Silver Pursuit Resources Ltd.

Silver Pursuit Resources Ltd.

June 24, 2011 09:30 ET

Silver Pursuit Resources Ltd.: Drilling Commences at Luz Project, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2011) -Silver Pursuit Resources Ltd. (TSX VENTURE:SPF) ("Silver Pursuit" or the "Company") is pleased to report that diamond drilling will commence imminently at its LUZ property (the "Property") located 50 km north of Alamos in Sonora, Mexico.

The LUZ property was acquired last year at the same time as the Quintera silver property. Road construction was required at LUZ to provide access for sampling and drilling. An initial geological investigation of the area was conducted late 2010 at which time rock channel sampling was done. Follow-up mapping and sampling was then conducted earlier this year and drill hole sites were selected. In early June 2011, the Company negotiated a diamond drilling contract for the drilling program at the LUZ property.

The exploration target is an iron oxide copper-gold skarn deposit that outcrops on the property. Mineralization consists of massive magnetite and hematite in several bodies up to 35 meters in thickness distributed over an area 1 km long and 0.5 km wide. Initial field examination and rock chip channel sampling returned high copper and gold values within some of the outcrops of iron oxide. Elevated silver, lead and zinc also occur in some of the samples. Significant results are listed in Table 1.

Table 1. Significant Rock Channel Results from LUZ property.
SampleWidth (m)Au g/tCu %Ag g/tFe %
m = meters, g/t = grams per tonne, % = percent, Au = gold, Cu = copper, Ag = silver, Fe = iron

All rock samples were analyzed at ALS Chemex in North Vancouver by Fire Assay for gold and either AA or ICP techniques for silver and base metals. QA/QC procedures included the insertion of blanks and standards in the sample stream.

The initial drilling program will consist of diamond core drilling, and will kick-off with up to 5 holes for 500 meters. The purpose of the drilling is to obtain more representative samples of the skarn bodies and to test the extent of iron-oxide copper gold mineralization. Additional drilling will be done if positive results are obtained.

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


"Terry Fields"

Terry Fields
President and Director

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