz. Individual veins trend in several directions, including N-S, NE-SW, NW-SE and sub-horizontal. Veins outline several rectangular or lozenge-shaped and metric-sized blocks, composed of highly fractured and brecciated host rocks that plunge very steeply to the SW. The pattern was observed across a minimum 35 m true width. The pattern may have horizontal and vertical extents in the tens of meters. Assays from drill holes again confirm that narrower intervals contain higher silver grades, generally approaching the 1 kg/t, and can exceed 3 kg/t, and when wider envelopes are included, silver grades generally remain over 100 g/t over 5 to 40 m intervals. There is a clear indication of a significant silver system that could contain a large tonnage potential using combined narrow higher grade veins and wider lower grade haloes.

Channel and grab samples were also recently taken from the main sulphide bearing vein structure on Underground Level 5 at the San Miguel Mine which shows continuity in the mineralized structure and also contain lozenge-shape higher silver grade chimneys within the system. Assay results are expected before year-end.

Magistral Project

- Rodrigo contain up to 2.62 g/t gold, 252.1 g/t silver, and 23.66% copper

- 50 to 500 m wide skarn, extending for a combined 7 km strike length

The Company is currently planning and initiating the airborne High Resolution Magnetic and Frequency Electro-Magnetic surveys covering the entire 100 km2 area representing the Magistral portion of the Belt. The survey is expected to be instrumental in detecting the extensions of known magnetite-sulphides zones, as well as identifying on strike and at depth sulphide targets. Priority targets will be validated with drilling.

Work to date included:

- Geo-reference of historical data, drilling results and production reports;

- the rehabilitation of numerous access roads, 13.5 km in total, across the project and also the securing of 18 old workings with fences;

- trenching, with 10 trenches completed to date, totalling approximately 3 km in combined length, from different historical mineralized areas, all running perpendicular to the skarn in order to reach bedrock; and the 4 m deep trenches were mapped in detail and sampled on a continuous basis from the trench floor

- samples covered historic areas of iron mineralization linked to magnetite skarns, within an envelope of limestones and arenites altered to marbles and calc-silicate skarns found on the Melina, Camila, Magistral Dos, Rodrigo, Vicky, Ana, Isabel and Karla claim;

- the skarn is a continuous unit surrounding and capping a granite-granodiorite intrusive, varies in thickness from 50 m to 500 m, and extends the full length of the Magistral Project, a combined 7 km strike length;

- more than 800 selective trench and surface grab samples were collected during the Phase 1 work program that took place during May and June 2007; of these, the black magnetite-rich portions, particularly on the Rodrigo claims gave significant gold, silver and copper values, including 2.45 and 2.62 g/t gold, 44.30 and 252.1 g/t silver, and 4.51% and 23.66% copper.


The Company has a cash position of C$ 3.5 million and is not planning any more financing in the near future as it has all the funds required to fulfill its commitments and exploration programs for the coming quarter.

The information in this news release has been prepared and reviewed by Mr. Jean Lafleur, P. Geo., Director and Technical Advisor to Pershimco, the Company's Qualified Person under NI 43-101.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol PRO on the TSX Venture Exchange and under the symbol BIZ on the Frankfurt Stock Exchange. The Company holds 100% of several mining properties including the Courville Gold Project, near the Val-d'Or Gold Mining Camp, The Company has an option to acquire a number of Mexican properties in the states of Chihuahua and Sonora, Mexico, including 100% of the newly acquired Cu-Zn-Au-Ag skarn Magistral Project and 75% of the Las Minitas Ag-Au project. Pershimco's wholly owned La Bamba and San Miguel properties, in the Cusi Mining District, are under option to Dia Bras Exploration. Pershimco's strategy is to advance its exploration properties towards metal reserves and eventual production.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements that could reflect Pershimco's objectives, estimates, expectations and the impact of acquisitions on Pershimco's financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Pershimco's projections or expectations.

Contact Information

  • Pershimco Resources Inc.
    Michael Curtis
    President and CEO
    Paradox Investor Relations
    Toll Free within Canada / U.S. at 1-866-460-0408