fin-info.com
1998-01-12 (provided courtesy of Canadian Corporate News)
Peruvian Gold Limited: Porphyry Copper Exploration Update
VANCOUVER, BRITISH COLUMBIA--
LARA PORPHYRY COPPER PROSPECT (100 PERCENT OWNED):
Road preparation and drill site access has commenced at the Lara
prospect using a D8 bulldozer. Due to the encouraging drill
results from the last drill program (press release November 24,
1997), a further fourteen drill holes have been designed to test
the main zone for lateral and vertical continuity. Included in the
drill program for the main zone will be at least four diamond
drill holes that will twin the mineralized intervals in the
existing reverse circulation drill holes. As well, three
exploration holes will test an area several kilometres to the east
of the current drilling in the vicinity of old workings known as
Mina Socos. This area is also contained within the six square
kilometre induced polarization anomaly that clearly defines the
Lara porphyry.
TINGO PORPHYRY COPPER PROSPECT (100 PERCENT OWNED):
The Tingo porphyry copper discovery, located in southern coastal
Peru, continues to develop as a very promising copper exploration
target. Previously reported surface mapping at the Tingo porphyry
(press release December 19, 1997) identified an altered intrusive
about 2600 metres by 1700 metres elongated northwest- southeast.
In the northern part of the target, a roughly circular zone of
interest, 1400 metres in diameter, was identified, consisting of
abundant pyrite, silica and minor copper oxides (pyrite halo).
At the center of this halo is a zone about 500 metres by 600
metres of intense silica stockwork accompanied by secondary
biotite, pyrite, chalcopyrite, chalcocite, covellite and
malachite; the pyrite content is estimated to average about 7
percent. A leached cap consisting mostly of limonites, jarosite
and manganese oxides overlies the sulphide bearing outcrops found
in the creeks. In the southern part of the target leaching is
more intense with minor malachite recorded.
The results of 265 rock chip samples collected within and around
the Tingo porphyry have been received. Of these samples, 144 lie
within the main target area. A zone containing greater than 200
ppm copper is roughly outlined within an area approximately 2.5 km
NW-SE by 1 km NE-SW. Within this zone, 90 percent of the samples
ran greater than 200 ppm copper, ranged as high as 4027 ppm and
averaged 704 ppm.
The geochemical results show that the Tingo porphyry target
remains open to the NW and SE. Rock chip sampling along these
extensions is in progress, and an induced polarization geophysical
survey will commence tomorrow, to be done in conjunction with the
sampling program. Because of these highly encouraging sample
results, the Company intends to construct a road to access the
center of the target area, a distance of about 5 km from the
nearest existing road. This road will assist in the ongoing
exploration program and will give drill access once targets have
been defined.
A further 3700 hectares have been claimed in the area which now
totals 8500 hectares.
On behalf of the Board of Directors:
David Henstridge, President
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FOR FURTHER INFORMATION PLEASE CONTACT:
Peruvian Gold Limited
David Henstridge
President
(604) 681-0110 or 1-888-215-5111
(604) 682-2236 (FAX)
e-mail: pvo@intergate.bc.ca
peruviangold.com
The Vancouver Stock Exchange has not reviewed and does not accept
the responsibility for the adequacy or accuracy of this release.
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