Another cannacord update:
PACIFIC RIM MINING (PFG : TSE : $1.72)Additional Surface Sampling at
Luicho Raises Average Grade by 31% - The company has provided an
update on the Luicho low-sulphidation epithermal gold property in Peru
and reported that the average grade from 1,600 samples collected is
roughly 31% higher than the previous average grade of 1.57 g/t Au and
now averages 2.06 g/t Au in an area 1,500 metres in length by up to
400 metres wide. This has been further broken down into three zones,
the Northeast, Central, and South, located within a more clearly
defined structural corridor where 1,177 samples have been extracted.
The average grade within this corridor is 2.66 g/t Au with the Central
zone yielding an average of 3.66 g/t Au in an area 550 by 250 metres
in size. Surface exploration is to continue well into the new year
with ongoing mapping and sampling as well as landsat imaging, to
provide further details on gold distribution and on the structural and
geologic setting at Luicho. To allow for drilling, the construction of
road access is to begin in January and PFG has an initial 12,000 metre
drill program planned. This program is likely to begin late in Q1/00.
In Luicho, PFG has acquired an option to earn a 100% interest in
a target with multi-million ounce potential. The target size
identified to date, within a favourable geologic environment,
certainly supports this potential. As this is, however, a grassroots
prospect, the risk leverage is high and as such we recommend this
company as a SPECULATIVE BUY for risk accounts only. |
