Agua Verde drilling begins; La Bonita exploration progress
Peruvian Gold Limited PVO
Shares issued 14,204,966 Jun 30 close $0.92
Wed 2 Jul 97 News Release
Mr David Henstridge reports
Peru
A reverse circulation drill program on the company's 100% owned Agua Verde
porphyry copper prospect, in southwestern Peru, has begun.
Agua Verde is a mineralized granodiorite stock with a well developed copper
bearing skarn along the contact with host sedimentary rocks. The intrusive
measures 1,000m N-S by 500m E-W with the peripheral skarn ranging in
thickness from 4m to 24m. Historically, the peripheral skarn was mined
underground for several years at 200 tonnes/day, and the grade is believed
to have been over 3% copper. Contiguous channel sampling within a stream
bed cutting the eastern edge of the intrusion gave 79m of 1.58% Cu, mostly
oxide. The 13 hole program is designed to test the copper oxide potential
in the upper 60m of the stock.
Immediately following the Agua Verde program, the rig will relocate to the
nearby Perenti gold prospect and drill a further 18 hole program. Three
fence lines of holes will be drilled across a northwesterly trending fault
structure. Previous trenching gave a best result of 40m of 1.9 g/t gold in
trench 4, as well as wide areas of low grade mineralization, such as 66m of
0.6 g/t gold in trench 11.
Both drill programs should be completed within the next month.
Ecuador - La Bonita Adit
Results are now available from all samples taken from the adit and two
crosscuts being driven behind trench 7 at the El Encanto prospect, Ecuador.
Crosscut No. 1, located several metres behind trench 7, averages 10 g/t
gold and 21.6 g/t silver over 10m. An adit commencing in the middle of this
zone, being driven to the northeast, averages 8.9 g/t gold and 23.2 g/t
silver over 52m. Crosscut No. 2, still in progress, commencing at the 27m
mark of the adit, averages 13.9 g/t gold and 38.1 g/t silver over 14m. It
is thought that within the next month, sufficient data will be obtained to
estimate the length and width of the gold mineralization outcropping at
trench 7. All samples taken from the underground workings are 1m wall
samples. A minimum 500 grams per sample has been assayed by International
Plasma Laboratories in Vancouver by the metallic screen fire assay method.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
Thanks for the advice John |
