Peruvian Gold progress on Silvertip and Lara projects
Peruvian Gold Limited PVO
Shares issued 14,227,466 Nov 24 close $0.50
Thu 25 Nov 99 News Release
Also Imperial Metals Corporation (IPM)
Mr. David Henstridge reports
Silvertip, Canada
Silvertip, a high-grade Ag/Zn/Pb resource, is 85 kilometres southwest of Watson Lake, Yukon, and is accessible by a 25-kilometre road from the Alaska Highway. The company is in a joint venture (see Stockwatch Sept. 30, 1999) over the area with Imperial Metals Corporation. The continuing underground program at Silvertip is designed to de-water 1,500 metres of ramp and side drifts, to provide access for underground diamond drilling. The target is a zone of high-grade mineralization intercepted earlier this year in DDH SSD-99-2, which yielded an average grade of 318 grams per tonne silver, 8.65 per cent zinc and 5.53 per cent lead over 31.4 metres. This intercept, the thickest to be encountered at Silvertip to date, is positioned less than 100 metres from the underground workings. Drilling will test the continuity and orientation of the zone. The project has been reviewed by Dr. Peter Megaw, a world-renowned carbonate replacement deposit (CRD) expert who brings with him extensive experience gained working on world-class CRDs found in Mexico and the Southern United States. After examination of SSD-99-2 drill core, Dr. Megaw believes the intercept to be part of a feeder zone and concurs with Silvertip geologists that drilling from existing underground access will best explore the zone.
De-watering of the underground workings was completed on Nov. 17. No major rock falls were encountered although rock bolts and other ground support devices are corroded in the last 300 metres of the drift. Installation of new rock bolts, straps and screen is in progress and will be completed before the Christmas break. The 3,500-metre diamond drilling program will commence in the first week of January, 2000.
Lara, Peru
Lara is a porphyry copper system where a secondary enriched copper resource (chalcocite mineralization) of about 20 million tonnes of ore grade mineralization has been defined. Lara, 100 per cent owned by the company, is in coastal Peru, 400 kilometres southeast of Lima and 40 kilometres northeast of the Pan American Highway.
A program of mapping and rock sampling was recently completed on the Mina de Socos area, east of the Lara porphyry copper deposit. Results from rock samples collected from highly altered intrusive rocks, within an area 300 metres north-south by 150 metres east-west, ranged from 300 part per million to 800 ppm copper. These highly elevated copper values, in rocks identical to the leached capping found overlying the resource already drilled on Lara, support the earlier interpretation that the Lara porphyry system extends from the known resource eastward to Mina de Socos, a distance of 800 metres. The copper anomaly also coincides with an induced polarization anomaly discovered in the 1997 geophysical survey. Essentially, the untested target area between Lara and Mina de Socos has the potential of tripling the existing resource.
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