| | Thu Mar 22, 2007
Esperanza Announces Cerro Jumil Drill Results
View News Release in PDF Format
Vancouver, B.C.: Esperanza Silver Corp. is pleased to announce results from 16 new drill holes at its 100%-owned Cerro Jumil gold project in Morelos State, Mexico. Gold was found in all completed drill holes. Highlights include:
* Reverse circulation drill hole RCHE-07-02, an angled drill hole which contained a 34.5 meter interval averaging 1.89 grams per tonne gold.
* Diamond drill hole DHE-07-38, an angled drill hole which intercepted five separate horizons containing a cumulative 45 meters averaging 1.86 grams per tonne gold. The drill hole ended in skarn mineralization assaying 1.23 g/t Au.
Complete results are presented in the table below:
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Cerro Jumil Project
Drill Hole Summary
March 22, 2007
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- Grade Grade
From To Interval (grams (grams
Hole (meters) (meters) Length Au/tonne) Ag/tonne)
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West Zone
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DHE-06-32 28.0 37.0 9.0 (i) 45.2
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DHE-06-33 127.0 134.0 7.0 1.44 11.4
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DHE-06-34 157.0 165.0 8.0 (i) 55.8
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DHE-06-34 165.0 173.0 8.0 0.33 (i)
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Southeast Zone
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DHE-06-35 84.0 88.0 4.0 1.64 (i)
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DHE-06-35 101.0 105.0 4.0 1.26 (i)
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DHE-06-35 127.0 151.0 24.0 0.48 (i)
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DHE-07-36 125.0 141.0 16.0 1.52 (i)
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DHE-07-37 Lost hole at 146.3 meters - short of target
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DHE-07-38 20.0 31.0 11.0 2.50 (i)
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DHE-07-38 84.0 93.0 9.0 1.74 (i)
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DHE-07-38 105.0 118.0 13.0 1.27 (i)
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DHE-07-38 146.0 155.0 9.0 2.28 (i)
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DHE-07-38 Lost hole @ 203.9, last 2.9 mts. 1.23 g/t Au
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DHE-07-39 Lost hole @ 179 meters in skarn
(Last 3 mts. 0.54 g/t Au)
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RCHE-07-01 24.0 51.0 27.0 1.20 (i)
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RCHE-07-02 40.5 75.0 34.5 1.89 (i)
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RCHE-07-03 37.5 55.5 18.0 1.02 (i)
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RCHE-07-04 42.0 54.0 12.0 1.42 (i)
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RCHE-07-05 94.5 102.0 7.5 0.70 (i)
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RCHE-07-06 124.5 142.5 18.0 1.48 (i)
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RCHE-07-07 148.5 153.0 4.5 1.48 (i)
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RCHE-07-08 Lost hole @ 154.5 meters - short of target
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(i) silver less than 10 g/t, gold less than 0.3 g/t
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A plan of drill hole locations is attached.
The Cerro Jumil Project
Cerro Jumil is the company's 100%-owned bulk-tonnage gold project south of the city of Cuernavaca in Morelos State, Mexico. Previous drilling in 2005 and 2006 has defined two principal zones of mineralization. Both zones are open along strike and at depth.
A 1,200-meter drill program, completed in the West Zone during March 2005, consisted of eight diamond drill holes below a series of mineralized sample trenches. Significant gold values were intercepted over an area approximately 300 meters long. Drill intercepts of note included 36.3 meters of 2.2 grams gold per tonne and 20 meters of 1.91 grams gold per tonne.
A second phase of drilling to test the newly identified Southeast Zone was completed in April 2006. Gold has been found in all 21 drill holes (including 65 meters of 0.98 grams per tonne gold, 49.1 meters of 1.1 grams per tonne and 29.6 meters of 2.1 grams per tonne). This zone is over 600 meters in length and is open at both ends and at depth. It has been drilled from surface down to 200 meters and gold has been identified within a number of horizons.
The Current Program
The current drill program is designed to achieve three purposes: exploration to search for extensions of the known gold zones, to test other targets on the property, and a program of infill drilling intended to provide sufficient data for an initial resource estimate. The latest drilling program began in late 2006 initially with one diamond core rig. It was joined in mid-January 2007 by a reverse circulation drill rig. Both rigs are now turning on the property.
Potential for Significant Zone to the East
Drill holes RCHE-07-3 to 8 tested the extension of the Southeast Zone northward and eastward. The drilling to the north extended the Southeast zone another 80 meters northward for a total of 680 meters. More importantly, these holes tested and confirmed the presence of shallow mineralization eastward as indicated by a geophysical study completed during the summer of 2006. This confirmation of the geophysical results indicates a significant potential extension of the Southeast zone toward the north and eastward for further exploration. Drill road and pad construction is now planned to evaluate an additional 500 meters of this zone towards the northeast.
Diamond drill holes DHE-06-35 and DHE-07-36 to 38 were in-fill drill holes and all encountered gold mineralization except for DHE-07-37 which was lost short of the targeted gold horizon.
Drill hole DHE-07-39 was designed as a step-out to test the extension of the Southeast zone southward. The drill hole was lost at 179 meters before it hit its primary target. The presence of gold in the bottom of the hole possibly suggests that this zone indeed extends southward.
Drilling in the West zone (DHE-06-32 to 34) indicates that it may continue southwards as noted by the presence of gold in DHE-06-33 which is the southern most hole drilled in this zone. Future drilling is planned to test this extension.
Good Correlation Between Drilling Methods
Reverse circulation drill holes RCHE-07-1 and 2 were drilled adjacent to previous diamond drill holes to test the repeatability of assay values using the two drilling methods. The results indicated good correspondence between the reverse circulation and diamond drill holes. This gives us the confidence needed to utilize the cheaper, faster reverse circulation drilling method for our resource evaluation.
About Esperanza
Esperanza is an exploration company focused on precious metals and is founded on the experience and success of its management and field teams in discovering ore bodies. Its properties include the San Luis high-grade gold and silver discovery in central Peru and the 100%-owned Cerro Jumil bulk tonnage gold prospect in Morelos State, Mexico. It has other exploration interests in Peru, Mexico and Bolivia. The Company's objective is to take properties up to the resource definition stage and then find partners to take them into production.
QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President of Exploration, Esperanza Silver Corp. is the Qualified Person (QP) under NI 43-101 responsible for the Cerro Jumil exploration program. He has verified the data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under his supervision. All samples were submitted to ALS Chemex laboratories in Vancouver, Canada for analysis. Gold samples were analyzed by fire assay and atomic absorption spectroscopy with a 30 g nominal sample weight. A description of quality control and quality assurance protocols can be found at esperanzasilver.com.
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